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Why You Need Multiple Streams of Income

Why You Need Multiple Streams of Income

Bloggers love to develop multiple streams of income. Some realize that building a blog business from a single income stream is risky. Even if it’s a profitable stream of income, it could dry up if the market changes. 

While the idea of money always rolling in is appealing, it’s challenging figuring out how to do more than one thing at a time. 

Here are some suggestions on how to create multiple streams of income from your blog business: 

Reinvest Your Blog Profits For Passive Income

Many successful businesses tap into other industries after they’ve built their core business. For instance, General Electric (GE) started out as an electrical company, acquiring the assets of Edison General Electric and other electrical corporations. Despite its key role in the electrical industry, GE experienced heavy losses because of reduced market demand for its core product.  To return the company to profitability, GE entered new markets–power generation, aircraft engines, oil and gas production equipment, financing, medical imaging, and industrial products.

As a blogger, deploy a similar strategy of diversification. For instance, reinvest some blogging profits to buy rental real estate for passive income generation. 

Owning real estate has been a popular investment for centuries. While there are many ways of investing in real estate, one of the easiest and most stable types is purchasing a rental property.  

Here are three excellent reasons to buy rental real estate: 

  • You’re buying a tangible asset value that gives you competitive risk-adjusted returns. 
  • You’re diversifying your retirement funds portfolio. 
  • You’re getting an asset that can act as a hedge against inflation. 

Still, you must get two things right :

  1. You must buy a desirable property. You can find good deals by researching a neighborhood, checking out its selling prices, and working out the average rent. This data will help you determine the financial feasibility of your investment. 
  2. You must not manage it yourself. If you become an active landlord, you will not have the time or energy to continue to grow your blog. What’s more, you cannot run it as well as an experienced property manager. Choose a property management company that knows the city and neighborhood well. So, if you buy a home or apartment complex in Raleigh, then choose a property management Raleigh NC-based company.

Create New Blogs

Since you’ve learned how to build a blog, hire freelance writers to develop engaging content, and developed an engaged list of subscribers for your newsletters through marketing, why not create new blogs in other niches or develop blog-related products and services. Neil Patel, for example, doesn’t just earn his income from Crazy Egg alone. He also has Hello Bar, KISSmetrics, and Stride.

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reasons to start a blog

When you have your blogs set up and developed a following for each new niche, you can monetize your blog by selling ads, selling your own products, and pitching affiliate offer. 

Teach About Blogging

After you’ve developed a few streams of income, you’ll have acquired knowledge and skills that other people would love to learn. So, teach what you know. 

Here are 7 ideas: 

  1. Launch a YouTube channel to educate people about what you’ve learned about blogging. 
  2. Write an ebook or print and audiobook about what you know about blog management and wealth-building. 
  3. Create a course on blog-building.  
  4. Start an online training seminar that teaches people about productivity and mindset. 
  5. Teach people through live workshops on how to resolve their financial difficulties by working from home. 
  6. Serve as a consultant for blog startups, sharing your knowledge about customer engagement and marketing. 
  7. Create a membership site with new lesson modules released every month on how to grow a blog. 

Almost everyone is content with building a single blog, but you don’t have to rely on this business model. Although each blog has its own unique aspect, all blogging businesses, products, and services have many things in common. By learning how to run one blog well, you will know enough to run more than one business.

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