Online Business Diversification (Part 1)

I remember the day like it was yesterday. The day iLearningGlobal told me they were going to shut down the Network Marketing wing of their company and, in the process, totally obliterate my entire online business. The company just made a shift and decided they were no longer interested in being involved in the MLM industry.

When this happened, I was faced with a choice: I could either get angry, frustrated, and depressed or I could make a decision to diversify my business in a way that something like this would never happen to me again. I chose to diversify. I chose to build multiple streams of income that were not reliant on any single company or source. Here’s how I did it and how you can do it too:

1. Start Building Authority Sites

Authority sites are websites that focus on a particular topic or niche and become a go-to source for that subject. By creating an authority site, you establish yourself as an expert in that field, which opens up numerous opportunities to monetize the site through ads, affiliate marketing, and even product sales.

2. Create Little Niche Websites

These are smaller websites that focus on very specific niches. While they don’t have the broad appeal of authority sites, they can be incredibly lucrative if you target the right niche. These sites are easier to rank in search engines due to their specialized content, which makes them a great addition to your diversified online business portfolio.

3. Diversify Your Online Business Models

Diversification isn’t just about creating multiple sites; it’s also about diversifying the types of business models you employ. Don’t just rely on one method of making money online—mix it up with affiliate marketing, product sales, membership sites, coaching programs, and more. This way, if one income stream dries up, you still have others to fall back on.

As I diversified, I learned that one of the most important factors in succeeding online is to not put all your eggs in one basket. By spreading your efforts across different projects and income streams, you reduce your risk and increase your chances of long-term success. So if you’re not already diversifying your online business, start today. It’s the best insurance policy you can have in the world of internet marketing.

P.S. Leave me your thoughts, comments, and questions below.

In prosperity
David Wood

Comments

Emily Wallgreen, August 15:

I completely agree with this approach to diversifying online businesses. It’s essential not to rely on a single source of income, especially in this ever-changing digital landscape. Thanks for sharing your strategy, David!

Carlos Mendez, September 5:

I’m a bit skeptical about the effectiveness of these methods. Have you personally seen consistent results with niche websites? I’d love to see some data or case studies that back up these claims.

Olivia Brooks, September 12:

Could you elaborate more on the types of authority sites that work best? I’m trying to find a niche that resonates with me, but I’m struggling to decide where to focus my efforts.

Robert Andrews, September 20:

While I appreciate the insights, I think the advice is a bit generic. Building authority sites and niche websites is easier said than done. What’s your take on the challenges faced by beginners?

Linda Hastings, October 2:

David, it’s been a while since we last connected! This post was a great read, and it reminded me of the old days when we used to brainstorm together. Let’s catch up sometime soon. How have you been?

Michael Carson, October 10:

This post hit close to home for me. I recently had to pivot my entire business model after my primary revenue stream dried up. Diversifying has been a lifesaver, but it’s not without its challenges.

Isabella Thompson, October 18:

I’ve been using a tool similar to what you described here for building niche websites. It’s called “Niche Builder Pro,” and it’s been incredibly effective for me. You might want to check it out!

Joshua Brown, October 25:

I learned a lot from this post. The idea of not putting all your eggs in one basket really resonated with me. Thanks for the valuable insights, David!