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Why Do I Need to Diversify My Online Income?

By Edited Jun 25, 2015 2 0

Earning Money Online is a Marathon, Not a Sprint

Write on Many Different SItes
Earning free money online has been my job since January 2010.  At first, my online endeavors were mainly for something to do with my newfound free time. After years of hands-on parenting, I had finally reached mama nirvana-my twins had started first grade in the fall and I now had all of my kids out of the house all day.  I had free time!

But I had a problem-what should I do with these extra hours?

I did volunteer work for the PTA, but the truth was that I needed a way to generate more income.  For many years, I sold on eBay our unwanted items and those that I found at yard sales.  As the fees increased, it cut heavily into my profit margins, and it was no longer worth my time.

A part-time job outside the home was not going to happen, as I needed to be available to my children and my mother.  At that time, my husband worked an hour away and was gone at a minimum 50-60 hours a week.  I had already worked full-time and part-time with kids, and the stress was overwhelming when one of them got sick.  It was always me who had to stay home with them.

While watching a news story about a mom who earned money writing articles online, I decided to investigate and join the ranks of momprenuers.

My journey has been fun, and one of the reasons is that I keep on diversifying my online portfolio.

Eggs and Baskets

Humpty Dumpty-Do Not Put All of your Eggs in One Basket
Most people have heard the expression “You shouldn’t have all of your eggs in one basket.”

But what does that mean?

Imagine walking along with a basket of eggs.  You trip and fall and so do the eggs.  They lay broken on the ground next to you, and since you cannot put an egg back together again, they are useless.  All of your hard work collecting eggs was for naught.

This analogy is perfect for the world of earning free money online.

Does anyone remember what happened to writers who wrote on eHow?  After many issues, they shut the site down.  People who were earning very good incomes on the site now lost everything and had to start all over again, especially since many only wrote on that site.

When Squidoo started locking lenses and entire accounts, writers who had 500-800 articles or more lost their income in one fell swoop. What worked in the past was not where the future of the site was going, and because writers did not place their work on other sites, they suddenly found themselves with no more money coming in.

Then in August 2014, Squidoo sold it's content to Hubpages and shut down six weeks later, leaving writers in a state of panic.

In May 2014, Zujava lost it's Amazon account, although writers were not told until August.  The site's owner fought for the writers to receive what was their due, and in November they should be paid all the income they were due.

It are harsh lessons to learn.

Diversifying is Key to Keeping Your Income Flow

I outlined my passive income journey in an article here on InfoBarrel.  I wrote about the most important things I had done to date to diversify my income.

In the four-and-one-half years since my online journey began, I have seen a few sources of income dry up. Info Pirate was a bookmarking site that used to earn me a nice chunk of change each month from Adsense.

It’s gone.

Xomba used to be a worthwhile place to book mark and put shorter articles.  It has changed, and I have removed most of my content from there when I saw the writing on the wall.

That was more steady income that vanished.

I answered questions on Webanswers, but then writers there were having their Adsense accounts terminated because of the site.  

Another income source bit the dust.

At two different points in my journey, both Seekyt and Info Barrel, for different reasons, temporarily lost their Adsense.  While both issues were being fixed, I lost out on two of my biggest income earnings.  

It was unsettling to say the least.

These two instances led me to start writing on Squidoo and then Zujava.  I never want to be that Adsense dependent again.  

That being said, with the issues I have on Zujava right now with a virtually absentee administrator, has caused me to remove much of my content and place it elsewhere. My Squidoo niche account is almost depleted of articles,as they were hit by the lockings and warnings last year.

But I continue to earn money because I keep expanding my online portfolio.

Online Relationships Lead to More Opportunities

Much like your first love, there is a special feeling when I come to InfoBarrel to write an article. I learned the craft of earning money online right here in the IB forums.  I have developed online friendships with writers who were active here at the same time I was starting. We have helped each other as we branch out into our own websites, blogs and other writing platforms.

When you are active on several different sites as I am, (in the forums and with a body of work), you become known. Consider this online networking. Because I have diversified my online portfolio and am actively writing elsewhere, when other writers started their own collaborative sites, I was allowed to join and add my own content. 

I presently have work appearing on eight different sites, which does not include my own blogs and websites or my Kindle books.

Written by InfoBarrel's Own LilBlackDress

Freelance Writing Jobs: 101+ Online Writing Jobs! (Work From Home Book 2)
Amazon Price: Buy Now
(price as of Jun 25, 2015)
I own this book and I can tell you that there is a wealth of information in it.Lee has many books on KIndle that will help you learn the ropes and start you on one of several paths to earning money online.

Never Stop Learning and You Will Keep Earning

The world of making money online continues to evolve.  In order to keep up with it, you need to roll with the changes. The one thing that I see is that quality will trump everything else in the long run.  Writing from a point of expertise will always help the cream to rise to the top.  

When you diversify your online portfolio, you can write as an expert in your niche on several different websites.  Since each offers it’s own unique way to earn money, you are spreading your eggs around, yet not having to create a new niche for each site.  By using this strategy, you can take advantage of each site’s strengths.

Just like your real world monetary investments, it is a wise move to spread your earnings out into different ventures.  

 

For Those Just Starting Out or Have Full Time Jobs

The Moonlighter's Guide To Online Writing For Immediate Income
Amazon Price: Buy Now
(price as of Jun 25, 2015)
This book is full of tips on how to start your own online opportunities.
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