One of the key aspects of making money from your blog is having several income streams. This is known as diversifying your blogging income, and it’s something that you should be thinking about from day one of monetizing your blog.
There’s two main reasons to diversify your blogging income:
- Keep all your eggs out of one basket. This is the main reason for diversifying – if you focus all of your efforts on one sort of monetization, and then something happens to that form, you’ll be scrambling for a way to make up for lost money and time. It can be pretty risky. Many bloggers experienced something similar to this when the US economy started going downhill and advertisers started cutting their budgets, meaning that a lot of advertising was cancelled. Don’t put yourself in that situation.
- If you’re using only one form of income, eventually, that form will be maxed out for you. There’s only so many ads you can fit on a blog before the blog becomes unreadable. The same goes for any other kind of blogging income – there’s a limit to how much you can do. By diversifying your forms of income, you’re making sure that you don’t accidentally cap your income.
How to Diversify
There are many different ways to start diversifying your blogging income:
- Different types of advertising. Do you currently only use Google Adsense, or text link ads? Add a banner ad across the top of your site, or a skyscraper ad along the side. Are all of your ads run through networks? Start contacting advertisers yourself – you’ll have more control over where the ad goes, and you’ll make more money since the network won’t get a cut. Also, consider adding ads that only show up from search engine referrals – Chitika is a great example of this.
- Adding affiliate links. Start running promotions and writing reviews. You don’t want to turn your website into a giant affiliate ad, because then readers will stop reading. But aim for at least two or three affiliate promotions a month. These can be as simple as reviewing a product and including an affiliate link, or you can make your promotions coincide with a sale. A great example of this is posting Black Friday deals that relate to whatever niche you’re a part of – since you’re informing readers of amazing deals, they won’t view it as an advertisement, just as helpful information.
- Start freelancing. If you run a blog, you already have an effective portfolio of your writing, online and easy for publishers to access. Try contacting publishers in your niche and pitching them a few articles, or seeing if there’s any other blogs in your niche that are looking for regular paid bloggers. Bonus: you’ll get extra traffic back to your site in addition to making money.
- Make your own products. This is one of the best ways to start making more money and diversify your income. A whole post (or series of them!) could be written on the topic of making your own products, but for the purposes of this one, just remember it’s something you should keep in mind.
- Create a membership program. A membership program is a great way to make more money and add to your income streams – it can be anything from an ongoing class to a for-pay forum. Both of these options will require some work and maintenance, but they can be good money makers, too. A forum that’s only $10 a month (a very low price), but has 100 members, will make you $1,000 every month.
Look into each of these methods and brainstorm a few ways that you can use each one, then get started on it. Diversifying your income shouldn’t wait until the last minute!