20 – Protect Yourself

Diversify Your Earnings to Keep Risk at Bay

To keep investments safe from the fluctuating economy, many experts recommend that you diversify. That means you keep money in various types of investments, so if one type fails, you still have growing savings in the others.

That bit of wisdom also applies to your online business. When you operate with various business models – info products, affiliate marketing, Kindle fiction, coaching, AdSense and others, you’re diversifying your business so that if one part wanes, the others can make up for the slack.

It’s also called not putting all your eggs in one basket. You have much more chance of something happening to a single basket and crushing all of your eggs than if you divide the eggs into various baskets to weather any storm that might come your way.

Don’t Leave Yourself Vulnerable

A good example in the online marketing business is Squidoo.com. So many people built their one business model on it and counted on it to pay their bills. One day it wasn’t there anymore.

The site was shut down without much warning and everything – all of the hard work and time invested was gone. Diversification has worked for many corporations who wanted to enter a new market by creating a product that the corporation had not yet entered.

When a company is diversified properly, it’s not so devastating if the new idea doesn’t work – they still have other products to fall back on. There are several strategies that good marketers use to diversify their businesses.

Have Multiple Offers Available

One is to change the product ever so slightly so that it appeals to another type of customer. For example, if you offer an online course with an expensive price tag, try cutting the course down and lowering the price.

This strategy can attract those people who are looking for something less expensive and simpler. You can also tailor your products to different demographics, such as weight loss products that cater to men versus women – or even age groups such as seniors or the over 40 crowd.

You can also offer a book along with a course for more information. This strategy also sets you up as an expert in your field and takes you to the next step on the ladder to monetary success. Diversification is one of the best strategies of adopting a low risk wealth mindset.

Consider How to Improve Your Wealth Mentality

What’s holding you back? If you daydream about wealth or success more than you take action to get it, you’re lacking something in your mindset.

Learn to develop a go-getter attitude and work on replacing negativity with positivity. Soon you’ll be on your way to the success you’ve always dreamed of.