The Importance of Multiple Streams of IM Income

9 replies
There is another recent thread that talks about a popular IM blog hosted at Blogger that just went down. Of course, the blogger must have learned his lesson about hosting on somebody else's property, but that is not the only case where something like this can happen.

A few years ago, I was heavily involved in the online poker world. I produced and hosted a TV show about the subject, had lots of ad deals, and had a stake in some rev shares. I was living in Vegas with the fam and then blam. They snuck the Unlawful Internet Gambling Enforcement Act into the The Safe Port Act fifteen minutes before voting.

I was done. All of my revenue went down the drain. Fortunately, I had some projects on standby just in case something like this ever happened. It took a few months, but I was back on my feet.

Why am I posting this? Because it is important for you to know not to rest all of your eggs in one basket.

What if your AdSense account was banned? AdWords? If you rely on WSOs to earn a living, one wrong move an a mod could give you the boot (no offense to the mods, you are the best )

Do you have a backup plan? Maybe it's time you get one.

Multiple streams of income are something that I preach to all of my students, but I'm not talking about 25 blogs that all make money the same way. You should have a number of different methods of making money.

Nobody ever predicts tragedy or stupid mistakes. They just happen. Have a backup plan and don't be a victim of circumstance.
#importance #income #multiple #streams
  • Profile picture of the author George Wright
    So True,

    My back up plan would be the one I started with...

    Walk down any business street in your area. Start out broke and return home with hundreds of dollars in your pocket.

    Worked once.

    George Wright
    "The first chapter sells the book; the last chapter sells the next book." Mickey Spillane
    {{ DiscussionBoard.errors[2414861].message }}
  • Profile picture of the author Tom Byrde
    That's pretty good advice because a lot of stuff you just can't control.
    {{ DiscussionBoard.errors[2414884].message }}
    • Profile picture of the author ANonnaMoose
      Sage advice. Thanks for posting.

      Would be a good idea to have an offline backup plan, also.
      Think loose; write tight.
      {{ DiscussionBoard.errors[2782757].message }}
  • Profile picture of the author winebuddy
    You should have multiple online properties that promote different products in different ways.

    Anyone who is decent at IM should also have a few offline clients - they are easy to get.

    Add up 3 or 4 CB products, a WSO every now and then, a few membership sites, a few adsense sites, and then some affiliate marketing and a few offline deals... pretty soon you are doing many thousands per month.

    If you lose one or even 2 or 3 sources, it's a lot easier to replace them.
    "Knowledge is NOT power... ACTION on Knowledge is power"
    {{ DiscussionBoard.errors[2782789].message }}
  • Profile picture of the author imon32red
    Originally Posted by E. Brian Rose View Post

    What if your AdSense account was banned? AdWords? If you rely on WSOs to earn a living, one wrong move an a mod could give you the boot (no offense to the mods, you are the best )

    I lost my adwords account almost a month ago. I started with PPC in June and got lucky. I rinsed and repeated until I was clearing over 1k a week.

    Then all at once it was gone. Adwords disabled my account. After multiple emails trying to find out what I did they said that I had an ad with a low quality score. Back in June I tried sending traffic directly to a site with a low quality score. Apparently, they had someone complain to them of the site and banned all adwords accounts that were ever associated with it. From what I gather this ban will be for all eternity.

    Anyways, I pay my bills with my Kindle ebook business so I am still doing fine. But I sure do miss the spending money.
    I'm not selling anything.
    {{ DiscussionBoard.errors[2783475].message }}
  • Profile picture of the author waken
    Not only to online business but offline as well. It's always good to have multiple sources.
    {{ DiscussionBoard.errors[2783490].message }}
    • Profile picture of the author storge
      Good reminder.
      Always better to take precautions.
      Good advice.
      {{ DiscussionBoard.errors[2783564].message }}
  • Profile picture of the author Jim Hallmark
    Diversification, diversification, diversification. It has been a sound business and investment principle for years and will remain such for years to come. Great advice OP, thanks for reminding everyone.
    "Thoughts become things... choose the good ones!" Mike Dooley
    {{ DiscussionBoard.errors[2783586].message }}
  • Profile picture of the author paulie888
    Great advice. Your experience mirrors the marketers who had sunk thousands of dollars in Google PPC during the "Google Cash" days. All it took was an annoyed Google to sink them with the no direct-linking rule that was implemented swiftly. Overnight, the business of many PPC marketers went down the drain just like that.

    Things happen so swiftly and decisively on the internet, and it's best to diversify as a result. Once you're doing well in one area, take a percentage of your profits and reinvest it on other areas so that you start diversifying; this can include businesses and ventures that are offline as well.

    >>> Features Jason Fladlien, John S. Rhodes, Justin Brooke, Sean I. Mitchell, Reed Floren and Brad Gosse! <<<
    {{ DiscussionBoard.errors[2783591].message }}

Trending Topics