The 3 streams of income that fuel my new business
How I created new income streams for my business and how I ended up making a consistent cash flow in less than 6 months.
To begin, I want to share with you an article I found called “ How To Make An Extra $1,000 A Month Starting With Only $500 “.
One of the biggest things I’ve learned since creating online businesses (with eCommerce) is that your daily income should never be limited to only one source. If today Amazon takes a hit and your business crashes because you are completely reliant on Amazon for all your sales… well bad luck man. But if you have several revenue streams coming in each month then you don’t need any single company or product to do well for you to succeed.
The 3 strategies to increase the cash flow of the business would be mainly the following:
Adding new products to the store which are not so competitive but still with a decent market share. So basically I want to mention here that you should try to find products that are less popular than the top most selling ones but have decent revenue. This might be challenging at times because you cannot just go finding any product for your own sake, instead you need to pay close attention to what’s trending and then look into those niches which you can easily manage and won’t cost much time as well as money. For example we recently added some hoodies and winter hats for men and women (which aren’t too competitive but still sold very well) and made over $1k in like 2 months.
Another way you can increase your cash flow is by working harder at it . Even if you can’t afford certain things like ads or giveaways, etc. you should still continue to work at it and try to outsource as much as possible since this will help you grow faster than ever before.
As long as your product is unique (or doesn’t violate any of Amazon’s rule) then there is no problem with making money on Amazon. The best part about becoming an Amazon associate is that you don’t need to create your own brand unless you want to, all you have to do is find something that people are actually looking for (which isn’t too competitive) and then start promoting products that are related to the niche that interests the user most. The more unique your product seems, the better chances you’ll.
You can also believe in a unique product that stands out and with which to differentiate yourself from the competition . This may be a product that you yourself use and believe in, or a product that came to you from the search engine. The most important thing is not to put all your eggs in one basket, unless there is a unique marketing strategy involved which probably is very difficult to implement with Amazon’s A9 algorithm anyway.
Once you find your niche, it’s time to start building links. Making money on Amazon is just like any other affiliate program where the idea is to link different websites / landing pages where they can buy something. It’s really easy once you understand how Amazon associates work and what kind of products are related to each other so you can refer people without too much effort.
The only problem with Amazon Associates is that if you don’t look for potential customers and if you don’t work hard enough you won’t get returns. I’m not going to lie, it’s a lot of work and some people fail miserably. That is why I will share my external tools that automate as much as possible the knowledge I have gained along the way.
The first thing you need to do is come up with ideas for products, go to Jungle Scout , enter one keyword at a time and see what comes up. Click on Product Ideas in the menu bar and then put your product keywords in.
Here you can check all the main metrics of each product idea, here are just some examples: Keep in mind that these are rough estimations based on what they show so there may be small differences depending on which supplier you choose or if it’s an old listing / new listings.
