Does your business allow for “mailbox money” and a lifestyle you love? If not, what would it take for you to create this?
Let’s start with the definition of mailbox money. This is money you receive in both your inbox and your physical mailbox.
I first heard the term from Mary Morrissey. When I heard her definition I realized I have had mailbox money for years.
Based on how you have your business set up you likely have a general idea of a minimum amount of money that will arrive daily whether it be a few hundred or a few thousand. Beyond the baseline, you likely won’t know from day to day how much cash will arrive. The reason? Multiple streams of revenue that fluctuates from day to day.
Multiple streams of revenue is exactly what it sounds like; money that comes from various sources. One way to create multiple streams of mailbox money is with information products; yours and those you sell for others.
The more information you have to offer that your market has an interest in the more revenue you can generate.
If you have no products of your own you can start by becoming an affiliate seller. Make sure whomever you sell for and whatever you make available you are selling an outstanding product or service you are proud to make available to your market. Never, ever, ever sell anything you can’t put your personal stamp of approval on.
Keep this in mind.
Don’t sell simply to make money. Making money simply for the sake of making money may be short lived. Start from the point of, “What would create the greatest value and truly serve my market?” When you think in terms of being of service, the money will follow for a long time to come.
You may have to test a few products to identify your markets’ sweet spot both with the type of information you are introducing and the price point.
Some online entrepreneurs are very successful by selling other experts’ products. Others prefer to create their own. Still others like a combination of the two.
I lean towards the latter.
If you’re planning on developing your own products now is the perfect time to begin. However, you will be well served to plan out what you introduce.
Follow these simple steps to move you in the right direction.
• Identify what your potential customers are interested in. A survey can help considerably in this area.
• Determine what knowledge you have that people would be willing to pay for.
• Decide the format for the information product; video, audio, MP3.
• Determine method of delivery; ClickBank, autoresponder, other.
• Determine method of payment; PayPal, credit card.
• Develop the product.
• Develop a landing page. If you’re not qualified you can find plenty of eager designers on elance.com or get a free or low cost template program.
Obviously, there’s more detail I could cover, but this will be a great place to start. I can assure you that when you have several things to offer your market, both yours and those of other experts, you’ll get very used to watching your “mailbox money” arrive on a daily basis.
So much in fact, you will know what it means to have a lifestyle business.
What’s your experience with mailbox money? Are you getting your share?
Contributed by Kathleen Gage