Do you crave the security and freedom to do what you want? Most do, but it’s easy to get frustrated when facing financial struggles. One of the best ways to overcome this feelings is to create multiple streams of income. By having multiple streams of income, you’ll become more financially secure because you won’t rely on only one paycheck.
Many of us already have multiple sources of income and don’t realize it. For example, if you have a spouse and both of you earn a paycheck from different sources, that counts as multiple streams of income.
If you have a part-time job on the side, that also counts as another stream of income. Each source of income you add provides additional security should you lose your job or miss out on a raise. If you don’t face that situation, extra streams of income can help you reach an important goal.
Create Multiple Streams of Income with a Blog
One of our favorite ways to create multiple streams of income is through blogging. Although it does take time and work, you can make money blogging. In fact, blogging can open up multiple streams of income that can bring in extra money.
You don’t need any specialized skills to start a blog. Certain technical skills might help but they’re not essential to earn money from blogging. In fact, almost anyone can monetize a blog! All it takes is hard work, dedication, and a clear strategy.
It won’t happen overnight, but it is possible to earn money as a blogger. Make sure to check out our guide on how to start a blog if you’re unsure how to start your blogging journey.
One of the best things I like about making money with a blog is that it’s a great way to develop multiple sources of income and work a flexible schedule. You can work on your blog anytime, anywhere. You can use free time to grow your blog, or you can make a full-time income with blogging – the possibilities are endless.
Here’s how you can create multiple streams of income with a blog.
Placing display ads on your blog is one of the easiest ways to make money blogging. The more page views you have, the more you can make. However, if you’re just starting out, don’t rush to put ads on your site.
You can place ads on your blog early if you’d like, but you may not make much money in the beginning. As you grow your site, you can earn more money. In fact, ads are the best source of passive income when it comes to blogging.
There are two different types of display ads you can try. There’s Pay Per Click, or PPC. This type of ad program pays you every time someone clicks on an ad on your blog or site. Google Adsense is a popular PPC ad network.
There’s also PPV, which stands for Pay Per View. These types of ads generally allow you to earn $1 to $2 per 1,000 page views.
While some ad networks require you to have a minimum number of monthly page views before signing up, Google Adsense does not. This makes it a good option for new or smaller bloggers.
Have you ever used an amazing product or service and had to tell a friend about it? What if you could earn a money if your friend took your advice and purchased the product or service?
If you have a blog, you can earn money for referring your audience to a particular product, service, or course. This is known as affiliate marketing. Affiliate marketing allows you to earn money by placing a link on your website or social media account so people can purchase a product or service you recommend.
The great thing about affiliate links is that they are unique to each person. They track clicks and conversions and then pay out a portion of the sale to you. In order to start using affiliate links, you’ll need to sign up for an affiliate program with a company with a product or service you believe in.
You can check out our friend Michelle’s course on affiliate marketing, Making Sense of Affiliate Marketing. Michelle makes over $50,000 per month with affiliate marketing and uses the course to share her tips on how to make income from affiliate sales.
Lots of companies have affiliate programs and some other bloggers in your niche may have affiliate programs set up for their products or services. Once you receive your unique affiliate link, you can embed it in blog posts, place it on different pages on your website, share on social media – any place you think your audience will find it.
Like display ads, you don’t have to do much outside of placing the content on your site and promoting your blog. From there, people will visit, click your links, and you’ll have the opportunity to make money.
Some individuals or companies may pay you to write about certain topics or review products on your blog. This is called sponsored content. If you choose to do this, please note that you must disclose the fact that you received compensation to write about the product. You must share this before readers begin reading the content (i.e., at the beginning of the post).
If you use social media, you can share sponsored content on those channels as well. However, like your sponsored blog content, you must disclose that those posts are an ad.
When partnering with sponsors for content, authenticity is the key. It’s important to make sure the content you’re creating or promoting provides value and aligns with the needs and interests of your audience.
You may have to turn down some offers that aren’t a good fit and that’s okay. To find sponsored post opportunities that will align with your blog’s message, you can try signing up for some popular influencer networks like TapInfluence, Cooperatize, or Clever.
If your blog readers love your content and seem to want more of your expertise, you can create a product to better serve them. There are all types of bloggers creating digital courses, books, and tools to help their audience.
You don’t even have to be great at sales to be profitable with this income stream. Just identify your reader’s pain point and find a way to solve it with your product.
It’s fairly simple to market a product. For instance, you can create free webinars and trainings to share more details about your product. You can also share it with your email list or use Facebook ads to reach more people.
Your blog will serve as your core platform that demonstrates your credibility and experience in the niche.
Some bloggers use their blog as a springboard to offer a service to others. In fact, this is how I got into freelance writing. I used the connections I made through blogging and some of the content on my site to pitch my services.
Whether you want to freelance write, coach, or offer consulting services, your blog serves as a great tool to build your brand and connect with potential clients.
Having a blog can mean more than just having a hobby. You can create multiple streams of income with your blog by treating it like a business. You can use it to make extra money, or use it as a work-from-home opportunity and work full-time on your blog.
To make money blogging, find a topic you’re passionate about and won’t tire of covering. Promote your content with a clear strategy on social media, and offer consistent quality content that provides value. You may not be able to make money blogging with all of the above strategies, but they certainly provide opportunities to create multiple sources of income.
Are there other ways to create multiple streams of income with a blog? What do you do to make extra money? What do you look for when working to create additional streams of income?
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