5 Secondary Income Streams For Online Entrepreneurs
Building secondary income streams is not uncommon for online entrepreneurs. While it is possible to develop a solid business that takes up all your time and energy, some entrepreneurs like the security of additional business ventures. In many cases, these secondary businesses don't require too much time, so they can be set up and run with minimal maintenance. You may be looking for another income stream, but are unsure where to focus your attention. The following opportunities can all be operated as a secondary business, allowing you to generate profit without distracting you from your main enterprise.
Affiliate marketing can be a main business, a secondary enterprise, or used in conjunction with another business. As a secondary business, you can benefit from not needing to deal with product development, fulfillment, or customer support. The main goal is to find traffic and promote the product, before the product vendor presents the complete offer. Tactics like SEO, social media marketing, and paid advertising can be used to find the traffic, while simple landing pages can be used to capture leads. Without needing to deal with customers, you can choose how much time you invest in this type of business.
There is plenty of opportunity to develop an e-commerce store, with numerous niches available to target. The number of online consumers continues to grow, so there is no shortage of buyers if you can present the right offers. Running a large store will not be easy, though, requiring a large inventory and numerous strategic decisions. For a secondary income stream, using a drop shipping model can simplify things. You can find suppliers stocking products that suit your niche, selling them at a higher price. Drop shipping reduces many of the issues of an e-commerce business, letting you focus on marketing and traffic generation.
YouTube receives such a vast number of visitors each day that you can always find an audience. You could create content on a broad subject or focus on a smaller niche. It will usually take time to build an audience, but each new video can see your subscriber numbers grow. A video can even be as simple as a conversation with your audience giving your particular views. Income can come from advertising, but you can also supplement this with donations, merchandise, and sponsorships.
The self-publishing industry is booming, with Amazon driving much of the sales volume. It is now possible to get an ebook on sale quickly and cheaply, earning a percentage of each sale. While this accessibility means there can be a lot of competition, Amazon also receives a huge number of visitors. You could try to develop a single book that captures attention, but you may get better results from a series of books that each produce an income. While complex books will take a long time to create, there are opportunities to outsource or focus on simple books like planners, diaries, and comics.
Print on Demand
Print on demand can be used for selling merchandise and creating a brand, without the need to deal with printing and fulfillment. There are many services like Printify, Printful, and Inkthreadable that produce T-shirts, hoodies, mugs, and posters, sending the items directly to the customers. You can integrate these services with Shopify, quickly setting up new stores. If you don't want to do the graphic design work, you can outsource concepts to freelancers. The key to long-term success is to build a brand, so that customers keep on coming back to your store.
Deciding whether to start a secondary income stream can be a difficult decision. Running a business will take up a lot of time, so you may want to avoid extra distractions. The right business, though, can offer some security without requiring too much time. Each of these opportunities can be set up to run without constant input, potentially outsourcing much of the work when it is operational. As long as you are dedicated and manage your time well, a secondary income stream can offer many benefits with minimal risk.