This post was original seen over on The Daily Bustle
Have you ever heard the saying, don’t put all of your eggs in one basket? I’m sure you have, it’s a saying that most of us have been aware of for most of our lives. Yet, as bloggers most of us do exactly that. We put most of our eggs in one, maybe two baskets, and hope for the best.
The digital world is amazing and it can literally change your life, but it’s fast paced and prone to huge rapid changes. Changes which could ultimately affect the ‘one-basketers’ out there! For example, Pinterest removing affiliate links from pins had a huge impact on the bloggers who used these as their primary income stream.
When people talk about revenue streams it can seem a little too business-focused for a lot of us creative entrepreneurs. A revenue/income stream is simply a channel through which you make money from your blog. So, it could be sponsored content or advertising, you get the idea.
So, why exactly should you have multiple income streams? What’s the big deal about diversifying your income streams? Well, imagine you get most of your income from coaching clients who come through your blog Facebook page. What happens if the algorithm changes and your posts get shown to less people. Your income declines as a consequence, possibly leaving you in a pickle financially. It makes sense to have more than one revenue stream, not to spread ourselves too thinly, but to have income coming from multiple sources to support us if one of our streams dries up!
Have I convinced you? Okay! The first thing you should do is to investigate where your blog-money comes from now and start to track this income. Do you make money through Amazon or another affiliate scheme? Maybe working with brands is much more your jam? Write it all down and keep track of how much money comes from each stream. Assess how you can add extra streams to your blog. I think having four streams, each bringing in 25% of your income would be ideal. This way if one dries up, you still have 75% of your income to support yourself and your family.
There are so many ways you can hustle to create multiple streams of income for your blog. Here are a few ideas which might work for you: The main streams most bloggers consider are working with brands on sponsored content, accepting paid guest posts or taking on an ambassadorship. These are all great, and definitely a staple way to earn money, but how about adding in your own products. Maybe you’re great at design and could create some pretty downloads for your audience. Or even a template that would be useful and solve a problem for them. People are always looking for ways to make their lives easier, so do just that with the product you create.
You might feel you have a lot to offer your readers in a certain area, in which case you could consider writing an ebook or perhaps creating a course to package up your knowledge into bite-sized chunks. Affiliate links are also a popular way to earn as a blogger. However, instead of solely relying on schemes which payout a small percentage, look at the products and services you use personally to see if they have affiliate schemes. These often pay out much more to their affiliates and it’s always easier to recommend product you love and use regularly.
If you have a skill to create a physical product, you could always sell your wares via a shop on your blog. Otherwise you can always create a shop filled with products that are drop-shipped to the customer (meaning you never have to deal with the packaging/stock levels etc). Maybe you’re a wonderful photographer, in which case you could start to sell your images via a third party site. Or even take lots of wonderful stock images, which you bundle up and sell on your site. Taking this one step further you could create a paid-for resource vault on your blog to which you upload your wonderful stock images.
These are just a few ways to think outside the box in order to make sure your blog biz has a rock solid income from multiple streams.
If you want to up your blog biz game I have a FREE VIP community for bloggers and offer free help and support, in addition to some paid for courses. Membership to the MomBossSquad includes a super supportive Facebook group and exclusive content from me to help make your blogging dreams come true. You can join the MomBossSquad here.