How to maximize how much money your making online
It has often been said in the business world to not put all of your eggs in the one basket if you want to make money. This could be true for investing on the stock market, types of assets you own such as property, or the area that your business specializes in. The reason people say not to put all your eggs into the one basket is to diversify risk and also returns. It is a much safer strategy to various assets or ventures rather than only one. The reason is that if that one avenue of investment or business fails…then quite possibly you have lost everything.
So, how does this apply to the online world? It is still very true. If you have one great website that is your only source of income, what happens if Google suddenly decides it doesn’t like it any more and it disappears from all search results? Or perhaps it is on a topic / product that becomes out of date very quickly. Where is your source of income if the focus shifts then?
Well, given the current economic climate especially now is a great time to analyse and evaluate where your income is coming from online. If you have one site only that is generating you a steady income then have you thought about branching out and starting up another site? I personally have several sites with different niches / products covered so that I can maximise returns on popular areas while not relying on one specific site for my income. This may be true also for the ways you generate revenue on your site.
For instance, if your site makes money only from Google Adsense and nothing else, then have you thought about branching out and offering some product referrals for affiliate commissions, or selling sponsored advertising on your site directly to the advertiser? Even within one site it is best practice to branch out and diversify how your site generates income for you.
On this site for instance you will notice that I sell various products that I personally use and recommend but also sell advertising places in addition to displaying Google Adsense. I’m also looking into other options in the future to take this futher.
Does all of this really maximise how much your making online? Well if done correctly, yes. You see there will always be people who don’t click on Google Adsense ads, so your not going to make any money from them, but they may be interested in the product your referring or perhaps one of your sponsors, so its a matter of catering to various tastes.
If your providing useful information and people are wanting to donate something to you for your services, then you can even add a facility to accept donations from your visitors.
I like the idea of building up a small group of very powerful sites though as this will provide a much larger area of coverage on the internet and your ability to make some serious money online will increase as each site becomes a dominate force in the related niche. And when one site is doing well, that is a great time to invest in another site so that in time, all of your sites will be strong and filling your pockets with money. It is also a safeguard against the unimaginable of a site getting banned, becoming unpopular, or similarly overtaken by bigger and better sites.
Even though the saying to not put all your eggs in the one basket is true, its also even more relevant to know that its no use spreading yourself or your resources out so thinly that you don’t succeed in any. If you want to make serious money online then build each site up gradually and dedicate the required time to making it a successful site. As discussed in other posts it could be 2 or more years before your making a decent income from one site, depending on the level of skill, competition and various other factors, so make sure you stick at it. Every day there are new sites popping up all over the internet hoping to make money online and many of them are here one day and gone the next. The only ones that make any money are those that are in it for the long term.
