Internet marketing can be a great business, or a tough one. New marketers tend towards product launches because they think the big money is here. And it can be profitable, but it’s also a great way to burn out. If you’re poor one month, rich the next, and poor the next, then IM can be a struggle.
Here’s what you typically go through with a product launch:
1: Create the product, choose a launch date, and hustle like crazy to get other marketers to PLEASE promote it to their lists.
2: Offer 100% commissions on the front end to attract affiliates. Hopefully you’ll make money on the back end.
3: Build your list of buyers from your launch. Yeah!
4: Realize you’ve sold your soul to the devil. Now you have to ‘repay’ all those marketers who promoted your product by promoting their products to your new list. If you don’t, they probably won’t promote your next product.
5: Burn out your list because you’re sending all these offers from all these different marketers. Some of the offers don’t even fit your list, but a debt is a debt…
6: Cripes, where did the money go? Time to do another launch so you can get some new blood on your list and (hopefully) make some money from your backend.
Make no mistake, this system works. But it’s stressful, too.
If you want to ensure you have steady monthly income, consider this:
Add up all of your bills – Everything you need to cover one month. Your goal is to cover this amount automatically each month, so you can stop stressing and start working ON your business instead of just IN your business.
Once you have the amount, find ways to cover it. My favorites are a paid monthly newsletter, a paid membership site, a monthly coaching group, an ongoing course (billed monthly) …
…do you see the theme here? You want MONTHLY recurring income that at a minimum, covers all of your bills.
Once you have this established, then it’s time to really start building your business, free from stress and free from having to promote everyone’s product to repay favors from your latest launch.
For short term income, consider:
• Promoting products
• Selling websites
• Selling domain names
• Offering special weekend deals on your own products
• Winning prizes on affiliate leaderboards
For longer-term income, consider:
• Continuity courses
• Paid newsletter
• Coaching groups
• Personal 1 on 1 coaching
• Group coaching
• Clickbank product sales
• Software development and sales
• Building and selling established websites with mailing lists
Diversification is key. You don’t want to rely on any one business model. Instead, you want income coming from several places at once. Farm out work through outsourcing whenever possible, so that you’re free to continue building more income streams. Get involved in partnerships to build long term income. For example, building a business or website together that will eventually sell for a large 5 figures, or even 6 figures.
Two keys: As quickly as possible, set up recurring income streams that cover ALL of your bills. And add new income streams as often as possible. If you don’t want to burn out, you’ve got to think strategically and long term. A lot of marketers come and go from this business quickly because they can’t cope with the constant launch and relaunch schedule. Recurring income is your best friend, and the large paydays of thinking long term are your retirement.