Watch our video summary, then read the extended article with all details below.
Multiple Income Streams provide built-in stabilisers for your online and work-from-home ventures. Your income is vulnerable if you do not have multiple income streams.
Several years ago, web designers (including me!) churned out basic websites with insurance and finance related adverts. The sites only took an hour or so to create, and the adverts paid £5 per site, per month. It wasn’t life-changing money, but savvy designers earned around £300 per month. Once the sites were live, money rolled in month after month without any extra effort.
Then Google changed its algorithms. The finance companies didn’t get results from the advertising programmes so closed them. Over the period of a couple of months, web designers saw their side-incomes disappear.
Google’s algorithm changes affected family businesses running eCcommerce websites too. They were unable to adapt their SEO tactics quickly enough. Top-ranking sites plummeted to the third or forth page of results. Customers were not visiting the sites anymore, and the businesses folded.
These stories aren’t meant to stress the importance of keeping on top of SEO techniques (although that is important too). They highlight the importance of not relying on one source of income or one source of traffic.
Diversify your earning with Multiple Income Streams
You can avoid the fate of these web designers or family businesses by diversifying your income streams. Having many income streams helps protect you: if one stream runs out, you still have others.
We don’t know, for example, how long matched betting will remain viable. Bookies might decide that the free bets that they offer aren’t profitable enough. The Government might ban bookie promotions in the name of social responsibility. The tax man might decide that he wants his cut, making free bet margins too small to be worthwhile.
Bloggers are vulnerable to changes in Google’s algorithm. The recent GDPR data protection regulations have caught many bloggers unaware. Some are shying away from analytics, mailing list building and comments sections. This is despite these being some of the best ways to engage with readers.
Finding entirely new ways to make money
You can diversify your income streams in two ways. You can find completely new activities to make money from. The other is finding new ways of making money from what you already do.
Finding completely new ways of making money minimises your overall risk. If one of six or seven income streams fail then you still have the majority of your streams available.
You will find many ways to make money on Cash Pie. Choose ones which suit you. These depend on your available time, income goals, and your talents and skill level.
How to find new ways of making money out of what you already do
Ways of diversifying matched betting
Most matched betting beginners start with new bookie account sign-ups. You can make hundreds or even a few thousand pounds in a few months doing this. This isn’t sustainable – we soon run out of new bookie accounts to sign up to.
We then move on to matched bet reload offers, making perhaps £200-400 per month. But even this isn’t sustainable in the long-run. Bookies “gub” you (stop sending free bet promotions), limit your stakes and close accounts. To make it worthwhile, matched bettors need to explore other offers.
Advanced ways to earn include:
- ACCA offers
- Each-way advantage play
- Casino offers
- Horse refund offers
- Football refund offers
Whilst not risk-free, these offers are profitable over the long-run.
Multiple income streams from blogging
Bloggers create regular content. You could re-bundle into different formats. Blog posts could form an ebook to sell on Amazon, used as a video script, or used as part of a course. As an expert in your field you might be asked to give talks or even write a book.
Try testing different types of adverts, such as affiliate links and Google Adsense. You might be able to sell site or category sponsorship. This can be very lucrative, and provide an ongoing monthly income. Local and relevant industry advertisers often find this attractive.
Readers will be receptive to your recommendations once you have built up trust. Recommending services (using affiliate links) could get you better results than traditional advertising. You should maintain reader trust by disclosing that you may receive a payment if they click an affiliate link.
Multiple income streams for selling from home
There are many marketplaces which make it easy to sell from home. Ebay and Amazon Marketplace are two of the best known. Crafters might also know of Etsy and Not On The High Street.
Marketplace sellers could consider creating an eCommerce store. You can do this using your own web hosting, or a service such as Shopify. Hosted services are easier to maintain, but come with a monthly fee.
Once established on any marketplace, think about diversifying what you stock. It will make sense to keep it related to what you already do. The White Company is a good example. It has ranges of homeware, clothing and toys all connected by the ‘white’ theme. You could research different ranges or alternatives of what you sell. If you sell women’s jewellery, for example, you could introduce a men’s range.
Diversify your marketing
Bloggers and sellers rely on people finding you – don’t put all your eggs in one basket!
If you rely upon visitors from Google searches then you’re vulnerable to algorithm changes. A marketing strategy based entirely around Facebook is vulnerable to policy changes and people’s preferences changing (remember how popular MySpace was?!).
Try to expand the referral sources to your website or business. How can you encourage word-of-mouth? After all, it’s free and the most effective method of getting your service out there!
If you advertise then don’t rely on Google or Facebook (as important as they are). Get a presence on all relevant social networks. If your main traffic sources dry up you are ready to push others.