Why It’s Important to Create Multiple Streams of Income

Today I’m going to talk a little bit about why it is so important to create multiple streams of income if you have an internet business.
I’ve been doing internet marketing since 2004 and I’ve found that time and time again I’ve felt glad that I have more than one stream of online income.
By a different stream of income I am talking about different websites, different products, different sources of traffic and more. In the online business world nothing is ever guaranteed so you need to make sure that you have a backup plan just in case.
Here are a few examples of things that can go wrong. I’ve experienced some of these things myself or seen other people experience some of these things.

• The affiliate program or business opportunity that you have been promoting closes down
• Your website’s position in Google drops and you start to receive less and less traffic
• The hot niche that you were earning lots of money in suddenly becomes not so hot
• Your product becomes out of date and is no longer in demand
• Some amazing marketing techniques that you were using stop working

It all sounds a bit depressing, but it is a reality that things are always changing in internet marketing and you need to anticipate this by ensuring that you create multiple streams of income. Don’t ever rely on one website, or one affiliate program or one source of traffic for your income. If you have one amazing website that gets 90% of its traffic from Google, what happens if one day you stop getting that traffic?
I currently have around twently websites in at least 10 different niches so I feel happy knowing that I am not relying on one single niche for my income. I also have a few of my own products and promote more than 40 different affiliate products over my websites, so I don’t feel worried that my income is coming from one place. What you need to ask yourself, is “would I survive without this particular website” or “would I survive if the income for this product went away?” If the answer to either of these questions is no, you may want to consider creating an additional income stream or two.
The one exception to this rule is if you are a newbie to internet marketing. If you have never made a dime online before there is no point in duplicating something that you have not yet been successful with. For example if you have built a website it is better to focus on that site and get it into profit first before you start building another. When you start out it is common to make mistakes and learn from them over time and it is better to focus on the one thing during that period of time. Once you’ve made a success of it, you can then go on to start your second project and repeat this. Here are a few ideas of different ways to make money.
Feel free to let me know below if you have any comments or questions and let me know what have you done to create multiple streams of income yourself.