Diversifying

“Don’t keep all your eggs in one basket.” It may sound cliché, but that’s the basic idea behind diversification. If you don’t diversify, and someone suddenly comes along and steals or destroys your single basket of eggs, you’re left hungry and wondering what to do next. Hence, diversifying your online business is extremely important if you want to stay busy and keep your paychecks regular. In an uncertain world, you never know when a source of income may unexpectedly disappear.

Unfortunately, many writers who focused on one company are now facing the reality of losing their income. Demand Media Studios recently announced to their writers via e-mail a cut in available titles and upcoming company changes. These adjustments come after Google’s algorithm update in February, referred to as “Panda.” According to The Official Google Blog, the goal of this update was to “Provide better rankings for high-quality sites—sites with original content and information such as research, in-depth reports, thoughtful analysis and so on.” Google’s update affected the rankings and profitability of DMS content giant EHow, and many similar sites. Demand Media Studios still holds the stigma of being a “content farm.” However, the company consistently balks at that label and states they are working toward improving the quality of titles and content. Consequently, Demand Media Studios needs to make changes to their business model, which has resulted in a lack of material to write and is forcing many freelancer writers to diversify.

Marketing yourself as a freelancer can be an intimidating concept, but it’s the first step to diversifying. Education will make the transition easier, so take advantage of the wealth of advice available from successful freelance writers. Your initial goal will be to find new sources of income. One place many writers start looking is through online job postings on freelance websites. These sites have their place, but remember that most writing jobs listed there will be low paying and there’s usually plenty of competition. Acquiring a few jobs that way could be beneficial if you want to build your portfolio and gain more experience. However, your long-term goal should be to build business contacts that will be regular clients, and that means promoting yourself.

Here are some steps you can take to move your business ahead:

• Find a focus for your business. For example, if you’re best at creating website content, concentrate on that.

• Update and polish your resume. Revise your resume to highlight work reflecting your specialty. Don’t forget to include recent work. Assemble a link list of published work that you can easily copy into job applications.

• Create or update your website. Make your website SEO friendly, with relevant keywords and content. Include pay-per-click ads or affiliate marketing links to monetize your site.

• Start or update your blog. A blog is an excellent way to express yourself and show off your talent. Post a link to your blog from your website and social networking sites. You can also insert ads and affiliate marketing links on your blog.

• Network with other writers. You can do this through social networking and writers forums.

• Contact potential customers directly. E-mail or call local and online businesses that could benefit from your writing. If you write SEO content and see a website that needs help, let them know about your services.

Of course, growing a diversified business takes time and work, but the results are well worth the effort. You will have more security when you don’t have to rely on one source of income. In addition, writing for different clients means your work will be more varied and interesting. Market yourself and build a clientele, then you will develop a more stable and productive freelance writing business.

If you need ways to fill gaps in your income quickly, this will be addressed in my next post.