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Literature suggests various ways to augment the income levels of farmers, and livelihood diversification is one among such approaches. However, risk is a critical factor that drives a farmer to diversify. The returns of a farmer are influenced by the amount of risk undertaken. In this paper, efforts have been made to understand various factors that play a key role in coping with risk and possibilities to augment income through diversification, sustaining the income earned, and so on. Though diversification is an established strategy to boost income, this paper presents a systematic approach to diversification and managing risk through the livelihood diversification framework (LDF). The systematic approach paves the way to make livelihood diversification a non-distress-driven strategy through various interventions.