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Multiple Streams of Income: Does Your Online Business Make Money While You Sleep?

Aug 17, 2007
We often hear about the wisdom of having multiple streams of income. Preferably "passive" streams of income that make us boatloads of money while we sleep -- without us having to do any of the hard work ourselves.

When I say "passive income," I'm talking about the kind of income that comes in monthly checks from your rental properties, stock dividends, or from the efforts of others in your MLM organization.

I not only believe in the concept of making money while you sleep, I practice it, too. But until recently I only made passive income "offline."

For the life of me, I couldn't figure out how to make money in my sleep "online," too.

For a long time (about four years), I struggled to "crack the code" in my online business and to net a profit. When my online business finally took off and began to send a consistent stream of passive income my way, it was a glorious day.

However, the victory came at great expense. I worked hard in my other business so I could afford to pay for what turned out to be a very expensive Internet Marketing education.

During the frustrating years when my online success eluded me, I often wondered if it was worth the money I was pouring into information products, pay-per-click campaigns, seminars and training. I wondered if it was worth all the time and energy I was pouring into learning the technical side of the business as well as the marketing side.

Why am I sharing this with you? For two reasons.

For one thing, I suspect I'm not the only person who has not gotten rich quick with my online business, despite all the promises made by the so-called gurus.

Secondly, I'm concerned that you may be thinking, "This internet marketing thing will be a piece of cake" or "I'm going to make a killing on the internet" without realizing how much up-front capital you are going to need to devote to this crazy adventure.

Even if you have a pile of money at your disposal, are you ready to spend hours of your own time to learn the in's and out's of autoresponders, webhosting, pay per click, ad tracking software, search engine optimization, blogs, shopping carts, and ezines? (And that's just the beginning.)

Ask yourself: Do you have income right now to support yourself while you conquer this very steep learning curve? It could take years.

Are you spending disposable income to gamble on the success of your online business, or are you spending the rent and grocery money, hoping to hit paydirt in seven days or less?

Also, do you have the gumption and stick-to-it-iveness to keep going when one of your pay-per-click campaigns gobbles up your entire advertising budget overnight?

More than a few people have gambled online - by starting an online business - and lost. You don't want to be one of the casualties.

At some point you may have to declare a freeze on spending more money until your efforts produce some rock solid results.

My personal breakthrough came when I decided to place a three-month moratorium on buying any more information products relating to Internet Marketing. I set a goal of working fervently for 90 days to implement everything I had learned so far. I promised myself I would not buy any more how-to-make-money ebooks, guru newsletters, or surefire methods of anything.

I was committed to one thing: profitability.

Eventually the fog cleared.

Once I spent every day implementing everything I knew, the pieces began to fall into place. I gained confidence from mastering the basics of website building, list building, and relationship building.

I marveled at how some processes that used to seem complex quickly became old hat, routine. Instead of taking me a week to design and upload a website, I could now do six in the same amount of time.

The result is a profitable online business that is uniquely mine. I'm proud of what I created.

It took more than finding the right system or the right coach or guru. It took massive action and single-minded, laser-focused concentration on my part before I reached my goal of profitability.

If you have ever dreamed of making money online while you sleep, rest assured that it is a dream worth dreaming. It can be done.

But be realistic. If you want to start an online business, be sure you have at least two to three years of steady income to support you while you learn the nuts and bolts of your new online business. Most people are not overnight successes.
About the Author
Krista Goering has operated successful home based businesses since 1975. Find out the realities of running a home business at her website which is at http://www.homebusiness123.info.
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