If earning money is one of your blog goals, you should consider multiple income streams.
The Internet is unpredictable. For that matter, life is unpredictable.
If you are an affiliate, you never know when the terms may change, excluding you from the program. Even if you do stick with a program, you will find that affiliate income is not stable or predictable. Booming sales from one month could slow to a trickle or disappear altogether in a matter of weeks.
As an example, I am an affiliate for a company that has earned me as much as $600 in a single month. But as I’m writing this post , my monthly commissions for that same company are sitting at a measly $3. (This is over half-way through the month. It’s going to be a lean one to say the least.)
Each affiliate program has its own payout minimums and dates. Even when you are earning commissions, sometimes you have to wait up to ninety days to actually get that money into your bank account.
Ad Networks and Ad Space
Placing ads on your blog is one of the least time consuming ways to earn extra money. But just like affiliate sales, you never know when the bottom might drop out. We have all heard horror stories of people losing steady ad income after being banned from a major network over a mysterious violation of terms.
Advertisers may opt to invest their dollars elsewhere if they are not seeing sufficient return on investment. You are left scrambling to fill the slot with another suitable company. Meanwhile, that income is gone.
Your Own Products and Services
Even the income streams that are in your direct control, such as selling an eBook, freelancing, or speaking engagements, are susceptible to the fluctuations of seasonal buying.
I have found that I sell far more eBooks at the beginning of each academic semester because my niche is in education. Other months, when no one is thinking about school, are less exciting in terms of income.
Freelance and consulting work also tends to come in waves.
You may have the time to invest in a certain money making plan that becomes unrealistic when life situations change. Maybe you have a baby or someone becomes ill. You just never know when an income stream may slow or dry up.
For a part-time work-at-home-mom, a stable income can be elusive. Multiple streams of income are the answer.
Multiple Income Streams
Even if you are pleased with the income you are now earning, you never know when the bottom may drop out of your moneymaking project, leaving you disappointed and scrambling for other options.
This is exactly why your blogging goals should include multiple streams of income. Resist the urge to become complacent with a single, profitable money maker. Instead, diversify your income so that if one area is lean, another component can make up for the shortage.
If you have a handful of monetization strategies, you will be better insulated from fluctuations. As an added bonus, when you try different money making projects, you will discover what is most profitable for you and what you are most skilled at. Sticking with a sole method not only limits earning potential but also your satisfaction.
Before I started doing consulting work, I had no idea how rewarding I would find it. It was a huge step to move from affiliate sales to offering my services as an expert. But I have found interacting with clients one of my favorite work tasks. If I had never broadened my view beyond affiliate links, I would have missed out on the enjoyment (and profit) of working with companies to build their social media strategy.
You are invited to learn more about blogging and social media at BEECH Retreat, January 31 – February 2, 2013. Soak up wisdom from keynote speakers Michael Hyatt and Crystal Paine. Implement new blogging strategies in hands-on workshops in the luxurious South Seas Island setting of Captiva Island, FL. Your ticket includes resort lodging, all meals, and airport transfer.