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Two Examples Of 20-Somethings Working Towards Additional Income Streams

28 November 2008 4 Comments

One of my favorite things to research and discuss is the pursuit of multiple income streams. How much better would you feel in a weak economic environment where you might lose your job if you had another income stream independent of your career? Not only is the extra income extremely useful for reaching your financial goals but it can also help reach a higher level of income diversification.

20-somethings are in many cases in a unique situation where they can work towards creating additional income streams. Flexibility, determination, few dependents are all factors that can help you get a second income stream going.

In this article, I want to provide two examples of two people I know who are doing exactly this, working on a second income stream. Both are related to the internet, because like I’ve said many times, the barriers to entry for a web-based income stream are as minimal as it gets.

NaplesBoatingGuide.com

This is a website creating by a 20-something starting out in boat sales.  Since he is based out of Naples, creating a Naples boating resource is an excellent way to build a list of people interested in boating in Naples.  This targeted traffic is also the ideal customers to buy a boat.

The strategy here is to build a resource that will draw people interested in boating to ultimately, hopefully, buy a boat.  The blog is, therefore, a net to catch Naples boaters looking for the most up-to-date information on boating in Naples.  The audience is specific and the content is rich, a perfect combination for a blog.

Once traffic rises to a sufficient level, there are additional strategies that can be implemented to target the traffic as customers for a potential boat purchase. An email list would be a great way to market boat specials and deals to the visitors of this site. As an email list grows, you can segment this list even further to have highly refined groups of customers to continually target.

For a 20-something starting off in sales, this is a great way to learn some technical skills, create a resource that could perhaps boost sales or even make money on its own.

TodaysBestWebsite.com

Another 20-something I know has created this website in an attempt to build a website/blog to build traffic and monetize that traffic directly through a wide range of monetization strategies.  This website aims to feature a single website each day for people to check out.

It is a great idea that could lead to monetizing traffic through traditional means such as advertising and affiliate sales or perhaps even charging websites to have their site featured on TodaysBestWebsite.com once the traffic is larger and more consistent.

Conclusion

It has never been easier for 20-somethings to launch a stand alone project or business to try to earn some income on the side.  Perhaps, there has never been a time economically where it makes more sense to do this.

As I’ve said many times, the internet and specifically, web 2.0 technologies, offer the perfect opportunity for a 20-something with minimal to no technical skills to launch an online business in a matter of hours.  Both of the examples cited in this post were done by 20-somethings with zero technical skills before diving into their projects.  Now, both of them are able to work WordPress and do basic html/css modifications.

If you’re interested in launching your on side business, the following articles will help you get your online business off the ground and running:

Launch Your Online Presence

Drive Traffic To Your Site

Monetize Your Traffic

Search Engine Optimization

4 Comments »

  • MoneyGrubbingLawyer said:

    Those are two interesting ideas.

    I think another major benefit to web-based businesses is that it really is something that can be done fully “on the side”- you don’t need to maintain any overhead or encounter big up-front costs. While I’m fairly certain that a large number of startups will flitter out, the commitment involved to test the waters is minimal.

  • kevin duffey said:

    Absolutely, the web-based option is the easiest, and most cost effective way to create an additional income stream in addition to your main income stream or your day job.

    Worst case is you lose $100 in some start up costs. A good and fairly likely case is that you make a little money on the side. Best case is that the website takes off and you make serious income, with a small percentage able to quit their job or scale back their main job.

  • Karin said:

    With a little research and imagination anyone can increase their income online. I tried some of the sites you suggested and also the best web analytics tools in order to determine the characteristics of the potential clients for my products. So far my company started to easily increase it's profit.