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Diversify Your Online Income Streams
We’ve all heard the old saying, “Don’t put all your eggs in one basket” and when it comes to running your online business I think it’s very important to live by that and diversify your online income streams as much as possible.
I can’t tell you how many times a week I read on a blog or forum that the income stream that someone was using to rake in some great money … just went down … or worse yet … went away completely!
This could be as simple as a seasonal niche or as awful as having your site deindexed by Google or from being kicked out of an affiliate program that was paying the bills.
Not only would I suggest you diversify your business types I would even suggest that you diversify your potential income streams on each and every site … and for each business. By this I mean that instead of focusing all of your time and energy, for instance, on building and promoting BANS (Build a Niche Stores) stores I would also look at some other business models for making some money. To further break that down … if you have BANS stores I would also diversify how you make your income on each and every BANS store. I would be looking for ways to make money through other affiliate products and probably some other means as well.
Let’s use a BANS store as an example. If you have a store selling computers you might also look for affiliate products and services that would make sense to have on a computer site. There might be some software programs, protection products, extended warranties, internet service, hosting service, books and/or magazines, eBooks, gadgets, music download services, large electronic retailers, etc. If it’s your area of expertise you might even check into writing an eBook of your own. But the important thing here is to look for ways to sell these items … through someone other than eBay. But, Suzanne … this is an eBay store. Well, I think you’d be wise to put a WordPress blog (preferably on the root domain – but that’s another whole post) where you can write blog posts and integrate these other products and programs. You could probably add some other advertising there too. Weave these sales links into some content whenever possible so your site won’t be viewed as a link farm! You might also consider a forum for the site. Niche forums usually do very well in the search engines and it will also help you get recognized as an authority in your niche. You could then either sell advertising on your forum or place your own affiliate ads there too.
What would you do if you had a store that was a very good producer and you suddenly lost your relationship with eBay? You’d be out of business and the backlinks you’ve worked so hard to build and the page rank … all for what? But if you already had these other income streams in place it wouldn’t hurt nearly as much as being put out of business in a split second.
Do you diversify your income streams? Do you have any ideas or hints that you can share here to help others? What are the pros and cons of diversifying your income streams? What questions do you have about diversifying? I’d love to hear from you on this. *SmiLes* Suzanne
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9 Comments
Suzanne
on 4th Oct, 08 06:10pm
OK … totally unrelated … do any of your WP gurus know why my 2nd pic (BANS) is on the left even though I have it set to go right? LOL *sigh* If you’re reading this and the pic is on the right … then just ignore this and know I got it fixed. Thanks! S
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JR @ Internet Marketing Strategies
on 4th Oct, 08 10:10pm
LOL…sorry it’s still on the left…..sometimes my pics do the same on my blog, such a small issue, that I just say whatever. You are totally right about diversifying, the money is not usually steady so all forms of sources is the best way to go!
Thanks
JR
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Suzanne
on 4th Oct, 08 11:10pm
@ JR ~ For the pic problem … I probably need to add some code to the css file … I’ll have to google it.
So are you diversified now? Do you have other ideas for how to diversify … other than BANS and your blog? S
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Dennis Edell
on 7th Oct, 08 02:10am
Super solid advice – DIVERSIFICATION – the only way to market
I’m not as nearly diversified now as I should be or would like to be but I’m building. I will be posting everything I do that works, so stay tuned!
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Jackie L
on 5th Nov, 08 01:11am
Great sharing! Suzzanne
I totally agree with you that we shouldn’t put all our eggs in one basket, especially in the similar niche. Building multiple niches could prevent us from sudden death causes by some unpredictable factors. Furthermore, there is so many ways to make money online. Why stick to just one when we can make more money online from different niches.
DIVERSIFICATION is the long term winning strategy for a successful online business.
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Santa
on 14th Nov, 08 02:11am
First of all, nice blog – good tips – and lots of luck with the Blogging Idol Challenge. (Came here via John Chow’s blog).
Regarding diversification: it is sometimes easier said than done. In one of the niches I have a site for a merchant has just withdrawn his program – replacements of similar kind are not available from other affiliate networks. So income is down for the moment. The challenge now is to channel the visitors into other areas of the site that are still profitable for me and make them buy more. Second challenge is to continue finding a replacement.
Lesson learned: diversify from the beginning and have always an alternative on hand (you can alternate their offers and when one gets withdrawn the second choice will replace the main offer).
Santa’s last blog post..Creating Your Own Set of Christmas Collectibles
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Suzanne
on 14th Nov, 08 11:11pm
@ dennis ~ how’s it going with diversification? Let us know …
@ jackie ~ yes, unpredictable factors can be really bad! LOL I have multiple niches and I really encourage others to do the same.
@ santa ~ hey … thanks for the kind words and for the well wishes! As for your affiliate that went “south” … I understand you not wanting to share your niche … but if you ever want some help brainstorming just shoot me an email through my contact page. There are so many options today … maybe we can find something … even laterally … to replace it … I’d be happy to help in any way I can. I hope I can EARN your support for some Blogging Idol support … let me know what that would take. *SmiLes* Suzanne
Suzanne’s last blog post..Guru Roundup ~ Let’s See Which Gurus Support Suzanne Franco as the Next Blogging Idol
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Fanny Dixie Payday Cash Loan
on 10th Dec, 08 04:12am
Hello Dear ,
Thanks for this information , it’s very intersting ti see how different monetization sources can help a blog . I’m always amazed at those who are able to make numbers in the online doing blogs.
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Andrew Loverock
on 17th Dec, 08 08:12pm
I’m afraid I must add my name to the list of folk supporting your suggestion that we need to diversify our online income streams Suzanne. And with so many affiliate programs available, why not?
Starting your own affiliate program is also a great way to avoid some of the common pittfalls that you quite rightly point out.
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