If you are working for an employer there is always some kind of security of knowing when your next income is coming from. You know that for example of the first of the month you will be paid and it will pay your bills and hopefully have some left over.
However with being self employed and being in charge of your own income things can be different. And this is actually one of the reasons I like offering internet marketing services and freelancing so much.
It’s the security that it gives you and the piece of mind at the same time.
I hate the idea of having one type of payment as what if something goes wrong? You just have a best selling product on the Warrior Forum and are selling 1000 copies a day. Well that is great. But what if Paypal flags you for fraud, doesn’t return your money for six months? How would you survive?
What if all your traffic came from search engine optimisation and your positions just vanished?
That’s exactly why I lack to stack up my income streams so that there is always a form of payment heading into my bank account.
That’s why so many take so long to make the plunge online as your 9 to 5 job seems so reliable when put side by side with the internet marketing world.
You will soon find a source of income but as you may have realised by now there are a lot of trends and things don’t last forever.
So you need to be stacking your income streams for the future so that you always know that over the next six months and beyond you have regular income coming in.
You also need to learn about when each of your income streams are going to land in your bank account because it is not unusual to wait several months for affiliate commissions to come through.
On more than one occasion I have waited four months for affiliate commissions to pay out. Many want to make sure there are no chargebacks before they pay out. Though if this worries you then do more business with Clickbank where they pay out much quicker.
So you need to expect this and plan several months in advance for your income streams.
The plan I use is to work on short, medium and long term income streams all at once, all with different payment thresholds that way you are not stuck waiting to be paid and worrying that you cant meet your rent or mortgage.
And sometimes (I wish it was all the time :)) I get cheques sent to me in the post from companies I had forgotten about as it has been that long since I have promoted their products.
This week for example I received my two weeks income from my Clickbank accounts (I have six right now), a cheque I was due from Hostgator from my review post that would have been to do with commissions three months ago. At the same time I also received freelancing income paid by direct deposit and several other affiliate commissions.
And they are all a mix of short, medium and long term income streams.
So if you feel you only have short or long term make it your priority to fill in the middle gap and improve on your income streams.
And watch as they grow and improve and your bank account gets heavier and heavier!
Just also think that you are in charge of your income, if you want to earn more you have to make it happen!