Employee taxes can be one of the most difficult to understand areas of running a business and hiring employees. If you don’t understand all the complexities involving employee payroll tax, it can also get you into a heap of trouble.
The first employee tax factor you should understand is what taxes you are responsible for as an employer. There are three employee taxes that you will be responsible for paying.
The first is Medicare and Social Security tax. This is often referred to as FICA and provides welfare benefits funding for senior citizens. As an employer, you are responsible for paying half of the FICA taxes and withholdings for your employee while the remaining half is withheld from their paycheck.
You are also responsible for paying federal unemployment tax (FUTA). This tax funds the state unemployment benefits and the administrative costs associated with those benefits. It is important for you to know that you must pay 6.2% federal unemployment tax on the first $7000 earned by each person you employ during the calendar year.
In addition to federal unemployment tax, you must also pay state unemployment tax. These taxes are based on the location and size of your business as well as the number of employees you employ. Since each state operates its own unemployment program, these rates do tend to vary; so, it’s best if you check with your own state’s unemployment division for specific details.
In addition to the taxes you must pay as an employer, you are also responsible for withholding employee tax. Even though this is the employee’s contribution, it is your responsibility to handle the employee tax withholding. You will need to pay close attention to the employee tax form, or W-4, completed by the employee to know exactly how much money you need to deduct from the employee’s paycheck. Usually the amount of money you must withhold will depend on the number of withholding allowances claimed by the employee, their marital status and any exemption from withholding taxes that the employee might claim.
It is very important that you stay on top of your employee’s tax forms because they have the right to change them by submitting a new W-4. If an employee submits a new employee tax form, thereby changing the amount of their withholding and you fail to deduct the correct amount of money, you could be subject to penalties by the IRS.
You will need to deposit both the taxes that you are responsible for paying along with the employee tax withholdings in an authorized depository for Federal taxes. These taxes will be due either semi-weekly or monthly. Your employee tax withholding due dates will be determined by the size of your payroll, dictated by the schedule. Usually, however; if your payroll is less than $2,500 every three months, you can file quarterly. If your employee taxes are larger, you’ll need to file more often.
As most employers know, employee taxes can be a real headache. Unfortunately, the employee payroll tax problem is a headache that simply must be endured. With a little understanding and careful attention to detail; however, the hassle of filing employee tax withholdings can be a little less of a bother.
While death and taxes are the only thing certain in life, you can make the latter a little less painful by using a virtual bookkeeping team who is on top of all the intricacies of taxes, deadlines, and law changes. The Bean Counters Bookkeeping team can make sure you’re compliant, on time, and help you get a better picture of your business’s financial picture.
Reach out today and let’s chat.
Are you dreading clearing the accounting and bookkeeping work that's piled up in your desk or in your inbox? Decide to outsourcing accounting and bookkeeping to deal with the issue with ease and precision.
This is the simplest way for small business owners to deal with the heavy workload of making sure their finances are in order. However, don't outsource until you have proper knowledge about all the aspects and details of outsourcing.
Imagine you're going to give out your entire business process to be handled by another organization. I'm sure you'll want to know all you can about this particular aspect. You don't want to be caught unaware; if something goes wrong with the entire process. Research and more research is the answer.
Choose the right company to do your bookkeeping work. Numerous virtual bookkeeping firms come up with attractive and lucrative offers to do the work for small businesses like yours. Find out as many things as you can about the company before you actually let them do your work.
The internet is a storehouse of information and utilizing it in the best possible manner is your responsibility. Check out the services provided by various companies. Also, read the testimonials from firms who have already done accounting and bookkeeping for other small businesses. Do they have glowing reviews? Are the reviews in line with what you'd expect?
Next, check out the various security measures put in place by the bookkeeping company to protect your company and customer data. This is an important aspect of with which you must take special care. In this day and age, people have become increasingly skeptical about giving out information about their financial details online. For good reason. Security measures must be stringent enough to deal with this issue and to also bring back the faith of customers to the entire process of outsourcing.
Then, make sure the bookkeeping firm will be able to meet important deadlines with plenty of time to spare. Highly qualified professionals know which forms and payments are due to the IRS and local governments and when they're due. They strive to provide the best possible service that you can afford within your budget. They essentially become part of your team, so choose wisely.
Monetary wise, outsourcing your bookkeeping works well for most small businesses. You don't need to undertake any additional financial investment such as overhead for an employee. In fact, excellent virtual bookkeeping firms will work to find more money for your company. Imagine you don't spend an extra cent and yet end up earning profits!
Check to see if the bookkeeping firm offers free consultations. You can take this opportunity to ask questions about the quality of the work, how your finances will be handled, and any communication expectations. Based on this, you can decide whether you actually want to move forward or find another bookkeeping team better suited to your business.
Outsourcing is beneficial to your business in many ways, but all of these benefits are subject to your working with the right bookkeeping company. Why not try outsourcing your bookkeeping and accounting and experience a faster and more efficient way of doing business today!
Once you’ve decided to create a membership, one of the things you’ll need to determine is the price. How you price your membership is very important. You can turn away or bring in the right market based on the price. Price in and of itself doesn’t always indicate value, though; that’s for the members to determine. What you need to do is figure out what you want to charge based on the type of value and the number of members you want to attract.
Limited Memberships Mean Higher Fees
If you have a limited membership where you only let a certain number of people in the group at any given time, then your fee structure will be based on that. Figure out the time and effort the membership will take from you, how much you want to earn each month, and then use that information to determine the monthly fee.
For example, let’s say you’ve created a membership that you’re only going to allow ten people to join. In this membership you allow open office hours, a one-hour personal call each week, unlimited email interaction, a weekly webinar, and a monthly webinar on a topic of interest to the group. Plus, you have a private Facebook group for members current and past only.
You can go by the time it takes you to conduct all this work, or you can instead just determine how much you need and want to make. Let’s say you’ve decided you want to earn $100K a year with the membership. With only ten paying members allowed at any given time, you’ll need to charge about 833 dollars a month to each paying member to earn $100K a year.
Here’s the math:
Desired earnings 100K a year / 10 Members = 10,000K /12 Months = $833 per month, per member.
Unlimited Members Means Lower Fees
With unlimited members allowed, you won’t have time for the one-on-one work, so it’ll be hands off other than interaction in a private forum. So, let’s say your membership offers a learning center, with a new course added each month that relates to the niche, plus a group coaching forum. Through the membership you’ll offer other opportunities, but they’ll all be group format and no one-on-one activity. For example, you may offer a webinar monthly on a topic, as well as early intro to new products and services.
In this case, you need to find out how many potential customers you can attract to meet your goal of $100K a year. If the market has one million people in it, how many of those can you convert to paying subscribers? At $27.97 a month you’ll need about 298 members to meet the $100K a year goal.
You’ll need to study whether it’s a possibility or not. If not, you may have to raise or lower the price to ensure that you attract the right amount of regular members to the membership.
Here are some examples of how it might break down.
Goal $100K a year:
You’ll need to also keep in mind the payout to affiliates, marketing, advertising and so forth, but this gives you a general idea of what to consider when pricing your membership for best results. It always starts with your goal, big or small group, and your audience. How many of them are there, and how many can you attract and keep happy?
The Bean Counters Bookkeeping team is ready to help you track your numbers and keep your books in order. Need some help? Schedule a free consultation today.
Someone once said that, “While money doesn’t buy happiness, it sure does make me giggle a lot.”
Obviously, this was said by someone who not only was given money, but also had time to spend it.
Because, the truth is, money alone doesn’t create joy; being able to have time to spend it and do things with those you love is what happiness and success truly is.
When people want to become entrepreneurs they don’t actually think about the work; they think about the freedom.
What Is Success?
This boils down to what success really is. Success is freedom. Success means that you can take the day off to spend with your kids on a field trip. Success means that if you want to enjoy a leisurely breakfast with your spouse on Sunday morning, you can. Success means that if you want to take that trip to Nepal, you can.
Yes, money does help you afford those things, but money is only the means by which you can purchase them and anyone can make money. But, not everyone who has money also has the time to actually enjoy it. Time is finite; money is not.
The Value of Time
Timothy Ferriss, in his book, The 4-Hour Work Week says, “To enjoy life, you don’t need fancy nonsense, but you do need to control your time and realize that most things just aren’t as serious as you make them out to be.”
That’s why prioritizing the things you do things based on money will often backfire. Instead, base everything you do on what kind of time it will cost you.
What will it take you away from that you really would rather be doing? Some things, of course, have to be done that we don’t want to do. However, most of those things can be outsourced and worked around the most important things on your to-do list. Most things can simply wait.
People who are truly successful in life realize the truth of the limits of time and they do everything they can to make the most of the time they have. That’s why some of the most successful people you know are so productive.
Successful people often live by their calendars and schedules. That might seem unromantic but the truth is, scheduling in work and fun will make your life better by leaps and bounds.
In fact, get out your calendar right now and first schedule in all the things you want to do with your family and for yourself that are not related to work. Once you’ve done that, you can fit in work around those things. That’s the entire point of becoming an entrepreneur - to have freedom, but it’s important that you remember what constitutes freedom. Not money, but time. How much is your time worth?
As a business owner, you should NOT be doing your own bookkeeping. It's time to finally have time for things that will increase your revenue. Let's chat about how the Bean Counters Bookkeeping team can handle your books.
Going to B2B events is a great opportunity to generate leads for your business. There are many types of events, such as seminars, workshops, webinars, teleseminars, conferences, tradeshows and even executive briefings. For many of these types of events, you’ll need to take a portfolio with you so that you can impress the other attendees.
You can add these things to both a physical and an online portfolio. Put the URL of the portfolio on your business card, plus make a few copies of your portfolio to hand out to prospects who come to your event table.
Examples of Content
Any demonstration that you can write well is an important addition to your portfolio. Adding a few examples of your best work will help the attendees see what you can do.
If you’ve published a book, you should bring plenty of signed copies of the book to give away and to sell if allowed.
Show Unique Work Examples
Any project you’ve worked on that demonstrates outside of the box thinking, plus how you solved problems, is a good project to include in your portfolio.
Include Your Education
If you have relevant education, courses, or certifications, include a copy of the certificates in your portfolio. This shows a commitment to your work.
Define What You Do
Ensure that anything you put in your portfolio demonstrates exactly what you do for your target audience who will be at the B2B event. Leave out anything that is not directly relevant.
Prove What You Can Do
Find relevant samples that prove the best of what you can do for your audience. If you design websites, show the best websites, especially websites that are relevant to the audience at the B2B event.
If you’ve received any awards, put copies of those into your portfolio. This shows that your work has been recognized by others and makes people trust you more.
If there are good press mentions including published press releases that you can include, do so. These show that you not only know what you’re doing but other people think you do, too.
Include a Resume or CV
Many business owners balk at including a resume or a CV, but the fact is people want to know your history. This will help develop trust. At least point them to your LinkedIn profile.
If you have some great testimonials, include them in your portfolio because word of mouth is powerful. Even if the person doesn’t know the testimonial giver directly, it can make a huge difference if they can at least verify the person.
Including these things in your portfolio is a good start to helping you make any B2B event productive for you. The idea is to sell yourself to the right audience so before you start, choose who your sub-audience is from those who will attend the B2B event.
If you’re just starting out, or you are finding that you’re short on funds, you may need to find ways to market your business on a shoestring budget. Just because it’s inexpensive doesn’t mean it’s not effective, though. In fact, some of the most effective forms of marketing are the least expensive.
Use the Good Old Business Card
You can get inexpensive business cards online from websites like Vistaprint.com, Moo.com or make them on your own printer with your computer. Do not use the free versions of business cards, but if you find a coupon or get a discount code you can get cards inexpensively. Now, use them.
When you go to any event, be sure to leave your business card. When you have any reason to hand out your phone number to anyone, for any reason, even if it’s not totally related to business, give them your business card. You never know when someone will need the services you offer, or when your friends and family will meet up with someone who needs your services. Hand your cards out freely.
Build a Website with a Blog
It’s very important to watch your budget, but don’t be cheap. Using self-hosted WordPress makes having a website with a blog that looks professional really easy. You can get free themes off Wordpress.org, buy a domain for about 15 dollars, and host your website for as low as 5 dollars a month. Every penny of that cost is worth it.
If you’re technological deficient and can’t afford to hire someone, consider using a website builder that offers a blog function. You want the blog to be on your website and not separate from your website like a Blogger or Wordpress.com blog. However you choose to do this, the next step is to write regular informative, keyword-rich blog posts that you promote via social media.
Use Social Media to Promote Everything
Set up branded social media accounts for your business. But, you don’t have to be on all social media networks. Instead use the knowledge that you have about your audience to choose which social media networks that you should be present on. Make good profiles that represent your brand in a cohesive way.
When you write a blog post, send it to social media. When you take a picture of something, or have a question about something you’re creating, mention it on social media. Use social media to engage your audience in creative ways. You can use social media to get email list signups, promote events, and more – all free.
Find a Joint Venture Partner for a Project
A JV partnership is not a real business partnership. It’s a joining of forces or collaboration between complementary business owners who share an audience but are not in direct competition. Finding a project to work on like this can essentially help you both double your audience.
Make the JV partnership a time-limited project that has a definite beginning and ending to start. Determine all the rules and how money will be handled up front and put it all in a contract. Define each aspect of the work that each of you will be responsible for completing. Be clear and stick to the plan and you’ll both come out successful.
Write a Book
If you’re an expert on anything, you can write a book about the topic. You can publish it easily on Kindle, or promote it as a PDF document right from your website. You can sell it, or give it away for free. It’s up to you. But, a book can push you forward in the eyes of your audience as a true expert and become a calling card.
Get on the Speaking Circuit
Using your book as a foundation, put the word out that you’re ready to give talks locally and for the cost of a ticket, room and board, go to other speaking events. Sometimes, you can even get paid for speaking once you’re established and in demand. So, not only can speaking become a good marketing opportunity, but it can also become a new revenue stream.
When you really have no money, a great way to get the word out is to create a lot of buzz. You can do this in a number of ways. Create a viral video, write a controversial blog post, or have a contest with videos that get voted on by the video creator's friends, family and audience. It’s a great way to get people talking and to get free advertising. Offer a relevant and amazing prize package and it’ll also create buzz.
Build Relationships through Networking
Choose networking events wisely. You want to network with people who can become clients, or who can send you clients. Since your budget is limited, try to find online or local networking events that you can attend. There are many mastermind groups online that have a fee for joining, but are awesome ways to find clients once you spend the time building relationships and developing trust.
A really great way to increase your customer base is to convince your customers to refer you to others. Most of the time satisfied customers will tell others about you, but in some cases they may not because they want to keep you to themselves. This is especially true with service-based businesses. So, a great way to overcome this issue is to give your customers a reason to tell others about you such as a discount coupon, or additional freebies for each paying customer they send your way.
If you sell products, consider starting an affiliate program as a way to get more people to tell others about your products and make more sales without it costing you anything more than a percentage of sales.
Using these marketing ideas when you have little to no money will take mostly time, especially if you need to learn how to use the technology. However, putting to work even a couple of these ideas will push your business forward.
Fifty years ago, men and women had little choice but to enter into a traditional career. Many from small towns simply followed their mom or dad’s footsteps and even those living in big cities typically molded themselves into whatever jobs were available. Work was something that, up until just a few decades ago, meant logging a 40-hour week and toiling away on someone else’s timeclock. But the internet has changed things dramatically.
Today, the dream of most working adults is to enjoy life on their terms and work when it makes the most sense for their lifestyle. And it’s easier than ever to connect to opportunities. Sites such as Fiverr and UpWork allow independent contractors and freelance workers to locate one-time and temporary projects. From freelance writers to dog-walking debonairs, today’s advanced level of social connectivity makes it easier than ever to break in to what has been dubbed the “gig economy.”
A balancing act
For those looking to break in to the wonderful world of freelance or consulting work, the most important thing to know is that it’s a balancing act. There are plenty of pros and cons. On one hand, a freelance worker makes his or her own schedule and sets their own pay rate. On the other, work is not always guaranteed and even a minor misstep can leave a seat open for the next contract worker in line. But, without risk, there is no reward.
According to Harvard Business Review, there are four things that all freelance workers must connect before jumping headfirst into the world of temporary work. The first is simply having a place to work. For writers, graphic designers, and other desk-job professionals, this might be a home office. Artists and artisans will need a dedicated space to complete their craft. Others still may only require a place to store tools and materials needed for off-site work, such as tutoring, painting murals, or performing at events.
The second necessary element to successful freelance work is having a routine in place. Third, people who work independently must have a purpose in the form of a clear objective. Finally, independent workers must have a strong social network to avoid loneliness, which can be a real problem for people devoid of human contact during the workday.
Getting started in the gig economy isn’t that difficult for those willing to put themselves out there. Many people don’t realize it, but they have talents that others are willing to pay for. “Dog people” are a great example and can provide valuable pet sitting or dog walking services to busy families unable to devote that time to their canine companion. Similarly, people who have a knack for calligraphy can sell the services to create signage for wedding venues or artistic birth announcements. Graphic designers can also pull away from the corporate world by offering their visual marketing services to individuals or businesses not needing a full in-house design team.
More than anything, new freelance workers need to understand the ins and outs of business. From being able to communicate effectively with potential clients to knowing how to manage money and properly pay self-employment taxes, being a gig guru requires a nearly unimaginable amount of business acumen.
Success is a slow process
Aspiring freelancers need to understand that success is not an overnight achievement in the gig economy. One completed job won’t lead to another if it’s not top-notch. In addition to traditional marketing, freelancers often enjoy the bulk of their financial gains in the form of word-of-mouth and, to an ever-increasing extent, from online reviews.
Contrary to popular belief, being an independent contractor is not an open invitation to success. It takes hard work, dedication, and perseverance that must begin and renew with each gig.
For more on the pros and cons of self-employment check out this Forbes’s article on the topic.
One of the most critical decisions for launching an online business is deciding on which credit card processor to use and how you will choose to process your customer's payments. There are two primary methods to choose from: You can use a true merchant account and do it yourself or you can use what is known as a third-party processor. The credit card processor method you select can possibly effect the execution of your entire website.
Probably the best way to choose a credit card processor is by simply listing your needs and then comparing the various available plans. Will cost be the most important element and what other factors will be involved? Try comparing both a true merchant account to third-party credit card processors side by side.
How is a true merchant account different from a third party credit card processor?
True Merchant Credit Card Processors
With a true merchant account, you are the merchant and you have the option of applying directly through a bank. However, this is often done through a sales agent. The account will be dedicated to your business only. You, as the merchant will have total control over the account and be totally responsible for it in every way. You will have to provide a gateway for the account because this will not be included in the account.
Note: Some companies that offer credit card processor plans will extend a bundle that includes a gateway as an enticement. You are free to choose any gateway you prefer since they are totally separate entities.
Basically, your merchant account for a credit card processor is a direct account with MasterCard, Discover Card, Visa, and American Express. If you resolve to accept payments from their members, you must abide strictly by their rules.
Third-Party Credit Card Processors
A third-party credit card processor company has it's own merchant account and they allow individuals and businesses to accept credit card payments through them. A third-party credit card processing company has all of the power since they make the rules, which you must adhere to since they are allowing you to share their merchant account.
When should you consider using a third-party credit card processing company?
-If your business isn't registered
-If you have been blacklisted
-If you or your mechanize is considered high risk
-If you have poor credit or no credit
-If you only process a small amount of transactions
If you are a non-programmer and can't carry out a complex API.
Additional considerations concerning third-party credit card processing
1. They will not charge higher rates for high risk businesses
2. They don't perform credit checks
3. They can't be used with a separate gateway
4. Their name appears on your customer's credit card statements
5. It can take up to a month to receive deposited funds.
6. You can't negotiate rates for third-party credit card processing.
Most reputable online merchants understand they will be accepting credit cards online and that they will need a merchant account and a payment gateway. There are good reasons for assuming this:
-If there are large volumes of transactions to be processed, the discount rate will be far superior with a true merchant account than with a third-party credit processing company.
-The merchant will have 100% control over the account. The merchant can deal directly with customers and it's the merchant's name that appears on the customer's credit card statement.
-Transparent checkout feature - Allows the customer transaction to be processed directly on the Merchant's Website, rather than being redirected to a third party site.
-Portrays a more professional image - A true merchant account is a more seamless process which is expected from customers.
When you apply for a true merchant account, you will have to go through a full credit check and you may not use the account in anyway for your own personal use. The rates are always negotiable but high-risk products will garner much higher rates. You may use a separate gateway of your choice for credit card processing and your business name will always appear on the customer's statement. Funds will be deposited within 1-3 days and you may be locked into a contract for several years.
Most online businesses that are just starting out have small margins and tight budgets. Cost will be the single most important factor in choosing a credit card processing company for most of them. The needs of each business will vary, as will the offers they receive for credit card processing. In making a comparison, it's almost like comparing oranges and oranges and can be quite difficult.
One way to approach the comparison process is to collect the data on fees associated with both third party and a true merchant account first.
-Setup fee: how much you need to pay to establish the account
-Discount rate: the percentage of sales that the processor takes
-Transaction fee: the flat fee the processor charges for each transaction
-Monthly fee: the monthly fee associated with keeping the account active
-Setup fee: the cost to set up a gateway
-Gateway monthly fee: the monthly fee charged by the gateway provider for use of their payment gateway services
Next, list the number of transactions you will make each month and how much the average customer will spend on your Website. There is a multitude of third-party processors and true merchant providers for credit card processing that may be compared. For example, Paypal and Verisign are two well known companies, but are completely different.
You may ultimately use both of these methods to use credit card processing online but the way in which they are implemented are very different. Each has it's own particular advantages. Since every business is different, you must consider all of the factors involved with accepting credit cards online, not just the costs. Sometimes, paying a few additional costs in fees can enhance your customers experience and the overall appearance of your Website. Take ample time to explore all of your options in order to find the best cost-effective credit card processing company that fills the needs of your online business.
You can end procrastination if you set up a plan to do it. It only takes eight small steps toward success to beat it. If you keep these steps in mind before you get started on any project, you’ll be able to stop procrastination before it even gets a foothold.
1. Change Your Perception
Often when you think of the end project it can be overwhelming. It’s important to switch your perception on a project and not see it as an end product. Plus, you don’t want to let your false opinion of any one thing to cloud your judgement, whether that is that the tasks are dull, or that they’re worthless, or that you just can’t do them. You have to let all that go and try to find some excitement in doing the work.
2. Let Go of Fear
Realize that most procrastination is rooted in fear. Fear of failure, fear of success, and fear of not being good enough. Many people get so tied up in perfection that they can’t finish anything and never succeed, so that fear becomes self-perpetuating and never-ending. If you can let go of judgment and fear as you work through the tasks, you’ll be able to end procrastination.
3. Chunk Up the Project
No project is just the deliverable. All projects have steps that need to be done some in order, some together, but no project is just the end. In school, when you first started doing reports, your English teacher assigned to you different aspects of the project with due dates. You probably did the outline first, perfected the outline, worked on your topic sentences, and then each point of the report, a little bit at a time. Chunk up the work you need to do in the same way.
4. Just Get Started
You may not realize it’s that easy, but it is. Our minds change focus when we get started. It’s like that workout you don’t want to do; in the middle of it, you’re perfectly fine with it. And of course when it’s over, you’re satisfied that you did it. It’s the same with any work that you don’t want to do. Get started, and someplace in the middle you’ll feel differently.
5. Talk About It Publicly
Social media is great for this. Just announce on Twitter or Facebook to your friends, or a special group, that you’re doing xyz right now and will be for the next 90 minutes. Telling people you’re doing it will help you actually do it because you don’t want to become a liar.
6. Work in Breaks
If you have a long day of tasks you don’t like doing, and you cannot outsource them, work in breaks. In fact, even if you like doing the tasks, you need to have breaks in order to be healthy. Eat right, exercise, and drink plenty of water no matter what you’re doing. It will help keep your mind clear and your body healthy.
7. Ask for Accountability
If you are having more problems, be sure to find an accountability partner. You can pay for that in a life coach, or business coach, or you can ask a trusted friend or family member to help you break your pattern of procrastination.
8. Reward Yourself
Everyone likes to be rewarded for a job well done. Work in ways to reward yourself that are healthy. If you finish a huge project on time, get a massage or go to a good movie with your partner.
Procrastination doesn’t have to beat you. You can control the desire to put off things by just taking small steps each day to end procrastination.
There are a lot of ways to increase your income and set yourself up for success.
One of them is to find ways to create multiple streams of income.
What that means is that you have different ways to bring in income that don’t depend on each other.
For example, you may provide a service, sell a product, host paid mastermind groups, create an inner circle, provide coaching and more.
There are many things you can do that will enable you to bring stability to your income so that you don’t have all your eggs in one basket.
You can earn money blogging by getting your name out there, becoming popular in your niche, and building up traffic to your blog. You can make money off ads, sponsored posts, affiliate products and more.
2. Email Marketing
Collect targeted audience information (from a form on your blog), and you can then market affiliate products, information products, training programs and more to them.
3. Information Marketing
Do you know things that have worked for you in some area of life within a particular niche? If so, you can create and sell information products, such as books and videos, which teach your audience something valuable.
4. Affiliate Marketing
This type of marketing works both ways. If you have information products or other types of products that you sell of your own, you can create a program that allows other people to promote the product and earn a small commission. Conversely, you can do the same by selling products for a commission on your website, blog, and in email marketing.
5. Training Programs
While information products are sometimes types of training products, you can go far more in depth with the training. You can create a drip course for email, or by using some form of learning management system on your website.
6. Continuity Programs
One of the best ways to earn money is to create a monthly recurring program that never ends. They pay by subscription. There are many types of examples of this, such as a paid inner circle or private group.
7. Coaching Programs
If you’re successful running a particular type of business, you can actually start coaching people on the side about how to do what you’ve done. This can be a lucrative extra stream of income.
8. Online Communities
A popular stream of revenue is online communities such as mastermind groups, inner circles, and private groups that you can only enter if you pay and are part of the right audience. Typically space is limited.
These are just a few of the ways you can create multiple streams of income online. There are also ways you can do it offline such as savings, investing, rental income, and more. This will keep you from being stuck trading hours for dollars, which inherently limits your income.