I’m not going to tell you that you shouldn’t have put all your eggs in one basket. I’ll be honest and say years ago I did just that. And then my basket crumbled and I had to start from scratch. What I will tell you is that right now is the time to diversify your income as a WAHM.
Don’t worry about what you should have done. Focus on what you need to do right this moment. That’s the best thing you can do for your family.
I know there are many people worried about where their next paycheck is going to come from. You’re worried about how you’re going to pay rent or your utility bills. Try to focus that worry onto something that you can do; a task that you can put your energy into.
How do you diversify your income?
What are your options when it comes to diversifying your income? How do you possibly do it? This is going to depend on what you do as a WAHM.
Since I blog and write, I diversify my income in a variety of ways. I make sure I don’t just rely on one revenue share site and I have multiple blogs. I also have different income sources for my blogs. I love affiliate marketing and Amazon Associates is certainly my most prominent source of income, but I have other affiliate accounts just in case something fails.
The idea is that I always have something to fall back on should I end up losing one source of income. Right now, 60% of my income or so is from one source. It’s not something I like as a freelancer and something I’m actively moving away from, but I do have 30% of my income from elsewhere to fall back on in different sources should I need it.
Here are my top suggestions to help you diversify your income as a WAHM.
Offer your services to clients
Start by offering services to clients. For me, it’s writing services. I blog for individuals, sometimes with a byline and sometimes as a ghostwriter. Either way, I’m getting paid a flat rate for my content.
As a freelancer, you’re able to set your rate. This can help you make up a bulk of your income through offering your services. Make sure you know what your monthly income needs to be.
This is a great time to start thinking about the services that you can offer. What do you like to do? What are you good at?
When I found myself unemployed during the 2008 recession, I realized that I loved to write so I looked at whether there was a way to make money doing that. When I found there was, I put a plan together to start offering my services. I found out as much as I could about writing online.
The digital world has moved on a lot just in those 12 years. You can offer your services as a virtual assistant, as a social media manager, or as a photographer. The latter is going to be a little harder right now, but not impossible. And this is where diversifying your income comes into play more.
Offer a range of services to your clients
Something to consider is what you’ll do when one part of your business fails. I know a lot of wedding photographers are worrying right now. With weddings everywhere being canceled, there’s no doubt that there’s a bit of panic. That business you’ve built up is crumbling. So how do you diversify your income?
How about stock photography? I know a lot of bloggers who want great images for their social media posts, especially with the likes of Pinterest changing the rules. I usually use Deposit Photos for my images, but if one of my photographer friends has stock images, I’ll talk about purchasing directly to help with the finances.
What about other people? If you’re a writer, there are a range of services that you can offer. I like to offer blog posts, but there are marketing campaigns, white papers, long-form articles, and so much more. Some will only write with a byline while others will ghostwrite. If you offer a range of writing types, you’ll find there’s someone that needs your content.
Are you a generalized virtual assistant? Can you become more specialized to help with offering more detail skills for your clients? This can help you command a higher rate and get a more clients who need something specific.
Consider affiliate marketing and revenue share sites
As a writer, I highly recommend some revenue share sites. I haven’t given up on them over the years because they can help bring in money. They’ve helped me diversify income as I’ve needed it. They can help you diversify your income, too.
Many revenue share sites will offer you a variety of ways to make money online. You can get ad revenue or you can make money through affiliate marketing. This gives you a start, as you find more ways to diversify your income as a WAHM.
Affiliate marketing is certainly a way to go. One of the great things about affiliate marketing is you get paid a few months behind. Wait, that’s a good thing? Right now, it means that I’ll get some money at the start of next month and at the start of May. I don’t have to worry as much as everyone else right now. I’m not saying that to brag but to show how beneficial being behind in gaining payments can be a good thing. I have a bit of time to do something if my affiliate marketing or my clients have to shut down.
Don’t rely on the one affiliate marketing platform, though. While Amazon Associates is the main one I use, I have an affiliate for SiteGround (because I highly recommend it for web hosting) and a few subscription boxes or blogging products that I recommend.
Consider creating courses or training products
As you spend some time off work, now is the time to look at another way to diversify your income. It’s all about creating courses and training products. This isn’t something I do just yet, but something that I’ve considered in the past.
There are many benefits to offering courses. You can have multiple people buy one item that you’ve created. It’s possible to sell over and over again without having to do a lot of extra work in between. Of course, you’ll want to keep things updated and you need to offer ongoing help, but it creates less work than constantly swapping dollars for time.
The same applies to training products. By creating specific training products, you can sell them regularly and make a consistent income.
You’ll want to look at offering a range of courses and training products to help with the diversifying of your income. And do this linked to something you’re good at or something you understand well.
However, do keep in mind that you’ll need to build credibility. I know a lot of newish bloggers offering writing courses right now. Please be careful with them. These writers have only just got in the business or they haven’t faced a recession and made it through the other side. I haven’t made it through a recession but picked up by business during/towards the tail end of one. It was hard and I couldn’t imagine trying to work through one. This is my first time because I know a recession is coming after this.
So, are you ready to diversify your income? Try not to stress too much about where your next paycheck is coming from. I know you need to figure that out right now, but you also need to think ahead at the future. Now is the time to diversify that WAHM business you have building.