There are plenty of bloggers making a full time income from their blogs (if you don’t believe me, read this post).
And maybe you want to make money with your blog too.
Or perhaps you haven’t even started your blog yet, but want to know more about making money blogging before you start (if you haven’t started a blog yet, you can follow my step by step tutorial here).
Either way, a big mistake lots of bloggers make is they focus on just one method to try and make money blogging.
When instead, they need to be creating multiple income streams.
WHAT ARE INCOME STREAMS?
Income streams are simply a way of making money.
For bloggers, some of the ways you can create an income stream are:
- Writing sponsored posts
- Using affiliate links (you can find out more about affiliate marketing for beginners here)
- Selling a digital product
- Placing advertisements on your blog
(You can find more about easy ways to make money blogging here).
Multiple income streams are when you are making money through a number of different methods.
WHY ARE THEY IMPORTANT?
Multiple income streams make the difference between a hobby blog that makes a little bit of money here and there, and a successful online business.
They are so important for 3 reasons:
1. THE INCOME STREAM YOU’RE TRYING NOW MIGHT NOT BE THE BEST METHOD FOR YOUR BLOG
This is from my own personal experience with blogging.
I knew that a larger blogging audience meant more potential for income. Because it’s logical- the more people who see your blog, the more chance you have of making money blogging.
So I was chasing page views, and planning to increase my income through advertisements and affiliate marketing.
But after one conversation with another blogger, I realised I was going about making money blogging all wrong.
All it took was for this blogger to say “but you might never get enough page views to make money through advertising”, and the penny dropped.
Because it was the truth!
It made me realise that:
- My niche was relatively small compared to other niches (despite what you may think, not everyone has a blog! Especially in the UK where I am based).
- The audience for my blog niche predominantly prefer learning how to blog.
So solely focusing growing my blog was not the right monetisation method.
There is no guarantee that I will ever get 100,000+ page views a month on this blog, and I already have an awesome but small audience who are eager to learn about blogging.
So instead of chasing page views and trying to make money blogging through advertising, I knew I needed to create courses and ebooks for aspiring bloggers.
As this was a better monetisation method for my blog and my audience. Everyone’s will be different.
CREATING MY FIRST PRODUCT
I had been wanting to create a digital product for ages, and this was just the push I needed.
As you know, I love getting traffic through Pinterest.
And in my quest to grow my blog, I actually managed to increase my page views with just a few viral pins.
I was also getting sick of buying Pinterest guides and courses because many shared tips and tricks I already knew, but lacked in other areas.
For example, pin design is SO important, but I was finding so little info on it!
So I knew it was time to create a Pinterest guide… and I’m so excited to say I have launched my first ebook called The Viral Pin Guide!
It focuses on how you only need a couple of viral pins for Pinterest success, and how you can make your pins go viral.
There’s a massive section on pin design, as this is so important (if your pins are ugly, nobody will share them. Fact.).
And after launching my first guide and starting to make sales, it has made me realise that even though more page views can help you make more money blogging, there is no reason why you can’t monetise a small blog.
(I actually made a list of bloggers making $1000+ with less than 15,000 page views a month!).
So whilst I will still be working on growing my blog to make money through advertisements too, I now know the importance of monetising your blog using an income stream that’s right for you.
2. MULTIPLE INCOME STREAMS CAN MEAN MORE INCOME
When I interviewed 17 bloggers about how they $1000+ a month, nearly all of them listed using multiple income streams.
Sure, one income stream the largest par of their blogging income.
For example, in that post Debbie Gartner told me that she makes around $10,000 a month blogging.
Around 55% of that income is through affiliate marketing, and only 3% is through services.
So this is also why point 1 was so important. If Debbie had only focused on offering services and had not tried affiliate marketing, she’d be missing out on half of her current income.
But by using affiliate marketing too, she makes an extra $5,000+ a month from her blog!
So multiple income streams can potentially help you make more money blogging.
3. MULTIPLE INCOME STREAMS ARE MORE SECURE
This month, I had some issues with the plugin I use to create my sales page for The Viral Pin Guide.
…Meaning I couldn’t make any sales.
Thankfully this was only a problem for a couple of hours. Plus I use multiple income streams (and I am working on adding more).
But imagine if I only relied on selling that one product to pay for my bills, and the plugin was down for a week? I would not make any income at all!
So multiple income streams help make your online income more secure.
If for whatever reason one stream is blocked, money can still flow to you through your other income streams!
FINAL THOUGHTS ON MULTIPLE INCOME STREAMS
I hope now you can see how important it is for bloggers to have multiple income streams.
All the pro bloggers do, and this is why they can make so much money securely. (Some of them even have multiple blogs with multiple income streams!).
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And if you want to learn more about making money blogging, check out these posts: