When you build a blog to the point it becomes a business for you, it can seem like you’ve got it made. You’ve found a subject you’re comfortable with, you’ve got an audience, and you’ve got enough advertising revenue to make it a viable success.
At this point, you could of course just sit back and enjoy the fruits of your labors. Blogging is a growing niche and one that relies on authority sites; with every day, the continued presence of a blog makes it a more valuable one.
Or you could push on to the next level.
Diversifying Your Income
If your blog is your sole business and income, then you obviously know what you’re doing in terms of the blog. However, it’s sound business strategy to always look for growth, to find new markets, and expand into them. If you owned a shop then that would involve looking for a second premises eventually – but there’s no such natural expansion for a blog.
What you then have is a business that runs the risk of stagnating. You probably have a few income streams – such as Adsense, sponsored posts, or working directly with advertisers – but they’re all directly related to your blog.
A true diversifying strategy would see you moving out into another area, but one that still takes advantage of the experience and readership that you already have. So what are your options?
- Write An Ebook
One of the most popular spin-off enterprises for bloggers is to write an ebook, so make this your first point of consideration. If you have fresh ideas or just want to try writing about a different subject, then you have a readership that might be keen to explore with you. Writing and publishing an ebook is easier than you might think, so it’s worth considering.
- Offer Website Services
With an established online presence and a proven track record that you have an idea of how to manage these things, you could look into an additional move into web hosting. It’s fair to say that web hosting industry statistics are clear this is an industry that’s going to continue to flourish, and with an in-built readership ready to follow your advice, could be a nice side project.
- Offer Consultancy
Blogging has become the occupation that is, thus far, dominating the 21st century. As a result, thousands of blogs are started every year by those who want a slice of an ever-growing industry. If your blog has been successful, then you undoubtedly have knowledge to share with those looking to make it work. Offer consultancy via Skype and help people iron out their problems, share tips, and give advice. You can charge as much as you feel your time is worth.
A Final Note
What’s also worth bearing in mind is that none of the above are exclusive. If you have enough time to ensure you do them properly, you could do them all concurrently. With a successful blog you have a set of customers who you can already market to, so it’s well worth exploring the extra avenues to bring diversity to your balance sheet.