Attraction Based Networking

Face it.  The recession is here.  Whether we planned for it or not, it has reared its' ugly head and decscended upon us. 

But, fear not, because as a Work From Home Mom or Dad, you can position yourself to ride the wave while others are crashing in all around you. 

How?

By creating multiple streams of income in your  Work From Home Business. 

The biggest secret to building a profitable work from home business is to create a revenue model with multiple streams of income so you stay diversified.  This way, if one sector of income hits hard times and doesn't do so well, you have another to rely on to get you through the rocky times.  The key to success in your work from home business during a recession is  being able to ride out the storm until things settle down.

So how do you create multiple streams of income?

FIrst we need to understand what a revenue model is and make sure we incorporte this into our work from home business.

Keeping it as simple as possible, a revenue model is simply a strategy a business develops that will generate revenue (make money) for the busines through various income streams. 

There are various ways to create these income streams in your work from home business, but the 3 main income generating models are "per hour", passive and residual income.

Let's examine each one a little more closely.

Per Hour -  This type of income stream is pretty self explanatory and we have all probably been there in a "job" at some point in our lives.  Per hour simply means what is says.  You are paid for the hours you work.  If you offer services of any kind where an order needs to be fulfilled in order to collect payment, then that would fall into this category.   Per hour is a great start but to really kick up the revenue generation and help to solidy your income as recession proof, you need to have more than this one income stream.

Passive Income - Ah, yes.  Passive Income.  Don't we all strive for this in our lives?  Passive income stream for the most part is income that comes in without your intervention.  Did I say "without your intervention"?  Yes, I did.  For example, you can create an e-book for your target market and set up a sales page that you market.  If your marketing is targeted and works well, you will generate sales of your products at any time - whether you are working, sleeping or playing with your kids.  You do the "up front" work by creating the product you are going to sell, then you market it on the internet, implement a shopping cart and digital delivery system (e-book) that they can dowload and you are earning income even when you are not actively "working" your business. 

If you think that sounds great, wait.  There is another way to generate passive income without having to create your own product.  Yes, you can earn income on someone's else's products simply by marketing them to a targeted audience.  This is known as affiliate marketing and it has created a lot of wealth for people who do it properly.  You select a product or service of interest to you (make sure it is a high quality product or service with a good reputable backing) and promote them using their affiliate link.  You can promote their link in your content; newsletter (if you have one), your blog, website, wherever you create content on the web.  When someone clicks on the link and purchases the product, you get a commission.  There are thousands of affiliates out there just chomping at the bit for good marketers to promote their product because it is a win-win for both the affiliate and yourself.  When people buy, everybody wins. 

Residual Income - Residual income streams can sometimes work synergistically with passive income streams but there is a difference that is important to understand.  Passive and residual income both flow in whether you are working your business or drinking a cup of coffee and reading the paper.  The key difference between the two is how often one product can deliver income for your business.  Passive income streams generally refer to income that you receive only once - a "one shot deal".  You promote an affiliate book, someone purchases the book, you get a commission and that is where it ends.  Residual income stream refers to income that you would receive periodically or continuously for services rendered.  Let's say you promote a product (your own or an affiliate's) which offers a "non-tangible" service or product; such as a membership.  Members are billed monthly, quarterly or yearly which creates recurring income for a one time promotion.  The point being that income will continue to come in for this product or service automatically throughout the course of the year.  No intervention required again but a continuous stream of income whether you choose to promote your own product and update it regularly (newsletter) or an affiliate's where automatic delivery continues whether you update it or not. 

The key to making all of these income streams recession proof is to create a model that incorporates all three.  Depending on how many hours you want to work per week on your business will determine which income stream you devote most of your time up front to developing.  It takes time for all 3 but the payoffs are well worth the investments.

During such unstable econcomic times, it is important to get ahead of the downturn and continue developing income streams so you do not become a victim of the recession. 

This multiple income stream concept is easy to understand but takes time and commitment. 

Leverage all three for your work from business and feel confident knowing your family will always remain financially secure because you have developed a recession proof income that will ride the wave even through these turbulent times.

To learn how to create your own multiple streams of income utilizing the techniques of attraction marketing, join me at Renegade University for step by step tutorials on building your own web of content to keep your work from home business recession proof.