Multiple Income Streams for Mom Bloggers
Setting up multiple income streams for your blog is one of the best moves you can make for your financial future.
Simply put–if you only have one income stream, you're putting all your eggs in one basket. If that one basket gets obliterated for any reason, well, so does your income.
It's really easy to become dependent on one main source of income, especially if it's well-paying.
However, no matter how safe or reliable it may seem, it can disappear in the blink of an eye leaving you with zero…zilch…nada.
This is the precise reason that I built a business that encompasses a wide variety of revenue streams that come in from different sources.
My income is not dependent on any one thing (even though some income streams bring in more money than others).
How can you diversify your income as a mom entrepreneur?
While there are certainly many ways to diversify your income (coaching, freelancing, etc.), I thought it would be most appropriate for me to discuss my top five income streams with you.
How to Diversify Your Blogging Income
1. Create Passive Income with Affiliate Marketing
Some people get immediately turned off when you start talking about affiliate marketing.
Either they think it's too time-consuming or they don't really look at it as a valid business model because you're promoting someone else's products rather than your own.
But the truth is that affiliate marketing for mom bloggers is a fantastic income stream! I know plenty of mamas making a full-time, hefty income promoting other people's products. Believe-you-me, it's as real a business model as any…with real pay.
Here's how I use affiliate marketing as an additional income stream:
When I really like a product or service that I am already using, I look into joining the affiliate program for that product or service and sharing it with others. It's typically a very natural flow for me to promote it because I can speak about the benefits from a first-hand perspective.
In most cases, I can even show a live tutorial of how I use the product and how it benefits me.
This further builds credibility for the product and makes the sale more likely.
For instance, I promote the web hosting company I use, the email marketing service I use, and even the website theme designers that I love…just to name a few.
There's nothing wrong with promoting other people's businesses and getting paid for it! When it's a product or service that you truly have faith in and believe that others can benefit from as well, you should share it!
2. Ad Revenue as an Income Stream
Making money on a blog from ad revenue works well for many bloggers. The key to making money from ads is that in order for it to really pay off, you have to attract a significant volume website traffic from monthly visitors.
To get organic website traffic, you need to have a good SEO strategy for Google and even for Pinterest as a marketing tool. The more visitors you get to your blog, the higher your ad payments will be.
3. Make Money with Sponsored Posts
Another really cool income stream, that doesn't necessarily require a ton of website traffic, is sponsored posts! The way this income stream works is that you reach out to a brand and offer to write a blog post on a particular product or service and you charge them a set fee for your services.
As you start to grow as a blogger, you will find that some brands will reach out to you directly to inquire about sponsoring a post on your blog. Alexis makes $3,000 per month from sponsored posts. Safe to say this can be a very lucrative income stream for some bloggers.
4. Make Money Publishing eBooks, Planners, and Workbooks
Making money from creating digital products like ebooks and planners is a great income stream and typically an easier one that you can tackle as an entrepreneur. With platforms like Sendowl, Etsy, and Shopify, selling products on your blog has never been easier!
And the content creation process doesn't have to be overwhelming. Seriously, you can repurpose content that you have already created and turn your content into a digital product in just a matter of hours!
5. Teaching Online Courses for Passive Income
Generally speaking, an online course has a higher perceived value than a digital download.
While you may get away with charging $20 for an ebook or digital workbook, there are other people willing to pay $50 or $100 for the exact same content presented in course format.
This is because they believe that the value they will receive from the course will be much higher due to a higher engagement level.
While publishing books can give you credibility and authority in your niche, teaching is a fantastic way to build trust and better interactions with your customers/readers.
As an online course creator, I often see a much higher engagement level with my online students than I do with those who purchase my books. I enjoy this interaction!
Here are some reasons online business owners avoid creating an online course:
- Think it's too difficult to get started
- Believe creating their own course will be very expensive
- Don't believe they have anything worth teaching
I can nearly guarantee you that getting started is easier than you think.
The startup cost for creating your first online course can be extremely affordable depending on what online course resources you tap into.
And furthermore, we all have something that we know that we can teach to others.
I tell my students this: You only have to be one step ahead of the person you are teaching to add value. One step ahead can make you the expert.
Read my post about the best platforms for online courses. These platforms make creating and publishing an online course easier than it's ever been.
If you're interested in learning how to create your first online course, check out my course How To Create & Sell Your First Course.
Are you ready to create multiple income streams?
If you're not already doing this, it's time for you to diversify your income as a creative entrepreneur and scale up your business!
While I do believe in having multiple income streams, I must acknowledge that juggling too many income streams at once can become quite overwhelming.
Monitoring and maximizing each stream of income takes time. Start with one main income stream and one supplemental income stream. Master those, and then scale up from there.
What income streams are you considering? Let me know in the comments!
How to Create Multiple Income Streams
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