I’ve always had one idea in mind since I started my online business a few years ago.
don’t put all your eggs in one basket
I guess you probably have heard this expression before. However, most people tend to forget about it. Instead, they put all their eggs in one basket to wake up one day and find them all shattered and splattered all over the floor. More than ever, you should have multiple sources of income online. I’m going to talk about online because that’s my primary way of earning a living. But, you should apply this principle offline too.
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Problem About Only Having One Source Of Income Online?
1) Some businesses will eventually collapse: Everything comes and goes, and some businesses only last for a season, other two or more. However, most businesses don’t last forever because newer ones are constantly arising. Most people want the latest hot thing out there.
I often talk about Kindle publishing as an excellent way to make money online. Even here, you usually see some book titles selling for months; then, all of a sudden, customers stop buying them. Of course, some niches are evergreen and but even those books have a life span. Usually, books tend to sell well during their first months then slowly drop. This may last years, but like everything else, they die off.
For this reason, you need to build a newer business or make newer investments constantly.
2) Get Deplatform: many businesses you build online nowadays rely on other companies’ platforms. For instance, you may publish videos promoting your online course or services on YouTube. Or, you publish books on Amazon. The problem is you have no autonomy over these platforms.
Besides, it isn’t a rare phenomenon for people to get banned from them. Lately, I’ve seen many creators losing their channel one day to another because they said something against YouTube’s policies. It stinks peanuts, and some of their policies are so vague that nobody knows what they mean.
For this reason, you shouldn’t build everything on a platform you don’t have autonomy. You should consider having your sources of income coming from several places. I often recommend people establish a financial goal once they reach it to pass to the next online business. Let’s imagine, once you get $6.000/m, you should think about building another income source. Perhaps, you could try affiliate marketing, building an eCommerce website, or something else. You should….
3) You become more resourceful: the more you succeed and the more you learn, the more experience you have under your belt. For instance, as much as I love Kindle publishing, you don’t learn many transferable skills. You know how to publish books, and that’s it!
Some other businesses online require you to learn more useful skills. For example, I had to discover with JordanAlexo.com:
- Search engine optimization to get visitors from Google and other search engines
- Write enticing content
- Use LearnDash and other apps to create my course
So, I had to learn much more to build my website compared to my Kindle publishing business. However, the idea is the more businesses you get involved in, the more knowledgeable and resourceful you become as a person.
When You First Start Building Your Online Business?
Initially, I recommend you put all your eggs into one basket. But this is only in the beginning. Once you succeed in that business, you should consider building another one.
One common problem among most beginners is they quickly lose focus. Instead, they put their attention on everything out there. If they hear about someone making thousands of dollars with an eCommerce store, they immediately jump boat from their current business to try that one.
Afterward, they try to build an eCommerce store, don’t see the expected results, and soon quit and jump to another business.
Most of the time, you don’t succeed from the get-go. You only start seeing some success after failing a few times and improving your strategies. Most people give up too soon, and for this reason, they don’t succeed in any online business. You want to focus on one business at a time until you reach your financial goals. Once you reach your goals, then learn a newer business. But at least at that point, you will have a business making money, and you can invest in your next one. Also, you have a point of reference. Once you succeed in one place, it’s easier to succeed in the next one.
What Are The 5 Types Of Online Income?
It doesn’t matter which business you choose. Usually, people make a huge deal out of this situation. But as long as you choose a proven business, then you can make money online. I still consider self-publishing one of the easiest and quickest ways to make your first dollars. However, if building a book business isn’t your thing, then try another one. The most important thing is to stick to something that already works until you succeed.
What do I mean by proven business?
A business model where several or many people are already making money online. If other people are succeeding, then you can too. Here are a few ideas:
1. Affiliate marketing: you promote products that belong to other people through your blog, YouTube channel, or elsewhere. Whenever someone buys through your affiliate link, you earn a commission. The most well-known marketplaces where you can find thousands of affiliate offers are Clickbank and Jvzoo.
2. Self-Publishing: you build a book business using the Kindle Direct Publishing program. The idea is to publish books either written by you or a ghostwriter company on Amazon. Whenever a customer purchases your books, you earn royalties.
3. eCommerce store: you can use a platform like Shopify to sell clothing or other physical products online. A great way to sell products you have in your warehouse, or you can also do dropshipping. Dropshipping allows you to sell products by using a supplier that saves inventory and ships the products to your customers
4. Product or service creator: perhaps, one of the most challenging ways to make money online and the most profitable one. Usually, you need to learn how to build a website, YouTube channel, and audience around your products or services. You can develop your online courses, physical products, or services and sell them to your audience. But believe me, it’s not easy! The learning curve is as steep as it can get.
5. FBA (Fulfillment By Amazon): Another service provided by Amazon. Basically, you store your items in their warehouses spread all over the world. Whenever a customers purchases your product Amazon does the packaging and shipping of it. This way, you don’t need to have a warehouse to store your supplies.
All of these online businesses are proven to work. You have different coaches in each of them. Now not all of them have the same learning curve. Some of these businesses are more challenging than others and can make more money. However, from what I listed, choose one and learn everything you can about it.
I suggest finding a legit online course or coaching so you may more quickly improve. What do I mean about legit? Well, we all know there are thousands of scammers online nowadays. Just make sure to choose someone who has proven results in making money; This can either be their results or from their students.
However, these businesses make money online as long as you have the right strategies and, more importantly, take action.
How Many Streams Of Income Should I Have?
I recommend never settle. Build one stream of income until it’s making money, then pass to the next one. The idea is to keep building new streams of income. I’m not telling you to leave older online businesses rotting. You should still focus on them. For instance, you should still publish a book once in a while to keep your Kindle Publishing account alive.
Furthermore, later you can also invest your money in real estate, precious metals, stocks, or whatever.
This way, you won’t become dependent on a single stream of income, and if that one dies off, you run out of cash.
How Can I Make $1000 a Month Passive Income?
I consider self-publishing one of the easiest and quickest businesses to reach $1.000/monthly. After a month or two, you can make this money if you publish one or two profitable books on Amazon. I recommend you check my newest course, “Self-Publishing Money Machine.” I teach you how to quickly make $1000/m and scale up your book business month after month. Click here to get more information.
If you have any questions feel free to leave them right below. Thanks for reading.