Multiple Incomes – Small Business and Internet Marketing

My journey along multiple income pathways has taken me on four quite different adventures. I have already written about the property pathway and Forex trading, so in this article I want to complete the picture by considering my small business venture and internet marketing.

1. Small business. I have a day job that keeps me very busy, but one of my ambitions has always been to have my own business. Many people have similar dreams, and some actually make the leap into an alternative career

One of the key things I have discovered is the importance of choosing a business in which one already has a certain amount of expertise. I have frequently heard about people stepping out of successful first careers, such as banking, into something completely different, perhaps wheelie bin cleaning or door-to-door selling.

Many franchise opportunities are available, and it may seem very tempting to pay a lump sum of money and walk into an existing business. However, without prior experience many mistakes can be made, and a significant number of franchise ventures end in failure.

My training is as a teacher, so I decided that whatever small business I would go into, it must involve education in some way. I therefore opened a tuition centre on a Saturday morning, and the business is now in its’ third year. I have an assistant from a local sixth-form college, and we rent a room in a local church hall.

So if you’re going to start your own business, stick with what you know and look for possible opportunities that will play to your strengths.

2. Internet Marketing. Most of my time and focus is now spent on internet marketing. The world wide web continues to expand at an incredible rate, and there are over 300 million websites out there. Nearly two billion people use the internet, and this represents 28.7% of the population. In some European countries, over 85% of the population are classified as internet users. The potential market is huge, and more and more marketing is going to take place over the internet.

However, competition is intense, and the days of uploading a website and sitting back and waiting for the traffic are long gone. To be effective means going out there and actively selling your site and product.

For a newcomer, as with any business there are many pitfalls and broken dreams on the way. Many people will offer advice and try to sell you the latest thing in internet marketing, but these ‘instant’ website packages are generally doomed to failure.

The old adage is that you get what you pay for. If you decide to cut corners and go with cheap offers, then you’re likely to get rubbish. Internet marketing is a business, and you wouldn’t expect to start up a profitable and long-lasting business of any sort for $100!

Be prepared to invest, but don’t jump at the first offer that comes along. Take your time and look for packages that are produced by well respected internet marketers who have been around for some time. Join forums and discussion groups and ask questions – who is actually making money, and what are they doing?

I have been involved with internet marketing for about five years, and I have made many mistakes. I have built websites that nobody visited, and I have wasted significant amounts of money on packages that promised much but delivered little.

I have now made my investment, and for the first time I really believe that I will be a successful marketer. There is money to be made on the internet, and with the right guidance and support internet marketing can be a very lucrative component of your multiple income pathways.

To summarise my experiences of multiple income pathways;

  • Property. This must be seen as a long term investment, and be aware of the hidden costs.
  • Forex trading. Find a system you like and stick with it, have sufficient money in your trading fund, and control the emotions!
  • Small business. Play to your strengths and look for opportunities in areas that you are familiar with. Avoid jumping into the unknown.
  • Internet marketing. Be prepared to invest in people and systems, and don’t expect to be an overnight success. My keywords for internet marketing are commitment, discipline and accountability!