Hi friends, today I want us to look at how to create Multiple Sources of income as bloggers.
Sometimes referred to as Multiple income streams or multiple streams of income or simply MSI, this is where you have multiple ways that income flows to your Bank Account. Whether passive or active, this is the only way to wrap yourself in financial freedom.
Everyone needs financial freedom. Whether you are blogging to make money or simply just doing it for some other reasons, the fact still is that it will be a dangerous position to “put all your eggs in one basket” . If you rely on one source of income, be ready for hard times if it crumbles.
Full time bloggers ~ dangerous postures
I hear so many bloggers say they are full time bloggers. Somehow, this means blogging is the main thing that fetches money for them. How is this dangerous for you?
- If you have only one blog: If you have one blog that’s your only source of earnings, think of what happens if this gets hacked and for some unfortunate reasons you loose all your data.
- If you have many blogs that are hosted on the same server: Think of what happens if for some reasons this server suffers prolonged downtime.
- Health issues or some misfortune that keeps you away: No one prays for bad times but such times show up some day. We have had many occations where some bloggers are not in very good shape to be able to carry out their blogging activities normally. If you don’t have a solid multiple sources of income, you may suffer very bad effects during such days.
Multiple Sources of Income (MIS) in blogging
As a full time blogger, you need different sources of Income. how do you create MIS?
- Monetizing your main blog(s) through the various ways (But watch out so you don’t stuff your blog with unnecessary ads)
- Providing contents on other blogs and be paid.
- Creating your own products (by yourself or outsourcing) and selling on other platforms
- Selling your related skills on other platforms.
- Having other money making blogs hosted on different servers.
- Developing other related skills that can fetch income
- Investing in some isolated offline/online business.
Part time bloggers
Most part time bloggers don’t blog for money. However, some are doing it to compliment their main source of income. Whatever the case, blogging activities are good sources of passive income.
Building solid multiple sources of income is a gradual process. The way you go about it can either encourage or discourage you.
There is so much garbage on the Internet today, promising to make you the next millionaire in 24 hours. That’s absolute nonsense!
Because of the burning desire to make money online and absolute lack of knowledge, most starters have falling victims to scams, information overload, confusion, discouragement and abandonment. You cannot embrace everything that claims to be an opportunity. You only end up getting frustrated and disappointed.
FOCUS, the best path to stable multiple sources of income.
Yes! the keyword here is focus. The only way to bring any source of income to maturity is focus. Have you identified what works for you? Focus on it! Rinse and repeat until it is stable. Once you are stable (or close to stability), you can then start building another source of income. Don’t try all at once except you know what you are doing.
If you truly want to be able to work less and earn more, you must embrace this concept of multiple sources of income. You must also be very specific on your goals and objectives.
I know you know what multiple sources of income is all about. I’d like to hear your thoughts too about it. Leave your comments below and share this post with friends.
Thanks for reading!
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