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20 March 2020

5 ways to diversify your income streams and find financial stability as a blogger

By Vix
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Today, we had a chat in the member’s Facebook group about how everyone is feeling.

Truth is, in the face of Covid 19, there’s a lot of uncertainty. Many of us are feeling heightened anxiety about health, mental wellbeing and security. As we look at the next few weeks that lay ahead of us, it can feel like we don’t really know where they will take us, as a country or as individuals!

As much as we are optimistic for the most part, you’re definitely not alone if you’re feeling stressed.

One of the biggest concerns that our members have shared is about financial security, as creators and freelancers. If there’s one thing that this experience has solidified for us, it’s this: It is so important to have diverse and robust income streams if you are self-employed. In times of uncertainty it means that, if for whatever reason one stream is not viable, you will have others to fall back on.

That’s why we wanted to dedicate some time to sharing 5 ways that you can add income streams to your work going forward.

How to diversify income streams for bloggers

Could you create a digital product?

When looking to expand your income streams, it can be particularly beneficial for you to ensure at least some of them are passive.

Passive income is made without trading time, directly for money. Instead, you create something once (and perhaps update it every now and then) and it continues to sell in the background.

Digital products can include things like…

  • An e-book on your area of expertise 
  • How-to guides and workbooks on your area of expertise 
  • Photography presets 
  • Customisable templates 
  • Stock photography 
  • Digital planners

It’s important to make sure that your producit closely considers your ideal audience and is related to your niche. This will allow it to gather the most success based on the platforms you already have. 

Can you share your expertise on a more personal level?

It may also be worth considering coaching or training. 

This can take the form of in-person meetings, or video calls, so is a really flexible option no matter where you’re based. Plus, you can also think about whether you want to offer a kind of group coaching, or only work on a 1-2-1 basis.

Whatever your niche, there’s probably some kind of skill that you can teach.

Are you utilising affiliate links?

Affiliate links also have great potential to be a passive (ish) income stream when used correctly.

Share them in blog posts and get your SEO on top form to encourage consistent click throughs. Share them on Pinterest where the half life of a pin in 3.5 MONTHS. Build a blog shop that is constantly available for any readers.

There are so many options for getting that background trickle of income that will add a touch more security to your finances.

Access our guide to the BEST affiliate programmes for bloggers through our free resource library.

Could you offer the skills you have as a service?

Being a creator, you no doubt have a whole host of skills. Social media management. Copywriting. Photography. Photo editing. Podcast editing. Graphic design. Content creation. Videography. 

We’re a talented bunch!

Consider selling some of these skills as a service, either to other bloggers or to businesses, as an added income stream. 

Take a multi-platform approach 

At the least, try to make sure that you’re utilising a few different social media and content sharing platforms. Whilst opportunities for sponsorships and collaborations on one platform may drop, others are likely to rise. That’s just the nature of digital marketing trends!

We’d never suggest spreading yourself too thinly. However, have a few platforms under your belt, including one that you actually own, like a blog. 

Thinking of starting TikTok? Head to tiktokwoah.com to get our step-by-step guide to getting your first 1,000 followers.

And there you have it! If you slowly but surely build up these streams, you can be more confident in the stability and consistency of your income. Not only will this take away some of the stress of self-employment, but it will free up your mind to focus on all things creative!

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