Joe Forrest, the veteran writer behind Niche Of One, got me thinking.
(As he often does.)
This time, he got me thinking about my online income streams.
Aside from being excited over the first money I made on Medium, they're … not life-changing.
Ten bucks from this source. Fifteen from that source.
Oh, hey, there's fifty from playing poker. Wow.
My side income is mere spare change from as many old couches.
Joe pinpointed the problem.
I read this gem from one of his articles on monetization:
Jumping into monetization without a clear, structured plan can lead you to spread your efforts too thinly across multiple unprofitable avenues. Define your primary revenue streams — be it memberships, courses, or sponsored content — and focus your efforts there. One revenue stream that constantly works is better than multiple that don’t.
~Joe Forrest
This was exactly my problem. (Well, one of my problems. If only I had just one, haha!)
In March I reported on ten separate income sources, and not a single one of them broke into three figures.
I jokingly asked if he had peeked into my affiliate accounts.
He responded with the care of a diplomat:
“LOL, no, but I know you have a lot of hustling going on! My suggestion comes from more of a place of getting one good one that really keeps the income flowing, and THEN focusing on diversifying. I'm finding it's better to do that than spreading yourself too thin.” (emphasis mine)
So here's my “one good one” income goal that I'll be focusing on
I started writing on Medium at the beginning of 2024. Now I'm kicking myself that I didn't start way earlier. Considering how straightforward it is to syndicate my own content on Medium from my blogs, there really was no excuse.
As I see no reason to exit Medium, my “primary revenue stream” for now will be to grow my Medium Partner Program income.
In SMART style, here's my goal:
“My goal is to earn at least $100 in Medium Partner Program income in one calendar month by the end of August 2024 to get a revenue stream that constantly works.”
By my own accounting, this goal is:
- Specific (I state the amount of income, and what it's from)
- Measurable (Medium adds it up for me and sends it to my bank account)
- Achievable (I have the rest of May, June, July, and August to give it my best shot)
- Relevant (“to get a revenue stream that constantly works”)
- Time-bound (“by the end of August 2024”)
I've already hit $100+ during months of this year, but not from Medium income alone.
It's long been time for me to focus and not chase the shinies with my side income efforts.
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header photo by Markus Winkler
