What the Heck is “Mailbox” Money?
Mailbox money is income that arrives either in your physical or virtual mailbox, often in a somewhat fixed frequency with a minimum of management, basically the definition of passive income. There are a number of types of revenues that fall under the definition including income property payments, ongoing affiliate commission, membership fees, monthly client payments, and dividends.
There are also revenues that are one time revenues that arrive by way of your physical or virtual mailbox. These could be for programs you host for others such as a webinar in which an offer is made, live events that people prepay for, a short term consulting gig, or a speaking engagement.
Regardless of what the money is for, there’s something very sweet about getting various amounts of money from a number of different places. When you get everything from a $7 payment on up to one that is several hundred, even several thousand, and everything in between, in one day, that’s something to smile about.
Who Coined the Phrase?
My research didn’t deliver any answers on where the term first started (so if you know, put the information in the comments below).
I first heard the term from Mary Morrissey on a webinar she hosted. When I heard her definition, I realized I have had mailbox money for years. From that point forward, I was much more aware of how many avenues my revenues have come from.
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. Unless you receive payments based on what is listed at the beginning of this post, 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.
How to Create Multiple Streams of Revenue
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.
Additionally, you can generate multiple streams of revenue with services. Whether it be a one time VIP Day, a short term coaching package or a full year program, these are yet more ways to increase your streams of revenues.
Affiliate Revenue is as Sweet As it Gets
No products of your own? No problem. If you have no products of your own you can start by becoming an affiliate seller. I have colleagues who make all their income offering affiliate products and services to their market. This is a viable way to make a great living, when you know what your doing.
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.
A common way many of us become affiliates is by using a product or service, liking it, and then recommending it to our market. For example, I use LeadPages and really like the service. I have no problem encouraging my community to consider using LeadPages in their own businesses.
Avoid This At All Costs
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.
Steps to Success
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 www.elance.com or get a free or low cost template program.
Does it Take Work?
The short answer is YES! it takes work. Putting systems in place to generate multiple streams of revenue isn’t something to be taken lightly. You need to know what your promoting that will generate the revenues AND you need to know that if you promote garbage products and services simply to make money is NOT the way to go. You will be setting your community up and you’ll be setting yourself up for a lot of unhappy people.
Start immediately to make it policy that you only recommend things you can put your personal stamp of approval on.
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?
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