Published on January 29th, 2014 | by Daniel0
Diversify Your Online Income
Now, lets assume you are successful with a traffic source, making $xxx a day profit. You feel great and you think your hard work is finally paying off. Well of course it is time for a modest celebration, but do not rest on your laurels yet. In case your main traffic source (i.e. Facebook, Google) dies on you tomorrow, what would you to do? Do you have an alternative source of income?
You see what I am aiming at. One of the first rules of investing is: diversify. Do not put all your eggs in one basket. And this makes sense in online marketing as well of course.
However, while you might know diversifying is good, you can still be feeling “forced” to do the opposite regardless. It is very tempting to stick to those traffic sources and those products that work. You know they work and they work well. Why waste time on other uncertain traffic sources and other products? The ROI on those is far from obvious when you do not have experience with them.
Still: remember the first profitable product you promoted. You took a risk then, and you did not know for certain that it worked. But your initial risk taking paid off. So logically you know you should do this again. And if you look at it broadly now the situation is even better. It can give you the peace of mind to pursue risk in one area when you know that your income is still safely coming from other sources as well.
Also look further than internet marketing. A logical sidestep can be selling your own ebook, or starting your own ecommerce business and sell the product to the market by yourself. Take a look in what you promote now, what your skills are, and look ahead. What product can you produce? Think creative. The more you can use you specific skills to make it happen, the bigger the chance at success.
Arguably internet marketing is a business and a growing one at that. But it is also quite volatile due to its sensitivity as a sector to technological advancements and corporate vagaries. Time moves quickly. This can provide many new interesting opportunities, but can push you out of business in a flash, in case you did not diversify. Thus another useful tip would be: invest some of your online income offline. This is the ultimate diversifying strategy, as you have assets online and offline, and in various deposits. This way you will be ahead of others to weather an possible future storm, emerging victoriously, even richer.
Of course, there is also the case of diversifying too much. Like me, you could have too many ideas and too little time to execute them all. In this regard it is best to choose only a couple of ideas and try to bring them to fruition first. So whatever new fantastic great ideas you have at the moment, finish your current feasible projects first, before you start with new projects. Otherwise you will be stuck at some point with a dozen or more half-completed projects, and you will lose motivation to finish them. It also feels better when you really finished something – and even if it is not the cash cow you though it would be, you are bound to have learned a lot from it. This is also profit.