20Aug

Putting All Your Eggs In One Basket

eggs basketA post on a topic different then my case study. It’s not even really WordPress related, but it’s about me. And maybe even about you. I want to talk about the advantages of diversifying your income streams, but also the disadvantages.

When you start in IM I’m sure you have seen a lot of ways that you could make money and you had a hard time picking one of them. What happens then is that you hop from one idea to the other, and none of them work. You start complaining, you think internet marketing is all one scam, and you start ranting on forums you belong too. Now, what’s the first advice you’ll hear? Exactly: pick one idea and follow it through. And it’s a great advice, you really should do that, so then, why am I saying that there are advantages to diversifying your income? Because there are, simple as that.

Let’s look at my history, the path I took when it came to developing my business. I wasn’t like most people, looking for a solution to replace my income because I wanted to quit my job or because I was fired. I was (and still am actually) on an unpaid leave from work because I wanted to spend time with my kids. I was away from home for close to 14 hours and saw my kids maybe an hour maximum a day, and that was to feed them, bathe them and get them ready for bed. I was exhausted and wanted out.

But then, I was home, and while I love being with my kids, there were times that I wasn’t doing anything, while they were taking a nap for example, or when they were in pre-school. And I began to spend time online. I was reading on blogs, started my own blog, got traffic to that, and then I got into the world of making money online.

I began to take some online courses on how to create better blogs, how to get them to earn money, and I expanded my collection of blogs and income started to trickle in my paypal account. I was hooked, but I also noticed that if I wasn’t careful I would spend a lot more on hosting and domain names each month then that I was bringing in. So, after I followed through with my first business idea, I added another income stream to it, which was creating WordPress blogs for others.

As you can see, while I followed through with my first income stream (the advice you get when you complain that you aren’t making money while you’re hopping from one idea to another), I still started diversifying my income by adding another idea to it which was basically an extension from my first one. I did the same thing, just for someone else instead of for me.

Once I began building up a reputation and started to get a clients, I began thinking of what else I could do. That’s how I added building and selling unique WordPress blogs, PLR blogs, and eventually I even started with creating my own ebooks, a WP coaching class and WordPress plugins. But everything I added, I followed through to the end.

So, as you can see both ideas have their place when it comes to building your business: when you’re starting something new, follow it through till the end, complete the process, make sure you know you’ve done everything you could possibly do to make it a success. And when you got it to the point you can almost do it on autopilot, you can add a new idea, a new income stream to the mix. And the best part of having multiple incomestreams? If one dries up temporarily or indefinitely, you still have other streams to keep you floating.

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About Lady WP

I started blogging in 2008 when I decided to leave the 9 to 5 grind in order to be a stay at home mom for my two boys. I learned the ropes on my own, mastering the technical ins and outs of Wordpress as well as the nuances of blogging and getting traffic to your blog.

I have successfully setup hundreds of blogs for myself and for my clients over the years. Now I have incorporated my knowledge here at Lady WP so that you won't have to learn everything the hard way like I did.

I'm also the WordPress Expert at Online Business Insiders, a membership forum staffed with experts in a variety of internet marketing skills and methodologies.

Comments

  1. Thank you for your sharing. I agree with you. The problem you mentioned is what I have made before, and now I am lucky I realized my mistake, which had too many ideas but did not insist on it. I lack of this kind of persist. I also ignored that every success should follow the back of struggling hard.
    Sophia recently posted…Forex Robots Are DangerousMy Profile

    • Hi Sophia,

      Recognizing the problem is, I believe, the most important part of the solution. Once you know what you need to change, you can work on it. I’m sure that you’ll see success soon once you start working out your ideas from start to finish.

      Leslie

  2. Hi I am starting to make cash now but most of the programs I entered did not teach all I would have needed to make cash online as a matter of fact none of them did . I realized way to late that that is their plan always to keep there members as customers as long as possible. If it takes lying to them and misleading them they have no scruples their. So I guess what I am saying is if I stuck with one plan I would have been a waste of cash for sure. I have spent over 8 K learning this and just starting into getting sales now .
    Bruce Mackay recently posted…Contemporary Dinnerware ReviewsMy Profile

  3. Leslie,

    As you can see, while I followed through with my first income stream (the advice you get when you complain that you aren’t making money while you’re hopping from one idea to another), I still started diversifying my income by adding another idea to it which was basically an extension from my first one. I did the same thing, just for someone else instead of for me.

    Good advice for everybody. You learned to do it for yourself and through your experience, learned that you could do it for others. And that is called a service business. A service business becomes a phenomenal way to have residual income, because the satisfied client’s come back again and again. Much less how you can build a list of clients who are buyers.

    And we know that when you have a list if you apply common sense, you can develop another related income stream or even develop another stream of income from a new idea. The reason you can expand into other areas is because your list trust you and know you are going to look after the.

    Ken Leatherman

    • Ken, thank you for leaving a comment and for leaving such valuable advice. I’m looking forward to hear more from you on this blog

  4. Excellent post, and you’re right, of course. The secret, if there is a secret, is do one thing long enough that you’ve developed some expertise at it and are making money before trying to start another income stream.
    HTML Tutorials from BoogieJack.com recently posted…Internal Links: How to Link Your Web Pages TogetherMy Profile

    • Dennis, as always you bring up a good point. Knowledge is key before you start expanding. That is what made diversifying work for me, I built up from what I knew and what I was doing before.

  5. Vanessa Reece says:

    Leslie, that was an excellent post. I went from delivering coaching about online marketing to actually developing sites for offline businesses and then PLR for other people’s sites and so it goes on. Everything can flow very easily – the problem starts when diversification is non-related. You cannot link sell things that are unrelated. It just won’t work and as you say, you get frustrated. Many give up too soon as well. That’s another thing I’ve learnt – patience. Great post. Thank you!
    Vanessa Reece recently posted…In-House Vegetable & Herb Growing PLRMy Profile

    • Vanessa,

      You’re so right, people don’t have patience when they are building their online business. Would you expect to make a profit today when you start a brick and mortar business? No, you wouldn’t because you know it’s not possible. So why do people expect it to happen overnight when it comes to building a business online? Oh righ, all those scam products who promise millions in your bank account if you buy what they offer. It’s up to us to make a difference, I guess.

  6. Excellent post! I noticed one thing that people should pay attention to – you diversified yet you didn’t. You figured out other ways to make new income streams within the same general industry. That’s smart thinking and only adds to your expertise.
    Tina Golden recently posted…Saturday MorningMy Profile

    • Tina,

      You are so right, and honestly, I was actually keeping that for another post in the future, but you mentioned it before I have the chance.

      Working in the same general market not only keeps you focused, it also builds up your reputation which is very important if you’re either selling a service or selling a product. If people know and trust you, they will more easily buy from you. And that’s not even the most important part, the most important is yourself. If you already have a good basic knowledge to build your next income stream on you’re more likely to have success with it.

      • Hi Leslie & Tina

        Can I say that I agree with both of you. I had shiny new object syndrome for a few years. And have lots of products on my hard drive. Yes, I do have products from you both. That I have used in my educational process.So I thank you for them. I do use them all the time.

        But it wasn’t until someone suggested that I should work at what I know, that I really thought about what I was actually going to do. It was then that I realised that I know a fair bit about a few basic things. That I had learned from then two of you, and lots of others, over a bit of time.

        So I have now set up my first business website and am promoting what I do.

        And, Leslie, I also have the blogs I got from you up and running. Early days yet but I am hopeful of earning an income form them.I will also be joining your WordPress course to learn a bit more.

        To anyone else reading this, when I say choose something you know, I do not mean that you should be focusing on what you actually work at each day. If you are like me you will have some product or other on your hard drive that you purchased because it interested you, and that has taught you something. Do what I did. Think outside the box and try to find a way to use what you have learned. And get some pleasure out of what you are doing as well.

        Cheers

        John

        • Hi John,

          I’m glad to hear that while you do recognize yourself you are also already taking action to make the necessary changes within yourself to overcome it. I took a look at your site, and I have to say, it looks really good, very clean, people will navigate around your site without any problems, and that is very important.

          You’re off for a great start, and I can’t wait to see more of it.

          Leslie

  7. I couldn’t have said this better myself. It’s a fine line between jumping from one thing to another and diversification. Whenever I have too many ideas for new projects running around in my head, I always have to slow down and remind my self there will be plenty of time to do them all but they won’t be successful unless I do them one at a time!

    • I understand the “too many ideas” issue all to well. What seems to be working for me at this point is writing them down. Once I’ve written them down they are out of my head and I can focus on the things I already have going on. Of course, my ideas list is pages long and it’s neverending, but that’s a story for another day :)

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