How to Diversify Your Income Streams
You might be wondering how long it’s going to take to become a six-figure copywriter – or when you’ll be able to quit your job.
Well, that all depends on how well you prepare …
One of the most important things to ensure your success in any situation is having more than one plan. In other words, make sure you don’t put all your eggs in one basket.
How does this relate to your writing career?
Think of the basket as your business and the eggs as your income. If you put all your eggs in one basket by relying on only one source of income, what happens if that basket – or revenue stream – disappears?
If you had several different revenue streams, you could easily turn to one of the others and avoid the “feast or famine” cycle known to many freelancers.
“Hold on! What about sticking with my niche?”
If you’re thinking the idea of multiple revenue streams goes against the advice to specialize and do one thing really well … I’m going to explain how you can niche yourself and still have multiple sources of income …
First, choose a niche. Learn that one thing and learn it really well …
Then, as you develop your career, look for ways to put your eggs in different baskets – without straying from your niche.
Here are four ways you can diversify your income while building your expert status within your niche:
- Create a money-making website to show off your writing skills. This website can also be used to bring in extra income. For example, in the self-help niche (my niche), your website could provide general information about self-improvement … or more specific content, such as meditation or affirmations.
- Offer an e-newsletter to potential clients as a marketing technique. Once this is set up and running, it will bring in clients for you. Plus it’s a great sample of your writing and a service you can offer to clients.
- Write for industry magazines and newspapers to cross-promote your writing business and get more practice, exposure, and income.
- Write guest blog posts for sites that have readers and traffic within your niche. I do this to get backlinks to my freelance website, and I get a lot of visitors – and potential clients – from this strategy. I recently had a client email me. They started with, “I read your article, and I want to hire you.”
These are just a few ways you can diversify your income while still specializing in your niche. We’ll look at other examples later this week.
Action Step: Once you choose your writing niche, lightly brainstorm different ways you can diversify your income. Then, be sure to comment to let us know how you did.
If you don’t have a niche, choose one today. Go here to get started.
The Professional Writers’ Alliance
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