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How To Diversify Income

Discussion in 'Freelancing' started by StoneCodeFox, May 14, 2014.

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  1. Is it just me or does there seem like there is never enough time in a day...?

    Anway, been playing around with some ideas on how to diversify my income. I own a web design business, a blog for WordPress designers and bloggers, and I've been doing quite a bit of writing for other blogs around the web.

    As far as money goes, my family and I do well with our other ventures, however, I'm trying to approach my web efforts with a better business mindset and want to set things up with things that will pay off with time.

    I've decided to promote a brand over my face (like ProBlogger or 87 Studios) as this business model seems to be better and a bit safer from a woman's point of view.

    I plan to write some E-Books, but I feel like I don't have enough time to really focus on them lately. I'd like to invest in the time to learn to build plugins and Genesis Child Theme, but that will also take some time. Also thought of Niche sites or selling my music clips on the Envato network.

    I think that's the problem with most of us creative types. (Too many ideas, not enough time, not always realistic...)

    How have you guys faired with building your business? What have you done to change up your income? What are your plans?
  2. I have felt like that a lot recently. As they say, success is 1% inspiration and 99% perspiration. Developing a website from scratch can consume you and your time; though it is necessary to go through this hardship in order to make it successful. Once you do, you can then start outsourcing a lot of your responsibilities.

    I think it is natural to get ideas about how to make money online. I spoke recently about how I know that I can make good residual income from writing books; however I have focused my time more on freelance writing. Which, in many ways, is shortsighted on my part.

    It is the opportunity cost of capital. While diversifying your income is good, the route should not always be chosen over one that makes you money consistently. By that I mean, it is worthwhile taking risks and trying new avenues, though this should not be done at the expense of your existing income.

    It can, of course, be a difficult juggling act to balance.

    My recommendation would be to sit down and write down all the ideas you have in a list. Then number them by what you believe are the best ideas. Focus on one idea until it is successful. Once it is, you will be in a position to pursue those other ideas. Trying to achieve everything at once usually results in a clusterfuck of a situation where nothing gets done. I say that from experience :)
    StoneCodeFox likes this.
  3. I think that is the key. The more distracted you are the less impact you will have.

    My goal it to get to a comfortable amount of income from freelance writing and then start investing my time in other ways to make money online.

    Good luck!
    StoneCodeFox and Kevin Muldoon like this.
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