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The worst number when it comes to running a business



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The worst number when it comes to running a business

I'm sure that you've heard the saying "Don't put all of your eggs in one basket" when it comes to running a physical business or online business.  When it comes to making money, you won't want to rely on one method to bring in the bacon or one advertising platform that is your bread and butter lol.  You'll need to diversify your income streams in order to keep a healthy business running for a long time.

If you have multiple income streams that are healthy, you don't have to worry about much.  I'm not just talking about advertising methods either, you'll need multiple websites bringing in sales, not just one.  This will ensure that if one of your websites starts to fall off, your other ones can bear the lower sales of the first and keep you afloat.


If you haven't figured it out by now, the worst number when it comes to running a business is 1.

An online business is probably one of the easiest to start up due to the low investment it takes to get a website up and running and begin marketing.  But having just one product on that website probably isn't the best thing to do.  If you have 10 products, put them all on one website and set up a second website that sells 10 different products in a different niche.  You need to mix it up and jump around when it comes to niches, you never want to get too complacent within one because then you're leaving money on the table all over the place.


A few ways to avoid the dreaded #1


Sell eBooks
A proven method to generate sales is selling an eBook.  You can pick a niche then sit down and write about a bunch of topics within that niche.  You will need to offer your potential buyers something unique that fills a gap within the niche in order to convince them to purchase from you.  You can also write similar books that mimic high selling ones and undercut the pricing, just be sure to write everything in your own words so that you don't get accused of copying everything.  One of the best things about eBooks is that you usually only have to write them once and they will stay live on marketplaces for years to come The worst number when it comes to running a business 


Be a middle man
When it comes to selling other peoples products all you have to do is pretend the service or product is yours and mark the price up so that you make a good profit.  Obviously you'll need to do some market research to make sure that they item you want to sell will actually sell.  You'll also need to figure out if the marketing campaign will make you go bankrupt or if it will be easy to dominate with a low investment.  I've stumbled into some niches where I was paying $0.10 per click and making a 900% ROI for a long time The worst number when it comes to running a business  But there was a ceiling to the profits and I could never get them too high due to the amount of traffic I could get through PPC methods.


Membership Websites
When it comes to having a membership website up and running, you better know what you're talking about.  If you have people signing up for your site and you know less than they do, they will instantly cancel their membership and spread reviews that you're a fraud all while they start filing a charge back on their purchase.  Give your members a good amount of content, giveaways and anything else you can to keep them happy.  They will be paying a membership fee and that means they will want to be treated like kings and queens lol.


Become a Consultant
Becoming a consultant could mean pretty much anything because you can literally pick any niche and help people out lol.  I've done some SEO consulting in the past and it pays pretty well, but it's definitely a lot of work.  You will need to be an expert in your field and that means you can also charge a premium.  The only downside to this is that you need to build a presence online before getting people to notice that you know what you're talking about.  You can set up a consulting website and show any awards you've received or link to any pages giving your services recognition.


Freelancing
Just like all the service providers here on SEOclerks.com, you can become a freelancer who offers work for a one time or monthly payment.  You will have to register on all types of freelancing type websites and micro jobs websites in order to maximize the size of your marketing net in order to pull in clients.  At first it will feel like there isn't any traffic coming to your service pages because you won't be getting many buyers, but don't worry.  You won't be getting many buyers coming to you for work because you don't have many reviews and you're a newbie.  To counter this you will need to sell your services lower than what the average is just to get some reviews and potentially turn your buyers into return clients.  I've dont this for some of my SEO company and I will offer some low priced services in order to get them to buy.  They will then see how powerful our cheaper services are and they usually sign up for something much more expensive since it will yield better results for them The worst number when it comes to running a business



When you start working online it can actually pretty overwhelming because there is a ton of information you will have to learn.  This isn't like a basic job where you can do 2 weeks of training and then run the store, you will need to do months and months of work before you're even at a basic level.  After your basic level you'll still need to keep studying and testing in order to figure out what works for you.  Bootstrap your profits and you will usually be able to start advertising all your services and snowballing your profits The worst number when it comes to running a business



In Conclusion:
You will need to avoid the dreaded #1 by building your income streams.  You will need a few streams up and running before you can start feeling secure.  Everything can be pulled out from under you if you just have one website with one money making method being used for it such as PPC.  Your advertising accounts can get banned with the bat of an eye, so try not to rely on them.



Remember to follow me!
https://www.seoclerks.com/user/Razzy


Thanks!

Razzy

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Tronia

Wait, isn't zero a worse number than one? since then it would mean you have zero streams of income?? Haha, joking aside.

Excellent post which presents good methods of trying to earn money and get some steady cash flow without only investing into one single way. I think freelancing is currently reaching its peak and will continue to rise steadily. People have realized how much money is in the freelancing business. The biggest mistake they make though that they go all for that, all in without having anything as a backup that will still provide some money. As appealing as freelancing is, it can be a tough business to get established, at least at the beginning. You have a lot of competition and you will want to make yourself stand out as much as possible.




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johnfranklin1

It is a good idea to sell things online on your blog or website. If you would not be earning through your monetizing program then you can earn enough by selling e-books or the affiliate products from other people. In this way, you would never be broke in your online business. You need to meet your expenses and you need to get paid or the time that you spent on your blog or website.




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idealmike

Oh see now here you have mentioned selling eBooks! Good stuff and well done I'm proud of you! lol The worst number when it comes to running a business No but seriously, that can be a very, very lucrative industry to be in and thing to do. The reason why is because once you've written your eBook, and you have listed it for sale in places, that's all that you really need to do next to promoting it. So they can provide you with a residual income stream for years to come. Provided it's on something popular! As in time, it may be that it's not relevant anymore. But it all really depends just what the eBook is on. Take those personal story eBooks. The kind that Lynne made revealing her cocaine abuse history and how she turned her life around and got out of it. Those kinds of stories are what people like to read. Or basically just those success stories of people how they went from zero to hero and the like. People LOVE to read them since they might learn something from it that they can use in their own life. Or even just story eBooks too. Novels and the like. Basically, there are soo so many different types of eBooks you can write and sell. Just check out Amazon for ideas! Which reminds, me, I was going to make a post that asked about writing and selling Kindle books and whether there was anyone here doing that?

I remember a while back people were raving about it and saying how it's a massive industry with more demand than there is writers and how anyone with any kind of imagination at all can earn a lot of money by just writing short kids stories. Some of them actually do really well and even though they're only like $0.99 and you might only make half of that. Sell 10,000 of them nd well, you do the math! The worst number when it comes to running a business The good thing is, it doesn't have to stop and end with just one book. You can make more! The worst number when it comes to running a business

Will definitely have to do a post on this as it's something that would be right up my street as I love making up stories lol. I once won first prize at junior school for my story of a boy who got kidnapped by aliens when his double decker bus traveled through a time warp or something like that lol. I can't remember now was a long long time ago. I also won first prize for making up a fake newspaper called "The Daily Arthur" and the front page story was about a fish that grew a human head after swimming in polluted river but that was only because I didn't have much to go on and was using cut outs from an old newspaper. But because it touched upon a real life issue, I think that's why they awarded me first prize for it just from being so innovative. I just thought it was a lot of crap and something I slapped together out of boredom but they thought it was "prize worthy" so who am I to argue! LOL The worst number when it comes to running a business

But that's my point! You can write up any old, ridiculous story and it can go viral. But unless you write it, you'll never know! The worst number when it comes to running a business




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amitkokiladitya

The basic rule of life is never to rely on something to last forever. This applies in every aspect of life and business and finances are the foremost among them.

Every job shows a peak as well as downfall. This rise and fall is unavoidable so it is wise to have an alternative source of income during these fall periods.




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overcast

I agree. Most of the people relying on single income may not last forever. Things change and we have to change with times. Some people are writing and gathering some really good results out of that. I personally don't see much of the value. But yeah from where I am seeing things it'd be good enough for the conversion. I guess we have to check out what are some of the business that can be consistently do this for long.




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overcast

I think every income stream that we try. We have to hit that first number. We have to find out first buyers. And then onwards we are going to build our business. Most of the cases that works out just fine. But unless you work on small details, things can be a bit harder on that context. If you know how to setup the business and get it profitable from first customer then it;s a good option in that case.




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Corzhens

Being a middleman is one of the best ways of earning money with practically no risk of investment. It is simply brokering so you don’t need a capital. And needing no capital is the attraction for people to go into the drop shipping business. All they do is to get a supplier and find buyers. As simple as that. When the buyer makes an order, the supplier delivers and the drop shipper gets the payment to forward it to the supplier minus the commission earned. So simple and easy with almost no risk at all.




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