In the five years so far that i’ve been doing internet marketing (mostly affiliate marketing) there have been a lot of ups and downs. If you’ve been in the industry a while you know what i’m talking about. This space is incredibly volatile. The internet marketing industry is very much a sink or swim environment. If you are not learning every day to grow your business you will get left in the dust.
This post is going to focus on what you can do to stay in business for the long haul.
Multiple Streams of Income
First and foremost, it is crucial in any business to have multiple streams of income. If you are relying on only one thing to bring in your revenue its almost a sure thing it will disappear at some point.
The best way to build multiple streams of income is to build them one at a time. What can happen if you try to build them all at once, is you will spread your focus too thin and neither will work out.
Another mistake people make while trying to build multiple streams of income is shifting their focus 100% to a new income stream, and neglecting the original source of their revenue. When the 2nd source doesn’t work out, their left with nothing.
You want to make sure you protect and continue to focus on your main source of income, while allocating maybe 20% of your focus to additional streams.
When you start making decent money online, its very easy to lose what you’ve built. The best thing you can do is save as much money as you can. It can be tempting to go and buy bottles at the club, but if your serious about being in this for the long haul you should think twice.
Especially if your young in your 20s like me, there is no reason to ramp up your lifestyle too much. You need to make sure that your expenses to not get out of control. When the dips come in your business you need to make sure you are focused on rebuilding your revenue, not stressing to pay the lease on your Lambo you bought impulsively.
Its hard to stay focused on your business when you are worried about not being able to pay the bills.
Come up with a reasonable monthly expense limit, and make sure to stick to that.
Being smart about hiring employees
When your business is young, you want to be careful about hiring full-time salary employees. If possible its best to keep them as an independent contractor.
It can put you in a very tough position if you have agreed to pay someone $50k a year, and then have them sitting around if things go wrong.
The “keep it lean” mentality applies to your business too in the early stages. Unless completely necessary, avoid making any “expensive” hires. Its better to bring someone on without tons of experience who is smart, and then train them up to your standards.
Make smart investments outside of your business
A great way to make sure you stay financially sound is to make investments outside of your business. Take 10% of your cash and invest in something you feel has potential for massive growth. This could be some stocks you love, or a high-risk high-return vehicle like Bitcoin.
Of course you want to do plenty of due diligence before investing in anything.
To conclude this post, the worst thing you can do if you are making money online is assume your current source of income is going to last forever.
I have adopted the mentality in my own business that whatever can go wrong, will go wrong. You need to carefully plan and structure your business in a way that sets you up for the long term.
Be smart and be well,