Easily Create Multiple Revenue Streams With Your Blog
It’s commonly believed that the average multimillionaire has 7 different sources of revenue.
Why? To protect themselves from the inevitable ups and downs of the economy likes to thrown at us. There are big financial risks to “putting all your eggs in 1 basket”, such as relying on only 1 income source like a job.
Many of us are trying to overcome this problem with our blogs, but how can we best monetize them? Where do we start?
What Are These Multiple Revenue Streams?
Best-selling author and keynote speaker Hal Elrod put it bluntly in his entrepreneur.com article:
“For anyone who values financial security and ultimately desires financial freedom, creating at least one additional stream of income is no longer a luxury. It has become a necessity.”
When thinking about multiple revenue streams, you’ll need to understand the 2 types of revenue you can create:
1. Active Revenue – being paid once for doing a job or activity
2. Passive Revenue – working hard once and getting paid for it over and over again
Your multiple revenue streams can be any combination of these, determined by whatever best fits your Freedom Lifestyle. Just be aware that you’ll want to diversify your revenue streams among different industries or customer bases to best protect you against major losses in any individual area and benefit from upswings in another.
A Word of Caution
I’m sure by now creating multiple revenue streams looks very enticing!
Before you run out a start creating as many streams as you can think of, I’d like to recommend that you slow down and create a solid foundation for your blog and your online business.
Hold off on building a second revenue stream until your first revenue source is secure. Whether this is your day job or your own business, try to create a secure and reliable monthly income that will support you as you pursue additional revenue sources.
Starting many revenue streams at once will scatter your focus, and ultimately take a lot longer to complete (if at all). Imagine trying to push more than one ball up a hill at the same time … it may look like a good idea on paper and might even get you off to a quick start, but sooner or later you’ll start to lose control of the balls and it’s all over!
What Does This Have to do With Our Blogs?
A lot of people start blogging to share their passion and turn their knowledge into an income stream, unfortunately few ever turn that into a reality.
If our blogs provide such a huge opportunity to generate multiple revenue streams, why is it so difficult to make them flow?
I hate to say it, but the biggest problem is content. The income you’re bringing in is a direct reflection of the value you’re putting out.
The income you're bringing in is a direct reflection of the value you're putting out! Click To Tweet
The good news is that you’re full of value that your fan base wants!
You know things today that you didn’t know yesterday, right? Do you think you could teach those things to someone just starting out today? Of course you could!!
Just change your focus from “what do I want to talk about today” to “how can I help people today”, and you’re off to the races.
So how do we close this gap between our stored knowledge and creating a reliable income? By creating an offering of active and passive revenue streams.
Here are some of the MANY areas you can start earning an income from your blog:
– Promote Affiliate Products or Services
– Create Your Own Products or Services
– Offer Monthly Memberships
– Guest Writing Opportunities
– Promotional Articles
– Write an eBook for Your Niche
– Pursue Speaking Opportunities
– Provide an Opportunity to Work Together
– Paid Ad Space
Are you getting an idea of what you can offer?
Can you start to see which of these revenue streams are active and which are passive?
Most of these options require a significant effort up-front, but can provide passive income for as long as the information remains relevant. That’s why it’s recommended to fully implement one revenue stream before jumping into another and then another.
If you’d like to get some personal help on how to add a revenue stream to your blog, please reach out to me! I’d love to help you find your focus.
Multiple Revenue Streams is one of the not-so-obvious secrets of how the wealthy become, and stay, wealthy. Unfortunately this idea is rarely taught to us as we’re growing up, but the good news is that it’s not magic (or even complicated)!
Now you know the secret, and the only thing holding you back from an empire of multiple revenue streams is your imagination!
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Here is a list of the resources mentioned in this post:
Bruce Schinkel – Looking for help on where you should start, or how to create one of these streams? I’d be happy to work directly with you to get your revenue flowing in. Check out my Freedom Lifestyle page or contact me here.
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