Summary

The website content discusses the advantages and disadvantages of having multiple income streams as an online entrepreneur or writer, emphasizing the importance of finding a balance to avoid stress and overwork.

Abstract

The article delves into the lifestyle of writers and online entrepreneurs who manage multiple income streams, a common strategy to mitigate the risk of relying on a single source. It highlights the benefits of diversification, such as resilience against the failure of any one platform, the acquisition of diverse skills, reduced monotony, and protection against simultaneous algorithm changes. However, it also points out the drawbacks, including the significant time investment required to monitor various sources, the difficulty in transitioning between different types of work, and the potential for inconsistency in managing them all. The author shares personal experience, having closed some of their own ventures to reduce stress and focus on more manageable and targeted projects. The article suggests that while multiple income streams can be beneficial, there is a limit to how many one should manage, advocating for quality over quantity.

Opinions

The author suggests that the pursuit of multiple income streams is often influenced by others rather than a personal strategy based on fear of platform bans.
There is a belief that hiring more freelancers or virtual assistants does not necessarily reduce the workload or stress for online entrepreneurs.
The author expresses that managing too many income sources can lead to overwhelming stress and a lack of sleep, despite the common belief that more help equates to less work.
A personal anecdote is shared about the author closing two stores and one blog to reduce stress and focus on more sustainable projects, indicating a shift in strategy towards simplicity and effectiveness.
The article concludes with the opinion that there is no need for excessive backups (income streams) and that individuals should choose a number that works well for them, advocating for a more thoughtful and personalized approach to income diversification.

Backups for a Single Backup

Pros and cons of multiple income streams

We, writers, have multiple sources of income. Or chances are that you are on your way to achieving that.

We have different dashboards opened up on different tabs for the whole day and we keep on switching and refreshing hoping that our hard work is paying off.

In my view, we mostly followed this path not because we are scared of getting banned from one platform but because others told us to do so.

I know one YouTuber who has 30 channels.

I used to follow one Blogger who has more than 200 blogs.

And so on. There are many examples like that.

We often get overwhelmed without thinking much about the consequences. And that is, whether we can handle this many income sources ourselves. Of course, hiring freelancers or VA is also an option but that doesn’t mean you as a boss work less. The more hiring, the more work you have to do.

All those online entrepreneurs who have hired many Virtual assistants still cannot sleep before 12. They still work very hard each and every single day. The stress doesn’t go away at all.

Having multiple income sources has its own pros and cons.

Pros of having multiple income sources -

If one source goes down, you can still live off other sources.
You get to know different platforms and that is equal to having more skills.
You will not get bored which is quite common if you are working online.
Not all platform’s algorithms change at the same time.

Cons of having multiple sources of income -

Monitoring income sources and performance can be time-consuming.
Shifting from one gear to another is not easy. When I work on my business books and the other day if I had to work on my stories, it always leads to more confusion.
Inconsistency. Chances are that you will not be consistent or not be able to have a proper schedule for all these platforms.

With the passage of time and more income streams included in our portfolio, sometimes it feels like we are forever locked in our four walls.

Because of this reason and the amount of stress, it brings along with it, I closed my two stores and one blog on Dec 2022. I started a new small store this year but that will take less effort to operate.

Less effort because it’s a micro-niche and I work only on weekends.

There are still many platforms I have not explored as a writer or as an online entrepreneur. But keeping my limited energy and time in mind, it’s time that we stick to a few that works well for us.

We don’t need more backups for a single backup, right? The chain is endless.

But still, in the end, the choice is ours. It’s up to us to decide what will work best for us.

If you want to know more about making money on Fiverr, then you can check out my book “Small Ebooks, Big Money”. Happy Writing Journey!

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