Yesterday when I asked bloggers are they treating their blog like a business? I was reading through the comments, and a valued reader of the community, Tom brought up a very good point in a comment he made.
. . .How many bloggers have an exit strategy?
From that small excerpt it struck me, it made me wonder are bloggers prepared for the unexpected? One of the mistakes I see happen a lot from people urging to live the internet lifestyle, they either quit their job and jump in to soon, or they build only one source of reliable income for themselves and BAM it’s gone in a snap of an eye.
Part of treating your blog just like your business, is about having a backup plan just encase something goes wrong. When I decided to rely solely online for my income I realized I could not only rely on one source of income, I had to open up multiple revenue streams for myself, and revenue streams that could cover my costs. The same goes for any other blogger who works online.
How to create a backup plan that won’t shoot you down
Creating a backup plan is never easy, and it’s usually because we never think about the unexpected happening. I’m going to help layout some idea’s that will help you create a backup plan that won’t do you down right dirty.
Create a reliable secondary source of income
Before you decide you want to work online full-time, you want to make sure you have a reliable backup source of income coming in. Whether that may be creating an eBook and selling it, offering a product or service, promoting banner ads or affiliate marketing products. Whatever the issue may be, make sure it’s a reliable source of income.
How to make sure your secondary source of income is reliable
This is where you need to sit-down and analyze how much money you spend yearly, and ask yourself what will happen if income source #1 gets cut-off. Will I still be able to generate enough income to satisfy my needs? Or will I struggle?
Hopefully your secondary source of income will do you well enough so you are making it by with no problems. If you want to be on the safe side like me, use your secondary source of income as a backup account. Go to your bank, open up a new bank account and deposit all your secondary income there. This way, if anything does go wrong you have a bank full of income to hold you up.
Know when to cross the line
As much as I’m for helping people enter the Internet lifestyle and escape the 9-5, I’m also here to make sure they don’t make the wrong choice. You will have your high months, and you will have your low months. However, do not let one high month of income go to your head and you scream at your boss letting him know you’re no longer working at this place people call “your job.” If you’re still debating whether or not you want to move into a full-time career online make sure your income is steady! Let me clarify this a bit more MAKE SURE YOU ARE BRINGING IN A STEADY INCOME. There, I think I got the point across. But wait! What is a steady income? I define a steady income as an income that you can make enough of to also buy yourself some luxuries.
If you’re still skeptical about leaving your job to early after reading this article, email me Rammuny@gmail.com and I’ll be happy to help you out.
Have a plan C
There is nothing wrong with planning one step ahead. In reality, it’s actually very wise to plan one step ahead. If your main source of income get’s completely wiped out, your down to plan “B” but wait, something happens to plan “B” and your completely screwed. This is where backup plan “C” comes in.
When I think of having a backup plan “C” I do not think of a third source of reliable income, because all in all, that’s hard to do and not many bloggers are capable of doing so. Having a plan “C” can be anywhere from a friend who will help you out a bit, to having a mini-source of income coming in from affiliate sales. Whatever the case may be, plan “C” is around the corner to help you get back up. Hopefully you didn’t fall to hard.
Group Discussion
Okay bloggers, put down the coffee, it will only take a minute jeez, and join the discussion. What’s your thoughts on this? Have you been having thoughts about quitting the 9-5 to live the good o’l internet lifestyle? If you are this post should make you think twice before you decide to leave. For my bloggers who do work online, or even people offline, do you have a backup source of income? Do you have ideas to secure your sources of secondary income?
Dennis Edell (16)
Jack - Online Mar... (7)
Melva (6)
Colleen (5)
Debra (5)
{ 3 trackbacks }
{ 22 comments… read them below or add one }
Twitter: BuildThatListCo
Thanks for discussing this Rob, as I think it is something that many bloggers (including myself) have never considered. And I also think that it doesn’t even have to be a plan b, or a plan c. Is our purpose when starting our blog to hold it forever? Or are we growing to sell?
If we are growing to sell, then what are our goals? Do we have a trigger point, that is something like, ‘When my blog is making $1.000 a month, I will put it on the market?”
Tom´s last blog . . .Your Small List Can Equal Big Profits
Not a problem, it’s always good to turn good discussions into a blog post. I wanted to add in to your last statement, but I was getting a bit confused. Are you meaning “When my log make X,XXX/month” I will sell it and be done with it?
Twitter: BuildThatListCo
I guess the point I was trying to make was, ‘do we think that we are going to hold our blog forever?’, and if most bloggers answered that seriously – they would say no.
With that being the case, are we planning when we will exit? What will be the condition of our exit? The $1,000 example I gave was just a suggestion of something that people could use as a condition of exit. I don;t believe that we should wait until we get bored with a blog or start to get to busy to post on our blogs – before we sell it. Because by the time this happens, our blog is starting to hit a plateau or even going backwards in terms of traffic/ money etc.
This is, I guess, why I am suggesting that instead of waiting for a surprise reason to exit your blog to start setting exit targets. This could be a monetisation goal as I mentioned in my last comment, or even time based. So I will build my blog for two years and then sell.
Does this make sense?
Tom´s last blog . . .Your Small List Can Equal Big Profits
I’m a tad shaky (long day) but here’s a shot at it. Selling blogs is a great source of income and I’ve even built and sold some blogs myself for some back-end income. The only thing to look at though is, are you ready to leave your community? (Your blogs community) and after you sell will you be able to hold off on the income you have?
Twitter: BuildThatListCo
Yea, I think it definitely comes back to what your long term goals for the blog are!
Tom´s last blog . . .Your Small List Can Equal Big Profits
Twitter: rumiilieva
I started my first web site 4 years ago and my goal was to start earning money, save some in a bank and after I have the financial security, than to quick the job. I knew I would be successful, but took my time to prove it, before taking the big decision. Now I am free and work only for myself. My advice to newbies is to start a blog/website, do freelancer work, gather some financial freedom and than quit the job. Now I am at the stage thinking how to expand my online business by outsourcing some of the work I do. To every body: Do what you love, people feel it and you will be awarded.
Workout Routines´s last blog . . .Jan 24, Cellulite Home Remedies
Great advice you offered here. Definitely adding a blog or website is a great source of income if you work hard at it, and a even better source of income if you are dedicated about what you do.
Twitter: krenee76
I started blogging at a time when I was in between jobs and income. I didn’t do it because I wanted to get rich, I did it because I’ve always believe that when you establish diverse sources of income, even if they are all small sources, they add up and can make all the difference.
About two months into blogging I hadn’t made a killing, but I had made enough to pay some very pressing bills that I wouldn’t have been able to handle otherwise.
I’m currently working a day jog, still blogging, still affiliate marketing, and I’ve also added internet marketing consulting for local businesses to my belt. So I firmly believe in not only establishing plan A – C, but D-Z as well. That way, when you’re in a pinch, you’ll have something to fall back on.
Kiesha @ Affiliate Marketer’s Help Desk´s last blog . . .Free blog set up or redirect, plus 2 free blog posts
That’s a great piece of advice Kiesha! Having plan A-Z is golden, but sadly it’s hard for a lot of people to do, even myself. Best terms I think I can put it as, the more backups you have, the better you are.
Twitter: wasims
I’m glad I came across your website today and sadly enough, ‘No’ I don’t have a back up plan and also I started my blog writing after scrapping my original previous posts because my posts just seemed to be so random. So I started again and this time kep it much more real and let the real ME show in my blog.
Wasim´s last blog . . .Being Indecisive
Oh, it’s time to start working on a backup plan and if you need help me let me know. Also good to hear on the choice you made, I had to go back and delete some of my posts because I felt the were irrelevant.
Twitter: wasims
Really good to see that you replied so quick not many bloggers do so it’s quite refreshing that you stay engaged by replying. Thanks for offering your help Rob it’s really appreciated. I will definately be learning more from you in the furtre hopefully and may just need to come back for more questions.
It’s quite comforting to know that you deleted some posts because you found that they were irrelevant, not in a horrible way but I mean I thought I was the only one who did it.
Wasim´s last blog . . .Being Indecisive
Not a problem Waism, every comment of yours is valued here in this community of mine. Oh yea I’ve had some VERY irrelevant post when I first started off. Recently, I was looking through my articles and I found a article about “virus programs” I was like, this has to be deleted now. So yea, your not alone.
Just wanted to stop by and tell you how happy I am that I found your blog online. I actually just found you via the 2CreateaWebsite case study video! And I’ll be sure to navigate through your blog and find some useful info! Cheers
Glad you found your way on to my little community!
If you need any help feel free to holler at me, I’ll be happy to help.
Rob, three cheers on another well-thought out post. Yes, it certainly makes sense to have a back-up plan. My long-term goal is to generate income from blogging, but remain in the ‘9-5′…hopefully I’ll be able to both.
lickshunmewah´s last blog . . .31 Days To A Better Bog (In 15 Days) E-Book
Thanks – Working the 9-5 is definitely doable well working online, it’s just going to require some good time management if you want to ramp a good income from both jobs. I wish you the best at it!
Twitter: GenealogistElyse
This is such an important point to be stressed. To be honest, my blog is just a supplemental income and once I have my college degree, I’ll be willing to attempt to move it to a full-time income. I am not willing to make the jump until I am for sure that it will be a safe jump. I have big plans for my life and it’s possible for my internet lifestyle but it also may not support all of my dreams.
Elyse Doerflinger´s last blog . . .A Big Step: I’ve Written My First E-Book
Twitter: therealgusse
Yeah the world is always changing, whats hot today is perhaps not not tomorrow. Always think ahead and find new ways of doing business
gusse´s last blog . . .Hello world!
Right on Gusse! What things have you done to help prepare for the unexpected?
Twitter: therealgusse
Well you can say I have a backup plan but
1. I do not live as many refer to “the internet lifestyle”. I have a day job as a software developer, so that’s may primary income.
2. I have an assurance so if I get fired I will still get money.
3. Where I come from , Denmark, we have social security so if everything goes wrong I still get money so that I don’t need to sleep on the street..
So you can say I have a backup plan
gusse´s last blog . . .Hello world!
Sweeet! Sounds like a great plan to me.