This guest post is by Kevin Muldoon of WordPress Mods.
As I used to run a few poker discussion forums and information websites, a large part of my income over the last several years has come from poker referral commissions. Commissions have dropped every month over the last few years, which is not a big shock since I sold my last gambling related site about five years ago. What was a big shock was the recent poker ban in the USA, resulting in thousands of dollars being taken away from me every month.
Strangely, this has not necessarily been a bad thing for me—quite the opposite. Having a constant stream of income every month for several years was great, though it did make me lazy in many respects. With these commissions gone from my monthly income, I have found myself really focused to get things done and get things done sooner.
The first thing on my agenda was to reduce outgoing costs. Sadly that meant letting two regular writers of my blog go (for the time being) until I can reassess where income can be improved. I enjoy writing so I don’t mind taking on extra writing responsibilities for my blog, though it did make me analyze my own duties more.
What is your time worth?
One of the biggest questions I had to ask myself when my income dropped was, “How much is my time worth?” If you make money from a number of different areas online (e.g. affiliate commissions, blogging, flipping websites and domains, etc.), this isn’t an easy thing to answer, particularly if your schedule changes from day to day.
If you are a blog owner and spend a lot of time writing articles for your own blog, there is a more suitable question to ask: “How much is my time worth as a blogger?” This is something I asked myself when thinking about the long-term posting strategy for my blog. Is some of my time better spent writing for other blogs and websites?
Consider a blog owner who writes one 1,000 word article for his blog every single day but unfortunately has no money to spend on writers. If he were able to find a good writer it would be in his interests to hire him if he was able to secure a writing job for himself at a much higher rate.
For example, if the blog owner got a blogging job that