I am not necessarily advocating that every 9-to-5 worker open an entrepreneurial side business, but increasing one's diversification of income can certainly improve your ability to weather the tough economic times we are suddenly hearing so much about--and for many of us, actually experiencing in our own families, jobs and investments.
For the work at home mom (WAHM) or other freelancer, entrepreneur or online adventurer, this can mean a variety of things.
- Writers may diversify by increasing the number and variety of writing clients, actively seeking new clients to replace those with less work. Never rely solely on just one or two big clients.
- Residual income builders should add multiple income streams to their sites and content articles, such as affiliate programs, ad words, paid advertisements, information products, referral links and e-newsletters.
- Webmasters should diversify their niche site topics. Even as advertising in some sectors plummets, it rises in others. Anticipate these changes and consider niche topics likely to be in demand despite -- or because of -- a poor economy.
- eBay Sellers should also diversify what they sell to anticipate sluggish consumer spending. People still have some money; find out what they are spending it on and make some money doing it. Check out the knowledgeable eBay Coach for advice.
How do you plan to increase your income, despite a poor economic outlook for 2009?