If you have been affiliate marketing for a while now, you may be at the stage where you are earning enough money, or even enough plus a bit extra money. A lot of marketers think that they should diversify into different types of business. I think this is a mistake.
First of all, I’m not sure where you are on your ‘making money online’ journey, but as I want to shamelessly plug my own recommendation if you haven’t started online yet, go with affiliate marketing and ClickBank University.
The Question of Diversification
If you are looking at diversifying, the first thing I would suggest you do is to make sure where your life is stable, with no potential risks. As long as you know what you’re doing online really works, work it until you’re earning good money.
If you’re not making enough online doing what you’re doing now, keep going. If you have time for other ventures, I would use it to work harder at what you’re already doing.
For example, affiliate marketing works, everyone knows this, but it takes time. Now, if you’re only putting in 10 hours a week for your affiliate marketing efforts, but you have another 5 hours of free time, then do 15 hours. You’ll get where you want to be much quicker.
What you really want to do is get to a place where you only need to put in a few hours a day in your primary business to earn $500 a week. Once you are that stage, then you should diversify.
When you are at a good stage in your primary business before you diversify, ensure you have everything else sorted. Pension plans sorted, healthcare insurance, emergency funds, and anything else you can think of.
Make sure you have everything covered so you have a steady income coming in from your primary business and no matter what happens in your life, you’ll be okay. If you are at that point now, how to diversify?
Don’t Take Risks to Diversify Your Business
I am going to suggest something that’s really boring, which is another reason I constantly go on about affiliate marketing. If you have got one website up and making money, why not just set up another blog?
You know what to do to make a successful business. The best thing about this is that all the work you did to get your first site making money, can now be done by outsourcing most of the work. Let’s see what you can outsource.
– Content creation
– Social media marketing
– Website management
So, what you actually need to do is wait until your primary business is making $600 a week. Take the $500 for yourself and spend the $100 on your new affiliate marketing website.
$433 a month is a pretty good amount of money to spend on setting up your next business and, of course, once you’re earning $600 a week on your second website, set up a third. And a fourth, and a fifth, and a… well, you get the idea.
No Such Thing as Passive Income
Of course, your free time will not be spent drinking daytime beer, I’m afraid. You’re outsourcing your work so you have to make sure that the people now working for you are doing their jobs properly.
The Best Way to Diversify Your Business
I suspect that you were probably hoping for a more exciting answer to ways to diversify your business but, to be honest, if what you are doing is working, why risk trying something you don’t know how to do? Just repeat what you’re doing now. Job done!