You know the saying I’m sure. But how often do we actually implement what this old principle means to our blogging business? Not quite, right?
In a financial sense, to “not put all your eggs in one basket” is usually perceived as an advice to diversify your investment portfolio, but it also applies to your income sources. You don’t want all your incomes to completely rely on a single stream, like ebook sales, or just one (or even few) advertising networks. If you lose them, it will crush your business. And you certainly don’t want that risk hanging over your heads.
So you need to build more income streams and diversify your “eggs”.
You may be surprised at the possibilities once you actually start looking for them. Most people don’t even think about the concept, but considering the economy today, it’s probably best for us to go outside the box and adopt it ourselves.
On your blog, think about diversifying your incomes from:
- Ad networks
- Affiliate programs
- Direct advertising
- Brand ambassadorships
- Subscription services
- Product sales
- Coaching and consulting
- Webinars and teleseminars
- Freelance writing, etc.
Maybe you earn enough money from your blogging business to support all your needs (though I’m sure most bloggers are trying to get there), or your full-time job is related to blogging; – whatever the reasons you are on these pages you can definitely find another related side job to boost your earnings and diversify the financial risk. Just make sure to work on your personal brand, establish yourself as an expert writer, and you’ll always have a safety net for yourself. LinkedIn can help you land a writing job, and other great stuff for your blog and name.
Here’s a quote worth sharing, from Jennifer Ritchie Payette:
“Learn to fish (income), share your fish (community service), teach others to fish (multiply yourself). Then find another sidestream, with different fish (diversify income). And before THAT sidestream dries up, plant a garden (manage risk), like Thomas Jefferson (genius) would have done.”
So tell us…
Have you thought about diversifying your investment and income risks? Maybe you’re doing this. What tips can you share from your experience? Drop a comment below …