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What if your current business fails? Here is what you must do!

I have not personally published articles on my blog here for the past couple of months. That’s because of a local project I’m working on.

However, thanks to you my active community and guest authors, my blog is still thriving.

I remember creating this article helping female bloggers aspiring to be moms with tips on how to keep their blogs active while they are away taking care of babies.

So a few minutes ago, I was just thinking on something and decided to write about it.

The point is that we are in a world of uncertainties. Everything seems to be moving on. They say “change is constant…” and that’s affecting online business big time.

A lot of things have stopped working and a bunch of new things have popped up. A few months back, Google came up with a big change and so many webpreneurs got hit. Here is my question…

What if your current business fails as a result of a major change?

Do you have any guarantee it will never fail?

Ok let me be very specific and talk to content marketers and everyone else online.

We are all depending on someone’s business to run ours. I don’t care how you see it. You are using something someone has created for its purpose:

  1. Google for natural/sponsored traffic.
  2. Facebook, Twitter, YouTube for social media
  3. Pinterest for Traffic
  4. Etc

Maybe you should go ahead and tell me in the comment box how your business is succeeding as an Island.

Oh! I see you have a huge list. Isn’t it on AWeber? It’s definitely hosted by someone. Again, those email users depend on Gmail, Yahoo, etc. At every level of your business, there is dependency.

So this makes it so risky to depend on one source of income. Your business depends on someone who, when following change will be obliged to change something that may affect your business.

I remember when I created EasyRetweet in 2011. It fully functioned on Twitter. So its success is at the mercy of Twitter. My friend from Nigeria created JustRetweet, basically cloning EasyRetweet.

By the time I sold out EasyRetweet in 2012, I was averaging $1500/m from the platform alone. But I smelled a dead rat. Twitter was beginning to breed changes.

Valentine sold out JustRetweet too. It kept doing well, generating income for the new owner. Then Twitter hit:

multiple source of income

The JustRetweet Twitter API has been suspended and there are no chances the suspension will be lifted.

Social media platforms change their Terms Of Services and kick people’s businesses off. Google does daily changes and bring many ventures down.

These chances are taking place every day because we live in a world where change is unstoppable. So woe to you if you build and depend on a single online business.

Why?

Because change will soon affect you too. If you aren’t lucky, you may see a drop in business:

traffic drop

Develop a Multiple Source of Income

The only way to be financially stable is to develop multiple sources of income (MSI). Relying on a single blog could be suicidal. I don’t care what you think and say about it.

  • You focus on Google traffic
  • Pinterest traffic is your best
  • YouTube is like your grand ma
  • Etc

The simple truth is that change is coming some day and that may be soon.

You may be thinking you are 100% compliant.

Congratulations!

But let me tell you this…

Years back, 500-word article was good food for Google.  If you wrote 1000 articles then, I imaging you were king. You were probably 100% Google’s friend.

But what becomes of your 1000 articles today? You see it’s not just about being in compliance. It’s about positioning yourself for the evident change: Build different sources of income. Period!

How to build a Multiple Source of Income!

The first step at building an MSI is to make up your mind to do so and start with one. But do not engage another business until the first business is somewhat stable.

Well, you may have enough resources to run your new businesses on parallel rails. But for many, a better approach would be to take one business to a point that will be able to sponsor your next new business.

Secondly, I’m going to recommend you spread out and don’t rebuild the same business. If your first business is an SEO tool, your second should NOT be an SEO tool again. Avoid building two business on the same platform. If all your businesses are powered by Facebook, a change by the platform owners may ruin your MSI.

Investing offline is a nice way to create an excellent source of income. There are lot of business ideas for offline ventures. Don’t pour all your eggs online. Get a local business you can turn to if something goes wrong with online.

Listen…

All I have been trying to tell you is online is risky. That’s because of interdependence and change. You can’t avoid any of these.

I’m not against you creating all your businesses online. Weigh the risk and decide which direction to take.

Drop a comment!

How many businesses do you have online? BTW is your blogging a real business?

Do you have a business offline?

I’d like to hear from you in the comment box.

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Enstine Muki
 

Certified Cryptocurrency Expert, Problogger and Serial Entrepreneur

Click Here to Leave a Comment Below 12 comments
Lisa Sicard

Hi Enstine,
Wow, YOU are so right. I’ve been saying the past few weeks that my business has changed a lot in the year I’ve been at it full time. Some of the things I did last year are no longer needed and I’m doing other things starting this week. I’m starting to teach locally to real estate agents – social media classes for their CE credits (to maintain their real estate license). It’s a whole new side to my business. Other things like sponsored content have plumeted over the summer. I lost a few social media management clients and gained some new ones at a higher rate. That’s always good, right? I’m adding stories more to the social media mix for clients so I can justify a higher rate as well.
Everything changes rapidly today, both in business and outside of business. We must be willing to make those changes even if they are hard.
Thanks for bringing this subject matter up Enstine. I started writing about it yesterday and I’d love to link to your piece here 🙂 Have a great day and always be ready for what’s next.

Reply
    Enstine Muki

    Hi Lisa,
    Thanks for showing up and dropping this beautiful comment.

    No one can stop change. We must position ourselves for it right?

    About sponsored content, people are getting more and more educated on the dangers given that most of them would do it for SEO backlinks. I think Google’s effort to weed out manipulated entries from SERPs is yielding fruits 😉 There is been a general drop in sponsored post business.

    Will soon be telling you about my new local business, though with a solid Internet presence 😉

    Hey! I look forward to that post. Of course I’ll be around your blog as often as before.

    Do have a wonderful week ahead Lisa

    Reply
Jennifer Dagi

Hi Enstine,

You really hit the nail on the head with this one. With all the algorithm changes going on with these social media platforms, online businesses are getting too risky to rely on solely. I’ve been thinking of starting a local business myself. It will be a vision 2020 project by the Grace of God. Thanks for sharing this post to give me the push to go ahead with this second business idea.

Reply
    Enstine Muki

    Hey Jen,
    Thanks for the comment. You know for most of us in these countries with “shithole” governments, it’s even more difficult. Putting something offline would be of help often so let’s work on it.

    Looking forward to knowing more about your business. 2020 isn’t far from now and I pray God sees you through it 😉

    Amen

    Reply
Tola Korede

Hey Enstine,

Firstly, i will like to say that every great things has small beginning.

To have MSI, multiple source income you must first discover skill either online or offline, for example i started my first online business on fiverr as a social media marketer for helping website owners to promote their website for massive exposure and i made my first $200 online through fiverr platform, this spurred me to learn more on how to make money on fiverr and online, from there i started blogging, marketing and website/business Reviewing as another source of income.

Thanks for sharing this great tips.

Tola.

Reply
    Enstine Muki

    Hey Tola,
    Thanks for commenting and sharing that beautiful experience. I remember making some money on Fiverr in its early days selling php scripts. It was really a good start for me as well 😉

    May God take us higher bro

    Reply
Jitendra Vaswani

Hi Enstine,

When it comes to online business, you don’t know when and how you’re gonna lose traffic and that can be a daunting thought. Recently, the traffic of my blog is down and I’m trying very hard to recover it. So for doing online business we need to accept these changes, keep learning and growing our business.

Overall, such a great post! Waiting for more such content from your side!

Reply
    Enstine Muki

    Hey brother,
    Thanks for stopping by and engaging on my blog man.
    Sorry about the traffic hit. That March update touched a lot of people. I pray you come out of it. Would you mind sharing your results with my readers in a guest post?

    I do really appreciate you stopping by bro and looking forward to hearing from you soon

    Reply
Vishwajeet Kumar

Hello Enstine,

I am doing blogging full-time and it is my primary business. It is advisable that having multiple income streams can help you to overcome your financial crisis. When it comes to blogging having multiple monetization strategies can make the job done for you. Thanks for sharing this beautiful post.

Regards,
Vishwajeet

Reply
    Enstine Muki

    Hey man,
    Good to know you are doing well in blogging. Me too it’s my main business. Just working on some other stuffs to compliment 😉

    Good luck to us 😉

    Reply
Ron F

I think the main issue we have with the changes that these different platforms make is that though the Internet is a public resource, it’s mostly in effect controlled a few private hands, so if they make an arbitrary change, without due process it has a very public effect. This shouldn’t be. There should be some type of public tribunal that oversees these type of changes, and operates as a place people and businesses can voice their concerns and grievances.

Reply
Jeangam Kahmei

Hi Enstine,

Very practical. I’ve been wondering about this that we shouldn’t depend wholly on online business. I know the world is running towards online but it is also uncertain as you’ve mentioned that “Change is Constant”.

No matter how many billions we have right now. Nothing is predictable, anything can happen which may destroy our current assets. You should look for another source of income. At least we will have a peace of mind.

What about creating an offline (primary) business and link it with online? If something happens with online thing there is a backup of offline.

Let’s not forget that the main goal here is financial independence. So much in love with your suggestions.

Thanks,
Jeangam Kahmei

Reply

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