Have you heard of multiple income funnels, or wonder why someone would consider them with their online business?
When it comes to making money online, most people think about creating a single income stream. But what if you could create multiple income streams, each of which provided a steady flow of revenue?
There are many reasons why this can be a good idea. For one, it can help you stabilize your income. If one stream of income dries up, you still have others to rely on. It can also help you increase your income. By creating multiple streams of online income, you can make more money than you would if you were relying on just one stream.
In this post I’ll cover why you may want multiple income streams, and what funnels you might consider.
Why Create Multiple Income Funnels
There are many reasons why it can be a good idea to create multiple income funnels. Some of the most common reasons include:
1. To stabilize and increase your income online.
When you have multiple streams of income, it can help you to stabilize your income and even increase it over time.
This is because if one stream of income dries up, you still have others to fall back on.
2. To create more financial security.
Having multiple income streams can also help create greater financial security, as it reduces your overall dependence on any one source of income.
If something happens that knocks out one of your streams, you still have others. Additionally, it’s common for entrepreneurs to pivot their online business at some point. Having multiple funnels helps stabilize your income if you shift your interests, or if the market changes and your offers become less relevant.
3. To give you more freedom and flexibility.
Finally, having multiple income streams can also give you more freedom and flexibility in your life.
This is because it reduces the amount of time you need to spend working on any one thing in order to make money. You can spread your work out over several different income streams, which gives you more breathing room and allows you to be more choosy about the work you take on.
What is an income funnel?
An income funnel is simply a system that helps prospects automatically move from finding you, to becoming a lead, to making a purchase, and hopefully making more purchases over time.
There are many different ways to create an income funnel, and each one has its own advantages and disadvantages.
So how do you go about creating multiple income streams? The best way to do it is by creating multiple income funnels.
Types of Funnels: Examples
Here are 14 types of funnels, and below, I’ll give you some ideas on how to combine them.
1. Offering products and services through a website.
This is the most common type of online sales funnel. When someone visits your website, they may see a product or service that they are interested in. They may then click on the link to learn more, or to purchase the product or service.
2. Offering free content in exchange for contact information.
You can offer free content on your website or blog in exchange for contact information from your visitors. This can be in the form of an ebook, a course, a template, or anything else that you think would be valuable to your audience.
3. Offering paid content.
You can also offer paid content on your website or blog.
This could be in the form of an ebook, a course, a template, or any other type of content that you think would be valuable to your audience.
4. Offering paid membership.
You can also offer paid memberships on your website or blog. With paid membership, people can access exclusive content or services in exchange for a monthly or annual fee.
This can be a great way to generate revenue, especially if you have valuable content or services to offer. But it’s important to be realistic about the number of members you can realistically expect to sign up, and to set your fees accordingly. Otherwise, you may end up frustrated or even bankrupt. But done right, paid membership can be very lucrative.
5. Offering consulting services.
You can offer your consulting services to businesses or individuals, and you can work with clients from all over the world.
There are many different types of consulting businesses, so you can choose one that best suits your skills and interests. Plus, consulting is a flexible way to make money, so you can work as much or as little as you want. If you’re looking for a way to make money online, consulting is a great option.
6. Selling digital products.
Digital products can include anything from e-books and online courses to stock photos and software applications.
The great thing about digital products is that they can be delivered instantly and automatically, which means there are no production or shipping costs. Plus, digital products can be sold over and over again, so you can continue to generate revenue from them long after you create them. If you’re looking for a creative and efficient way to make money online, digital products are definitely worth considering.
7. Selling physical products.
You can also sell physical products. This could include products that you create yourself, or products that you source from other suppliers.
8. Selling event tickets.
You can buy event tickets and then sell them for a profit. This can be a solid way to make money if you know how to find good deals on event tickets. You can also use event tickets to get access to VIP experiences or backstage passes.
If you’re creative, you can also use event tickets to create and sell your own products or services. For example, you could create an event ticket design and then sell it to event organizers. This is a good option for you if you have a lot of event experience and knowledge. Whatever way you choose to make money with event tickets, make sure you do your research and always look for ways to get the best deals.
9. Selling affiliate products.
With affiliate products, you earn a commission on every sale that you refer. This requires very little work on your part.
All you need to do is promote the products and drive traffic to the merchant’s website. If people buy the products that you’re promoting, you’ll earn a commission on each sale. Affiliate marketing can be a great way to make money online, and it’s a relatively easy way to get started.
10. Selling advertising space.
Advertising space is one of the most commonly used types of ways to make money online. This is because advertising space can be used by nearly any type of website or blog in order to generate income. There are many different ways to sell advertising space, but the most common method is through advertising networks.
These networks provide website and blog owners with a way to connect with advertisers who are looking to purchase advertising space. In most cases, advertising networks will take a percentage of the total advertising revenue generated, but they will also provide valuable resources and support that can help website and blog owners to maximize their earnings. Another popular method for selling advertising space is through direct sales.
This method involves contacting potential advertisers directly and negotiating a rate for advertising space on your website or blog. Direct sales can often result in higher rates than those offered by advertising networks, but it requires more time and effort to find and contact potential advertisers. Regardless of the method used, selling advertising space can be a great way to earn income from your website or blog.
11. Selling subscription-based services.
With this type of service, customers pay a monthly or annual fee in exchange for access to content or features that they wouldn’t otherwise have. This can be anything from a subscription to a website or app, to a subscription-based email service.
While it may seem like a small amount of money, subscription-based services can actually be quite profitable. This is because once a customer is signed up, they tend to stay subscribed for long periods of time. As such, subscription-based services can provide a stead stream of income that can be very helpful for businesses.
12. Creating an information product.
These can take the form of e-books, video courses, or even simple PDF guides.
The key is to create something that provides value for your audience and then market it effectively. If you can do that, you can make a lot of money selling information products online.
13. Creating a coaching program.
Coaching is a good way to make money online because it offers a lot of flexibility.
Coaches can work with clients from all over the world, and they can set their own hours. In addition, coaches can often work from home, which helps to save on overhead costs. Plus, since coaching is typically done via phone or video call, coaches can easily work around other commitments. If you’re looking for a way to make money online, coaching is definitely worth considering.
14. Creating a mastermind group.
Mastermind groups are small groups of people who meet regularly to discuss business and life goals, and to provide support and accountability for each other.
Members of a mastermind group typically have similar interests and levels of experience, and they meet regularly to help each other achieve their goals. In addition to providing support and accountability, mastermind groups can also be a great way to network and learn from others in your field. If you’re interested in making money online, mastermind groups can be a great resource.
How to Create Multiple Income Funnels
1. Affiliate marketing.
Affiliate marketing is one of the oldest and most popular forms of online marketing. In affiliate marketing, you promote other people’s products or services in exchange for a commission. This is a great way to create multiple streams of income, as there are many different affiliate programs out there. You can promote products or services from a wide range of different niches, and there is something for everyone.
Freelancing is another good method to create multiple streams of income. In freelancing, you offer your services to clients in exchange for money. This can include anything from writing articles to designing websites to doing SEO work. Freelancing is especially profitable if you have skills that are in high demand.
To create multiple income funnels if you’re a freelancer, consider stacking these:
- Lead magnet funnel
- Low cost digital product
- Course to teach what you do for freelancing
- Highest cost is your freelancing
3. Selling digital products.
In this business model, you create and sell digital products such as ebooks, courses, or software packages. This is a great way to make money because there is no inventory to deal with, and the products can be sold over and over again.
To create multiple income funnels if you primarily sell digital products, consider stacking these:
- Lead magnet funnel
- Funnel that sells your digital products
- Affiliate links within the digital to recommend your favorite physical or digital products and tools
- Offering an upsell to get coaching from you
4. Selling physical products.
Selling physical products is another popular way to create multiple streams of income online. In this business model, you create and sell products such as books, DVDs, or physical software packages.
To create multiple income funnels if you primarily physical products, consider stacking these:
- Lead magnet funnel
- Funnel to sell your products
- Videos or courses that teach people how to DIY your product
- Videos monetized with ads
These are just a few examples of how you can leverage multiple income funnels in your business.
Comment below: what ideas do you have?