Diversify Your Income Sources
Posted: June 18, 2013
© designsoliman - Fotolia.com[/caption]With your first taste of success when you're an entrepreneur, it can be easy to get too comfortable. Although it may be out of your comfort zone, you may need to branch out and diversify. Diversification can work, but take caution, it can also end up hurting your potential income.
© designsoliman - Fotolia.com[/caption]With your first taste of success when you're an entrepreneur, it can be easy to get too comfortable. Although it may be out of your comfort zone, you may need to branch out and diversify. Diversification can work, but take caution, it can also end up hurting your potential income.Recently I was reading an interview with Warren Buffett (the most successful investor of all time), and he mentioned that one of the key principles to achieve wealth is to diversify your investments over time.
The principle is not new (e.g., never put all the eggs on one basket), but while reading it I realized that most of us (myself included) forget to implement it quite often.
If you are an online entrepreneur you should diversify not only your investments but your income sources as well. For instance, don’t rely on a single advertising network or on a single income stream, like ebook sales. Apart from reducing your risk this strategy will tend to maximize your earnings over time.
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