Do I need multiple streams of income?
Several years ago I learned about the concept of multiple streams of income and decided to try it out. But before I tell my story, let’s define something.
What Does Multiple Streams of Income mean?
In short, it means that you have more than one source for deriving income. For example, you could work more than one job. That is certainly multiple streams of income. But it is not recommended as it can wear you out.
But, at the very least, it gives you an understanding of the term.
My First Attempt at Multiple Streams of Income
One of the many blogs I followed pointed to Amazon’s affiliate marketing program. What you did was simple enough.
First, you set up a business account with them, get a code, put the code on your website, and wait for the sales to take place. Well, not quite. Actually the process was relatively simple, but you also had to pick authors you liked.
Then you needed to put those authors and their books on your own website. Once that was done, you then added the necessary code.
But lack of people visiting my website eventually caused Amazon to shut down the affiliate. It was a dud.
More on the other side of this break.
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Now back to the article.
A Different Approach to Multiple Streams of Income
Times change, and so do I. I am still interested in multiple streams of income because it makes sense. But how to go about it has changed, at least in my mind.
Instead of affiliate marketing, my approach now is to generate multiple streams of income from multiple products. Nowadays, I and my wife both write books.
That means that there are two streams of income, mine and hers. We have similar interests and styles, but we are also different and offer customers different types of reading experience.
A New Stream
This year we are offering a totally new idea for our business. I have experimented in the past with what I called an academy, but it never came to fruition. But this year we have launched Christian Authors Business Institute which has Christian Authors Basic Training focusing on teaching the basics of writing.
This is a six-month course in the basics of writing. It is a good fit for me since I have been on the other end of writing courses. I actually took a course for a short time but when I got temporarily laid off my job, I had to drop the course. I was never able to get back in, but instead attended the School of Hard Knocks (not recommended).
Now I have 22 years’ experience as a professional writer that I can pass on to others. It is an exciting venture that each month offers the opportunity for new, struggling, or even experienced writers to attend a class that starts the following month.
A Third Multiple Stream of Income
One of the bloggers that I follow mentioned a marketing trend called Low-Content books. It didn’t sound very interesting at first blush. But I investigated and discovered a something that is new and yet very old.
The term Low-Content refers to such things as journals, notebooks, diaries, and the like. One reason I had not heard of it before was because KDP (Kindle Direct Publishing) didn’t offer it.
But now they do!
So, if you visit our website, you will discover a new department called, ‘Journals & More’. It is something that is:
- Easy to produce
I have already placed one product online and have additional ones ready and still others in my mind to be produced. And it fits within our motto, We have Books and more.
VISIT MY AUTHOR’S PAGE TODAY: amazon.com/author/rfrederickriddle.
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T&R Independent Bookstore is a division of T&R Independent Books founded in 2014 by R. Frederick and Tess Riddle. TR Ministry, aka Ministry Services, is both a charge and an exciting outreach to the Christian Community.