As you may or may not be aware of… the United States is in a recession. With higher gas prices, higher food prices and the risk of job loss… What can you do to ensure your income?
First of all, you want to make sure you have more than one stream of income. If you are doing all your fishing from one pond and that pond goes dry you could end up in trouble.
Selling information products (ebooks, etc…) or having websites that appeal to different demographics is a great way to recession proof your earnings. This is because you can have customers from around the world. Just because the United States is in recession that doesn’t mean that other countries necessarily are.
Keep your business costs down and put money in savings. Having a reserve both for your own expenses and for any business expenses (hosting, etc…) is vital. If you suddenly lost your day job, you will want income to hold yourself over while you build up your online income.
In a nut sell: Have customers or website visitors that cater to different demographics and markets. Just like a stock portfolio, you can reduce your risk with diversification.
Try not to have more than 25% of your income from any one source.