Have you ever wondered why people flip out if they lose their job?
In that split second, most employees lose their income source. Bye bye goes the job. Bye bye goes their sole source of income.
Amateur bloggers tend to sing a similar song. I recall my old blogging days. I relied on one income stream, riding peaks, and valleys, waves and troughs, a financial roller coaster. I did smarten up one day and added a second income stream, then a third, and a 4th. Now I have about 14 income streams open through my blog and various other sources. Why? I learned from millionaire bloggers years ago; open multiple streams of income to maximize your earnings.
I wrote an eBook to help you blog full time. Bloggers tend to think like amateurs in income regards, so chapter 3 is titled “MSI or You Die.” Not literally, but blogging-wise, you are almost certainly doomed monetizing through one channel because of attachment that develops. Relying on a sole income stream adds way too much fear of the monetizing equation. Plus you should steadily earn through a variety of channels to position yourself to be a full-timer.
Since I am guest posting on the rocking blog of Mudassir, I simply link to my Amazon eBook URL above. But on my blog, since I am an Amazon Associate, I link to my affiliate link for the eBook. When someone buys the eBook on my blog I earn profits from KDP Select – the Amazon author portal – and Amazon Associates – the Amazon affiliate portal – for some sweet double-dipping. This is one example of maxing earnings.
But digging deeper, if someone prefers listening to audiobooks versus reading eBooks, I converted a handful of these eBooks to audio book. People who prefer listening see my audiobook beside my eBook on Amazon, buy it, and boost my blogging profits. Do you see why it’s smart to establish multiple income streams? Cater to different needs of customers and maximize your earnings.
Going even deeper, I converted some eBooks to paperback. People buy those for keepsakes.
At the month end, I can receive royalty payments for my eBooks, audiobooks and paperbacks.
I also sell one course through Selz and one course through Teachable, opening another income stream.
Toss in sponsored post revenue and advertising revenue and you have another income stream.
I offer 2 of my eBooks via Selz. Although these fit into my eBook income stream, I receive Selz payments weekly versus monthly Amazon payments.
Have I mentioned sponsored tweets, other affiliate channels and online income besides my blogging-related income?
Think abundantly. If you offer valuable content you may as well get paid for the valuable content, by adding products within each blog post you publish.
You do not need to make a ton of cash through any one channel if you gradually open 5, 10 then 15 income streams. $4 here, $100 there, $600 over there and you generated over $700 for the month. Now imagine adding 5 more income streams totaling about $300 monthly. You earned $1000 a month because you decided to establish multiple income streams.
Full-time bloggers become full-time bloggers because they earn money through ever-increasing channels of income. Imagine making $30 through a single income stream for a month. You may feel a bit deflated. Professional bloggers make $30 through that stream plus varying amounts through 5-10 to 20 other income streams. Can you see why they are pros?
Open multiple streams of income.
Think like a pro blogger to position yourself to be a pro blogger.