Diversifying income streams

With the commotion surrounding Google’s mood swings, it feels like diversification is definitely something we should all be thinking about. What are some things you are thinking about doing to diversify? Launching a product? Creating a course? Focusing on your email list? Digging into Pinterest and Facebook?

Let’s hear your ideas!

5 Streams of income can be daunting, but it’s fun when you’re on the outside AND in the mood to help others out.

Let’s look at a few ideas (without affiliate links, because I’m not a real pushy guy):
T-shirt store from TeePublic - you’ll make a few dollars every month from sharing designs.
Amazon - this is a toughie, because everyone has one. Pick a niche and promote from there.
Other Affiliates - Do your homework, as there are companies like CJ.com and Avantlink which could work well for your affiliate links.
ShareaSale and SkimLinks - also fairly easy, but can be profitable when used correctly.

Consulting - Work with folks who are outside your niche and grow their businesses with them (not for them) and they’ll be happy to share the wealth. Don’t (and I’m really serious about this) offer to do the work for them…because consulting is different than freelancing and entrepreneurs are very controlling. This means that your standards are different than theirs, and so creating systems and options are going to pay off in the long term than you doing something that they may not like or understand.

Just a few options:)
Enjoy!
D

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Thanks, Dustin… GREAT info! Consulting work is one that a lot of us don’t think about, so I appreciate that you shed light on that. All great ideas!

So there are really only a few ways to make $$:

  • selling advertising space on your content
  • selling a product you create
  • selling your time
  • affiliate revenue for selling other people’s products

I think that is it…(maybe I’m missing one.) But, basically everything else you do will fit into these. So, one should diversify both in the ways to make money (the list above) and then diversify in the ways you are creating an audience for those income streams.

For instance, if the only way you make money is by having ads on your site, that’s just one income stream, and you should diversify how you are get and retain your audience by using all the social platforms, email, etc.

But, if you also then diversify your income streams, you have a stronger business because you have more ways to make money.

I think it helps to really separate these things out and then you can see how they work together. Maybe you are focusing on using Pinterest to get people to your site initially, but then you are focusing on getting those people subscribed to your email list which you are then using to promote your ebook.

Overall, I think food bloggers rely too heavily on the SEO+Advertising combo, and it’s really going to start backfiring more and more. So, the more you can think outside that box the better!

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I love everything you wrote, Bethany! It’s like branches… the more branches you can create that lead to different streams, the better off we’ll be. It is SO true that so many of us rely heavily on SEO and ads. Diversifying is more important than ever before!