This is the key to NOT failing online once you're making money
The key to not failing online once you're making money is..........diversify everything...
Coming from an investing background I'm always thinking of potential risks in my business and how I can mitigate them, I'm finding that the more I diversify the better I sleep at night as each year goes by..
The 3 biggest things you want to diversify are;
1) Monetization
How many stories to we hear on here "I woke this morning and google has shut down my adsense account and I don't know why, I use to make $3,000 per month now I make $3 per month"? Don't just rely on adsense for revenue, get into clickbank, amazon and 1 of the 1000s of other legitimate affiliate programs offered out there, some of the best affiliate programs I've made money from aren't from the big networks, rather directly offered by the seller.
2) Traffic
As much as I love SEO and still makes up for most of my traffic with the best conversions at the lowest cost, don't rely soley on Google for traffic, especially if you only have 1 website, look at other things, guest posting, video posting, social media, etc....
3) Payment gateways
Don't rely just on PayPal to do business, I sell via ClickBank, Plimus, Amazon and a myriad of other payment gateways, we don't need anymore "paypal shut down my account and now I'm doomed" stories....
There are other things that I diversify aswell, hosting, autoresponders, banks, suppliers, anything that is important to your business get at least 2 different companies helping you.
The bottom line is, don't ever put yourself in a position that if one of your 3rd party partners/suppliers goes down or terminates your account it wipes you out...
Doing these things, can help your steer clear of events outside your control from causing you to fail, from there it's back to the same 2 things that you can control, how much traffic can you drive and whats your average earning per click?
Coming from an investing background I'm always thinking of potential risks in my business and how I can mitigate them, I'm finding that the more I diversify the better I sleep at night as each year goes by..
The 3 biggest things you want to diversify are;
1) Monetization
How many stories to we hear on here "I woke this morning and google has shut down my adsense account and I don't know why, I use to make $3,000 per month now I make $3 per month"? Don't just rely on adsense for revenue, get into clickbank, amazon and 1 of the 1000s of other legitimate affiliate programs offered out there, some of the best affiliate programs I've made money from aren't from the big networks, rather directly offered by the seller.
2) Traffic
As much as I love SEO and still makes up for most of my traffic with the best conversions at the lowest cost, don't rely soley on Google for traffic, especially if you only have 1 website, look at other things, guest posting, video posting, social media, etc....
3) Payment gateways
Don't rely just on PayPal to do business, I sell via ClickBank, Plimus, Amazon and a myriad of other payment gateways, we don't need anymore "paypal shut down my account and now I'm doomed" stories....
There are other things that I diversify aswell, hosting, autoresponders, banks, suppliers, anything that is important to your business get at least 2 different companies helping you.
The bottom line is, don't ever put yourself in a position that if one of your 3rd party partners/suppliers goes down or terminates your account it wipes you out...
Doing these things, can help your steer clear of events outside your control from causing you to fail, from there it's back to the same 2 things that you can control, how much traffic can you drive and whats your average earning per click?