Are You Building Your Entire Business On Someone Else's Property?

Recently Russia banned Facebook, Instagram, Twitter, Whatsapp, and Linkedin as well as Tiktok.

This was the first thing I read on my phone when I woke up today.

And that lowkey sent chills down my spine.

I remember being in China a few years back. They too had no Whatsapp, Facebook, or even Google (I bet it's still the same today).

I wasn't an entrepreneur back then but living in a country for two months without having to use Google, Whatsapp, or Facebook to connect with my loved ones and check my important emails were HARD.

It felt like I was transported into a bubble that cut me off from the rest of the world, along with several lucrative opportunities that came with it.

Well, the Chinese learned to adapt and they made their own applications such as Baidu but for the rest of us, we still heavily rely on these big giants not just for communication but also for our bread and butter.

And as of today, 100% of my income relies on Facebook, Linkedin and sometimes Upwork.

I have spent years and put in a lot of sweat equity trying to build my presence on these platforms and nurture them to eventually get a consistent clientele.

Millions of other people and businesses also rely on Facebook, Instagram, Twitter, Linkedin, Tiktok, Youtube, etc. for their income. Whether it's through organic lead generation or ad campaigns.

One day these platforms might get banned by your country (That's exactly what happened in Russia this week).

One day these platforms might change their algorithms or policies entirely and your campaign will suddenly tumble. (That's what happened last year when Apple introduced a new iOS policy that affected millions of ad campaigns around the globe.)

Or worst of all, one day, these platforms might cease to exist completely, in their current form at least.

And when that happens, are you sure you are ready to survive without them?

I feel like the more digitally advanced we are becoming, the more we are forgetting the ways to generate income without relying on these big platforms and the internet.

With all that's happening in the world these days, relying solely on Google, Facebook, And Linkedin for your sole income is quickly becoming a huge risk.

Start Diversifying Your Business

As of today, it's more important than ever before to diversify your income streams.

Putting all your eggs in one basket can be a dangerous move, especially during the early stages of your business.

I can only empathize with young businesses and content creators now scrambling to make even a dollar in Russia.

This should be a wake-up call for all of us.

It's time for you and me to get out of our comfort zones and build new streams of income, whether it's through investing, trading, a brick and mortar business (that doesn't rely on social media), and eCommerce brand, etc.

I also talked about "owning your audience" in my previous article: Freelancing = Freedom? No. You Are Wrong & Here's Why.

Use your social media channels to build databases containing contact information (Phone numbers and emails) of your ideal prospects so that if your social media channels go down, you can still market and sell them via email.

And if in the worst-case scenario, even the email platforms go down, you can market them the old way .i,e through phone and SMS marketing.

The bottom line is that as an entrepreneur, it's important to always be looking ahead and preparing for potential challenges.

By diversifying your income sources, you can help ensure that your business remains resilient in the face of adversity.

That way, if one source of income dries up, you'll still have others to fall back on.

So don't put all your faith in social media - it's a risky move that could cost you dearly.

Diversify your sources of income and protect yourself against the dangers of social media.

There are a number of different ways you can go about doing this, and each has its own set of benefits. Here are some tips for diversifying your online income:

1. Sell products and services

One of the most common ways to diversify your online income is to sell products and services. This can include things like digital products, physical products, or services like coaching or consulting. Selling products and services can be a great way to increase your income, and it also helps to reduce your reliance on any one source of revenue or platform.

2. Offer subscriptions

Another great way to diversify your online income is to offer subscriptions. This could be something like a monthly membership to your own website or service, or it could be a subscription to a physical product.

3. Advertise on other platforms

Advertising is another option for diversifying your online income. You can sign up for ad networks like Mediavine, or you can work with brands and companies directly to place ads on your website or blog. It's also important to make sure that the ads are relevant to your audience and that they don't detract from the user experience.

4. Affiliate marketing

Affiliate marketing is another option for diversifying your online income. With affiliate marketing, you promote other people's products or services on your website or blog and earn a commission when someone buys something through your link. You can use this to build up your brand and audience.

5. Sell courses and ebooks

If you have knowledge or expertise that you can share, selling courses and ebooks can be a great way to diversify your online income. These products can be a great way to generate passive income and have a dedicated fan following.

So don't put all your eggs in one basket – it could cost you dearly down the road. Instead, spread your risk using these methods!

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And if you read this article all the way to the end and liked it, please do comment and let me know. 😄