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17 January 2006
If you have ever stopped to think about your online / offline money making strategies, you have probably wondered how to structure your time / efforts into your business. It is extremely important how efficiently you spend your time. I have been thinking about this issue lately. In my opinion, the two most important factors are: short-term vs long-term revenue streams and the daily / weekly time needed to run your long-term revenue streams.What is a short-term and a long-term revenue stream? Let’s say you are a web designer. When you design a site for a client, you get paid let’s say $500. That’s not too bad. But that’s a short-term revenue stream. You are investing your time into one-time paying projects. How about making 100 pre-designed website templates and selling them on your site? You can sell these for years! That is a long-term revenue stream. You are probably very good with Photoshop? Then why not write and sell a Photoshop guide ebook? You write it once, and sell it for years to come (you’ll need to update it only when new Photoshop versions come out). Do you now get the difference? Every minute you put into short-term one-time paying projects is a wasted minute. Why not invest your time into projects that will bring in revenue for years to come? I decline job offers almost daily both online and offline. I have absolutely no interest in coding scripts for others, because these are all one-time paying projects. One-time paying projects are needed when you are low on cash. In such cases, you’ll need to take one-time paying projects while you are concurrently working on the long-term projects. I personally don’t think I can get rich doing one-time projects, be it as a programmer or a fitness coach. Most of my friends are content working for other companies. Unless I am very low on cash, I will never work for a monthly / weekly / hourly whatever salary. Most of the time you invest, should be invested in activities that help long-term. There are many tactics that work long-term. Writing Articles / Content Once you write an article, it will bring you revenue for a long-time. If you submit the article to directories, it will probably get published/reused (in exchange for a link to your site) for a long time. If you put it on your site, it will attract search engine traffic for a long time. InfoProducts (EBooks, DVDs, Videos, Audios) This is a great business. You write an ebook once and sell it for a long time. You shoot a seminar you gave, and you can sell it online for years. You get the idea? Software Selling software is my major income stream. I spent a year writing it, and have been selling it for close to 3 years now. PPC campaigns Optimizing your AdWords / PPC campaigns takes a few months. Once you’ve found what works, once you have optimized the ad copy, once you have made the campaign as profitable as possible and you are now just running the campaigns and they bring in revenue long-term. Viral Strategies You can write free tools / scripts that can get you links long-term. My SEO-Board script constantly generates links for its site. I can divert this traffic to my related websites. You can write a free ebook / report with give-away rights once and you will benefit long-term (links, traffic etc.) The second important factor is what amount of time / money you’ll need in order to maintain / run the long-term revenue streams. If it is a content site, you’ll need to pay the hosting and domain name. If it is an ebook or software, you’ll need to answer emails (something you can outsource). If it is a free script, you will need to make improvements over time. For PPC campaigns you will need to spend time monitoring the success of the campaigns. The really great thing about running profitable long-term businesses is that you can outsource most support. After all, the rich make money long-term, while at the same time exploiting the poor who work for them for short-term per hour / month whatever salary. If you want to make money and have time for family and tequilas, you may need to reconsider your time-spending strategy. Invest your time in long-term profits.
Posted under tags: revenue strategies, web publishing
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