Everybody tell you to diversify your income, but why? Diversifying your income is a great way to build long term wealth both personally and professionally.
Running a small business can be scary for many and a lot of that fear has to do with money.
By diversifying your income, you’re able to stabilize the amount of money you bring in each month without having as much risk.
Your business shouldn’t rely solely on one client or one product stream. It’s too risky. You never want to have all of your eggs in one basket, because what if that basket goes away?
You can diversify your income streams in a lot of different ways, but we wanted to give you a peak behind the scenes of our business and showcase our different income streams.
Disclaimer: This post contains affiliate link. This means we will earn an affiliate commission if you click and/or make a purchase through the link (at no extra cost to you). And of course, we only recommend the products that we love and have used ourselves.
4 Creative Ways You Can Diversify Your Income Streams
1 | Affiliate bundles
Affiliate bundles are a great way to entice people on your email list to purchase a product through your affiliate link and a passive way to diversify your income.
Here’s how it works: let’s say you have an online shop that sells digital products (ours includes WordPress theme templates, social media templates, and landing page templates).
There are other people who have businesses that sell products that are complementary to ours (for example Haley Burkhead’s Scalability Lounge).
When Haley approached us about offering free training for our subscribers, which then led to a promotion of her membership, we bundled the offer with a special Bluchic product they would receive if they purchased through our affiliate link.
This is appealing to subscribers because they can’t get this offer anywhere else.
One important thing to remember is to make sure you’re only bundling your products with another product that makes sense for your audience.
We wouldn’t partner with someone that sells car insurance because car insurance + WordPress templates do not go together!
If you’re a service-based business owner, you could set up a similar structure with another service-based business owner that offers services that complement yours. Think creatively!
Love Bluchic and want to become an affiliate? Learn how you can earn 25% of every sale you make!
2 | Add services to compliment your digital products (or vice versa!)
We are primarily a digital product based company, but we realized we could add on a simple service for customers who need a little extra help getting their new WordPress theme up and running.
This is also a super simple way to diversify your income streams!
Here’s how we do it: We offer an installation service where we install and set up your new theme just like the demo site. All within 24 hours of receiving your payment!
This doesn’t require a lot of our time but makes us stand out from competitors.
We want to make it as easy as possible for you to start your new website and it’s a great way to diversify our income streams!
Another way you can diversify your income is to add digital products to your services.
Ashlyn Carter is a great example of this. Ashlyn is an amazing copywriter that started out offering 1-on-1 services to clients. As that business grew, she wanted to help more people, so she created an online shop full of templates, checklists, and guides all about copywriting!
The options are endless! You just need to put on your creativity cap 😀
Want to know the fool-proof strategy to effectively grow your small business? Check out this blog post!
3 | Collaborate with like-minded business owners
Another way to diversify your income is to collaborate with like-minded business owners.
Now this is slightly different than doing an affiliate bundle, though there can be crossover.
We’ve collaborated with a lot of other awesome online female entrepreneurs that have a similar audience to ours and it’s significantly increased our revenue.
Collaborating with other businesses can help you get in front of an audience that you likely wouldn’t be able to get in front of.
We have an example we’ll share and maybe it will inspire you!
Example: Collaboration with Elle Drouin of Styled Stock Society
We’ve known Elle for years and we’ve always had similar audiences so partnering with her was a no brainer!
One way we’ve partnered with her is with our Canva Social Media Templates. Not only do you get 80+ professionally-designed Canva templates when you purchase, but you also receive 10 styled stock photos from the Styled Stock Society.
Elle now drives traffic to our Canva Social Media Templates because her products are prominently featured as a part of the product.
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4 | Incorporate physical products into your online store
We diversified our income even more earlier this year, and it was something totally out of our comfort zone…physical products!
We never thought we’d add physical products to our income streams but you know what they say, never say never!
We created a new shop on Society6 full of mugs, art prints, phone cases, and more and it’s been really fun to be creative in a totally different way.
It started as a way to use our creative skills in an alternative way but now it’s a nice side income stream. Can’t beat that!
Wondering how we fit it all in as business owners and still have a life? You gotta read this post.
As business owners, it’s important to always be thinking about creative ways we can diversify our income streams.
Not only to help us increase our revenues but to also feel more stable in our careers and the longevity of our businesses.
If you have diversified your income streams in a unique way, we’d love to hear from you! Head on over to our Facebook page and leave a comment on this post to share!