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7 habits to diversify your income

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7 habits to diversify your income

Many people dream of quitting their office job and embarking on their own business adventure. However, although this is a very striking idea, achieving it is not easy. Also, if you become a freelancer, for example, depending on a single client can be quite dangerous. For that reason, it is vitally important that you diversify your income stream. We tell you how to achieve it by adopting these 7 habits.

1. Ask who you can serve first, not what you can sell

The second flows from the first. Many people who want to monetize their knowledge focus first on the product they can sell. What form should it take? Should I write a book? Become a speaker? That comes after determining who you can serve. Having a clear image of your target audience means that you know who you are not going to sell your product to. That is a great first step.

Once you know who you can serve, then find out what unmet needs and wants they have, what problems have to be solved. In this way, you are filling a gap.

2. Combine short and long term income

To have a strong portfolio of sources of income, you need to balance things that provide short-term benefits (quick income) with those that offer them in the longer term (which build your brand and provide future financial returns). You need both to pay today’s bills and create tomorrow’s wealth.

For example, many people want to write a book, which takes time (two years on average). If your book is very good, it will give you a good long-term income. However, in the meantime, you have bills to pay, so you can write for an online publication, create online courses, or do some consulting.

3. Even breadth requires focus and difficult decisions

Diversifying your bets when you’re trying to achieve financial independence is a good idea, up to a point. When creating different streams of income you will have to make difficult decisions. You might have to stop making email lists, podcasts, and some consulting work, for example, to focus on activities that fit better and support your business model and interests.

Do what you love and combine your income generating activities into a broader and more integrated plan.

4. Maintain online presence

Believe it or not, some people don’t have Facebook or LinkedIn, and this is a mistake you shouldn’t make. If you want to make yourself known and demonstrate your experience and skills to your potential clients, then it is vitally important that you have a professional profile. The more presence, the more customers, which translates into more sources of income.

5. Promote yourself

No one is going to knock on your door to offer you a job if people don’t know who you are or what you offer. For that reason, you must be aware of the fields in which you are an expert and promote yourself, informing others about how you can help them and why you are better than the competition.

6. Reuse your content

The content you create for example for books can be reused in online courses, classes, presentations and articles. Organize and archive your work so it’s easy to remember and reuse it.

7. Trust your worth

Many people do not monetize their knowledge because they underestimate it. What is obvious to you may not be obvious to other people. Have faith in what you create and develop the habit of telling yourself that if you build it, people will come after it. On those occasions when they don’t, find out why and move on.

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