Lesons From Sports Stars In Diversifying Online Income
There are perhaps few better examples of diversifying income to take a look at than how some of the world's biggest sports stars do it
. These are people that already earn millions of dollars each year from their chosen sport, yet they still feel the need to seek additional income as a supplement to this. Lucrative endorsement deals can often become their primary source of income, while what they earn from playing their sport can actually pale in comparison. But what makes them seek them out in the first place?
For starters, most professional athletes are represented by an agent who can advise them to do so. The main reason though, is that nearly all athletes have extremely short careers in comparison to other professions - one injury can also quite easily end a career in an instant. For this reason they know that they have to get the most they can out of their sporting career, but they also have to start making plans for what they'll do when their career is over. Quite often they are still connected to the sport in some way, such as coaching or commentating, or at other times they need to move onto something else entirely.
Though your blogging or Internet marketing career won't usually end in such drastic fashion, there will no doubt be certain times where areas of it run a little dry. What if your site disappeared from the search rankings and your AdSense earnings suddenly dropped to zero? Or if a great affiliate program you were relying on decided it didn't need members anymore? You wouldn't be much better off than a football player who has had his legs broken - but only temporarily if you knew how to fix it. Unfortunately, too many online business horror stories I hear relate to people only having one income - often AdSense, as it's easy - and it's pretty common for them to have to go get a real job once that disappears. And you don't want that, do you?
A sports star is able to diversify their income due to their reputation - and that is no different to the approach you as a blogger or Internet marketer can take. Building trust is just as important to you as it is to them, and perhaps even more so, as it will lead people to believe your information is genuine and worth paying for. A few of the income sources you should aim to have are:
A passive day-to-day income that keeps you in business - your "thanks for playing" check. This is quite often AdSense or private ad sales, but eventually you might include your own digital product such as an e-book that offers a bit more stability and less reliance on somebody else. Your additional income and endorsements - something you can use to leverage whatever amount of reputation you have built, and supplement your regular income. These are usually reviews for any affiliate products you can honestly recommend. Be careful not to promote anything and everything, as you'll risk damaging your reputation. Where former sports stars coach and commentate, you can also capitalize on your own individual expertise. Again it could mean releasing a book, but often you might see more ongoing financial success with your own private training program or offering premium-priced consulting services that are relevant to what you enjoy writing about. Obviously you won't begin by using all three, but you should aim to establish a small regular income first and within a few months use your growing reputation to supplement it with an additional income. The last step is where the majority of your income will come from, once you have truly established your credibility, and that will usually take a year or more to achieve.
by: Brent McCoy
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