A 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.