5 Reasons why you Need Digital Multiple streams of income and diversification in your business

Have you heard the phrase, “Diversification”?

In an era that promotes making money while you sleep ( which for many triggers a distasteful and untrustworthy covert internet marketing practice of this topic and headline).

Whilst I do not buy into the narrative of passive income whilst you sleep, because after working with thousands of clients I can tell you that nothing is passive about setting up a passive sales system.

However, with the appropriate strategy and automation systems set in place, it is completely possible for your business or enterprise. You truly can leverage your knowledge and skills by packaging them into digital products and assets. You can benefit from working once and continue to make sales and an income from your Digital products, services, and ‘assets’, utilising software and technology via automated delivery 24/7.

Digital products, courses, and programs allow you to diversify your income streams into digital ‘assets’. However, it has become a common phrase often connected to the internet marketing industry that describes the power of passive income. Essentially creating a digital product once and leveraging the rewards again and again and again, with no work whilst living on a beach - well not quite!

Misconceptions - You don’t have to work at all once you have created your products and services- People will find your products and services without you having to make an effort to sell or promote- You cannot make an income online- It is a scam… — **Misconceptions**
- You don’t have to work at all once you have created your products and services
- People will find your products and services without you having to make an effort to sell or promote
- You cannot make an income online
- It is a scam
- It is easy to set up
- It is hard to set up
- This is a one-time investment of money and time and you will continue to receive sales
Plus I am certain there are many other ideas and questions related to set this up
**Potential opportunities**
- Receiving royalties from your digital assets and products
- You will need to continuously invest in software and promotional tools
- I need a digital, marketing, and promotional strategy
- Depending on where you are located for some digital assets you will need to consider digital VAT MOSS
- As you begin to make cells there may be at times the need to upgrade software and technology solutions which you may outgrow based on a number of factors i.e. subscribers storage and so on
- This is a one-time investment of money and time and you will continue to receive sales
- Create a replicable process
- Work with commercial lenders such as corporations, enterprises, universities for opportunities are endless
- Create licensing opportunities

Diversification of your income can benefit absolutely everyone, no matter what type of business you have, it can help to build sustainable and recurring income streams. The key is to make the product creation as simple and as inexpensive as possible, creating a framework and process so that you have a methodology. This does not mean your services or products will be cheap; it means you should focus on your area of expertise and solve a common problem among your audience.

Benefits for having diversification and multiple streams of passive income:

1. Supplement your income to supplement your client income

2. Expand your name recognition and brand awareness to attract new buyers from your target audience. Reach new people in your target audience.

3. Attract speaking or media engagements. By adding events to your media profile you can elevate your authority.

4. Lead your prospects through a sales funnel, giving value upfront and then ultimately leading them to your more expensive services, products, and packages. A sales funnel is a great additional business system. A sales funnel allows you to demonstrate your expertise with smaller, more inexpensive products first, to educate your audience through your product staircase and suite of your services.

5. Use your digital products as part of your marketing plan, offer viral, and incentive promotions to attract attention from new prospects in your target market.

6. Receive royalties for your work

7. License your digital assets to others for personal and commercial you, this is an area which I utilise and I explain in depth here

8. Create or promote an affiliate program

9. Use your products as a giveaway or for membership

Ready to create your diversified digital passive products, streams, and opportunities, I have no idea where to start? Why not book a call here to discuss your options and solutions!

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