Generating multiple streams of income is really important when you’re working online. I think it’s so important that I’ve devoted several different blog entries to the different ways you can generate income with blogging, advertising, affiliate links, info products, and ebooks. Today, I want to talk a little bit about why you should be developing multiple streams of income, instead of just relying on one source.
- The online world is uncertain. Website close, affiliate programs change their rules, and search engines change their search algorithms. If you’re relying on, say, one affiliate program, and that program closes, you’re going to be out of luck. You’ll have to start all over at developing a new source of income, and what are you supposed to do for money in the mean time? If you have multiple sources of income, you’ll have a safety net in case one source disappears or is adversely affected in some way.
- Income online can fluctuate. You may make a lot of money as an Amazon affiliate around Christmas time, only to see your income fall during another time of the year. The same thing can be said for all other kinds of online income. A lot of times, the income isn’t going to be consistent every month. If you have income coming in from multiple sources, you should be able to weather these changes because all your money isn’t coming from the same place.
- It keeps things interesting. Keeping yourself entertained isn’t strictly necessary for having an online career, but it can certainly help. If you have multiple streams of income, you can keep yourself from getting bored. Don’t feel like blogging today? Don’t neglect your blog for too long, but maybe it might be time to start working on an ebook? Sick of looking for products on Amazon to review? Concentrate on getting those keywords in your blog entries for ad programs. The possibilites for working online are limitless, and when you have multiple streams of income, it’s hard to get bored.
I definitely think think that having multiple streams of income is the best route to go when working online. It’s easier to feel financially secure when you know that one hiccup in your income isn’t going to ruin you, because you have other sources of income to rely upon.
Do you have multiple sources of income? What was your reason for branching out?