How I'm Building an Online Business With Multiple Streams of Income
December 20, 2015 by Mark Zupo
The first thing one must understand is that I always wanted to be a millionaire. When that statement was made at age 14, the second thing was that I had no idea how I was going to achieve that goal! There are misconceptions about what I believed success as and what you might believe that success is for you.
The road to "success" was fraught with potholes and barriers and took over 20 years for me to sort through trial and error, experiences, misfortunes and delays without anyone to help or look to for guidance. Today, however, it is very different world. Digital and online opportunity is beyond unbelievable and provides for a multitude of mentors and coaches to look to for help and guidance. Therein the saying, "I wish...."
I first became aware of selling online in 1991. I was as green as they come back then. Although I was a bit of an entrepreneur, I had no idea how to transfer that knowledge to the Internet and sell something online let alone make money from it. There was one thing though that I did want and that was to learn as much about the Internet and the selling process as possible. Building an online digital business was not easy without all of the great tools, resources, online opportunities and masterful coaches and mentors that entrepreneur's have today!
My first online venture was selling a $5 three-page repot on "How To Use Your Computer To Make Money!" No kidding! The funny thing was...I didn't even own a computer!
There came a day when I realized that I needed a mentor or coach who had the experience I needed to help me become an online business owner. It was tough to find someone who would help until I met Cory Rudl in 1996. Sadly, Mr. Rudl died in a car crash in 2005. Mr. Rudl was "THE" Internet Marketing Coach of the century. He was also my mentor for one very important meeting before his death that helped me to realize my potential in online business marketing.
Today, I have friends in the industry that keep me on track, focused and provide me with the support and training to maintain my success. And trust me...I lean on them constantly!
My wife, Kathy, is the "go-to" inspiration and unbelievable support mechanism in the process of finding my success online and as a professional educator. My success is the undeniable result of her support and guidance throughout my learning and experimenting experience.
All that she does for me is reflected in my experiences, my endeavors, my products, my coaching platform and my brand...the "SuccessMeister" of the 21st Century!' I know it's korny but....
So, let's talk about where I am and how I achieved the success I now know. I have multiple streams of income. Seven in total.
My "7EVEN™ Sources of Revenue
Although there are several more online revenue sources to choose from, I have chosen the ones that work the best for me. I will share the 7EVEN™ that work for me.
- Product Creation Launch Revenue
- Coaching Revenue
- Membership Revenue
- Affiliate Marketing Revenue
- Social Media Ad Revenue
- Live Seminar Presentation Revenue
- Marketing Services Revenue
Product Launches: 60%
The mainstay of Internet marketing is one simple standard that I teach all my students...become a product machine! There are four main rules of action associated with product development.
- Give more than is required.
- Produce something that helps other people.
- Produce something of value.
- Solve a problem.
The conversion from physical products to digital products has dominated the market and will overwhelm most media forms from now on. If you don't adjust to digital media platforms immediately...you will be lost to those with the insight and foresight to improve with the times.
Today, the affiliation between Internet marketers fostered relationships between professionals to promote each other's product to their individual lists and multiply the demand and sales throughout the online communities. A single product launch can generate many thousands of dollars in a single hour if promoted correctly. The simplest model is to presell, sell, post sell and then offer reduction just prior to closing the defined sale period.
Membership Sites: 14%
Micro-membership sites have become the newest form of community to evolve in digital marketing and relationship building among entrepreneurs. This form of recurring passive income has define the new "job" of Internet entrepreneurs. The simplest model is to presell, sell, post sell and then offer reduction just prior to closing the defined sale period.
Every month, income is generated passively as members remain engaged with valuable advice and content predetermined and dripped to their inbox. The predictable income is generated passively based on their willingness to remain members so long as I deliver value. The privilege of membership is supported by access to "secret" or exclusive content designed just for them that non-members do not have access to.
Ad Revenue: 8%
Another superb opportunity to generate residual income is the ad revenue model. This isn't as productive as other methods but still help to fill the void and helps to monetize my other social media presences. The extra generated here is better than falling in the mud! The focus should remain to the greatest method of generating revenue and the least attention should be paid to the ones that don't perform as well. Pareto's 80/20 rule works here well.
Affiliate Marketing: 6%
A great resource for online entrepreneurs is that there is an endless supply of other people's products. Some are not so good and others are great. It is one of the easiest ways to generate profit from other people who work hard to produce outstanding products. Simply promote someone else's product and earn a commission! Usually all you have to do is market their product or service to your list and if it is worthy your followers will gladly buy in and generate income for you.
Some call this affiliate marketing and some call it a joint venture. Either way you have the ability to earn handsome profits from the process as well as build trust and authority with your followers. I use my blog, www.MarkZupo.com/blog, to promote such offers through indirect selling. That is making reference to the products mentioned and directing other people to see what all the fuss is about.
Coaching Revenue: 6%
Coaching is the method of revenue generation that I like the most. It can be daunting though. It requires a great deal of attention to individuals but it also helps to build relationships and make friends with thousands of super people with like interests. Just like my rules above, it must help people, provide value and solve a problem. I can tell you that there is no greater reward than to see someone that you helped achieve a goal or find their personal success.
Coaching can also be hugely profitable if you spend serious attention to promoting that form of personal growth and development. Some coaches charge huge fees for individual attention and exclusive access. I prefer not to devote all my attention here because it is also the most time consuming for me and takes away from other things I like to do for my students and followers.
Live Seminar Revenue: 4%
Live seminars! Of all, this is my personal favorite. There is nothing like being the celebrity in performance of my skills and experiences to thousands. However, it also takes the greatest toll on my energy and effort. I am most comfortable in front of large groups of people teaching, coaching, mentoring and speaking to their needs and wants. The personal and up close attention is a great ego builder for me and I love that of course. As it takes super energy to perform, it remains a small part of my revenue generation because it is time limiting as well.
Other Services: 2%
My experience is in the trends of the time including development of digital and virtual products. The object to maximizing my time and effort is to produce work once and let it produce income ongoing! Passive and recurring.
I've spent a great deal of my life helping other people. I've learned a great deal along the way that has made making a living easier and quicker. I still face MANY challenges and obstacles but if I didn't the journey would not be worth the end result.
In 2015 I've learned by drinking by the "fire hose" method because I am getting older and my time to help others and myself grows shorter. I will be spending most of my time now on membership sites and developing other modes of recurring revenue in those platforms. For me, the "laptop" lifestyle is the only opportunity I want to pursue.
The laptop lifestyle delivers autonomy with relationship-building at the same time. I have a great feeling for my business and for your business for the new year.
Charge on and make it happen!