Putting all your eggs in one basket is never a great idea.
No matter what strategy you choose for earning money online, you really need to diversify it into multiple streams.
Diversity is the key to long term survival and profits.
Consider an automotive dealership. They are in the business of selling automobiles but if they only sold one model in one color, they would go out of business very quickly. Instead, successful dealerships offer multiple models in multiple styles as well as automotive services. They are diverse, insuring that if any part of the business slows down they have other potential revenue streams to keep the money flowing in.
Like the automotive dealership scenario, you need to customize an income strategy that is diverse with multiple potential income streams.
There are two major ways to diversify your online earnings:
- A single niche subject with a variety of revenue streams-
Most people find that a single niche subject is more than enough to keep them busy and they stick to a single subject and diversify with multiple income strategies. This method works great for many people but it also has potential risk. Certain niche subjects are like the pet rock fad, the interest in them can go flat and with it your revenue streams as well. If you choose this path, consider the long term viability of your particular niche.
- Multiple niche subjects and multiple revenue streams-
Working on multiple subjects simultaneously can be very difficult if you are doing all the work on your own. When it comes to diversity, multiple niche subjects and multiple income strategies provides the most diversity.
The goal is to plan for diversity and slowly introduce a variety of income streams into your chosen income strategy/method.
You need to consider how much work you can handle. Will you be working alone or do you have a partner? Will you be outsourcing or hiring employees?
Your strengths and weaknesses play a big role in the diversity of your online career. The more you know and the more interests you have, the greater the potential for variety in your earnings.
When you first start working online, there is no need to rush it. You need to learn the time and effort required for doing the least amount of work. Slowly build on your ideas. Gradually put in more time and expand your income strategies as you become more comfortable with the lifestyle.
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