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Focus vs Diversification

by Will Iam
6 replies
Looking for some advice from the community on focusing on one project vs dividing my attention on several. I've heard some pretty bad stories about people who divided their attention between a number of different projects and the end result was that all of the projects actually failed and they didn't get anywhere. I don't want to spend time with my wheels spinning but I also don't want to have only one income stream, all my eggs in one basket.

I'm not quite starting out, I have a project or two that I've been working on for the last couple of months and I'm doing reasonably well but I want to continue to grow in a positive direction and branch out into other projects. I have had some slightly negative experiences in the past where I bit off more than I could chew and took on projects that I shouldn't have to try and build more. The end result was that I got overwhelmed and I didn't end up producing as much as I thought that I would.

The corollary to that type of concern is essentially that all my eggs are in one basket. If my niche goes away or another problem comes up with my main project I could lose all of my income in a hurry. Do I try to diversify and risk losing focus or do I stay focused and risk losing everything? Where have you found that balance in your own businesses?
#diversification #focus
  • Profile picture of the author easy gov grants
    As you said in the past you bit off more than you could chew, so examine what went wrong before. Did you try to do it all alone? Should you consider hiring a virtual assistant to help you with your new expansion/diversification?
    Check out systems or tools that can help you automate some parts of your work. See what activities you need to forego to make time for these additional projects.
    Balance out your projects. Not every project can be a 'major project'.
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    • Profile picture of the author BigFrank
      Banned
      Originally Posted by easy gov grants View Post

      As you said in the past you bit off more than you could chew, so examine what went wrong before. Did you try to do it all alone? Should you consider hiring a virtual assistant to help you with your new expansion/diversification?
      Check out systems or tools that can help you automate some parts of your work. See what activities you need to forego to make time for these additional projects.
      Balance out your projects. Not every project can be a 'major project'.
      The link in your signature goes to a blank page. Tried two browsers. Just an FYI.

      Frank
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  • Profile picture of the author BigFrank
    Banned
    Another one of those questions that can't be answered as there are too many variables and every person is different.

    People can only answer with what's right for them, which means nothing regardiing what's right for you.

    Try the magic eight-ball. The resulting answers will be as meaningful and relevant as anything you will receive, here.

    Frank
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  • Profile picture of the author JosephVictory
    Buddy! Focus enhances productivity, i wish i had focused in my early days of my internet marketing journey,. Fastest way you can see result is to focus on a project and get it all done.
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  • Profile picture of the author stewie48
    I would say focus on one project until you have it up to speed,,,

    Once you have that project running smoothly and at the level you want it to be,
    then you can look at starting another...

    Old saying "Too many cooks spoil the broth" Well "too many projects can spoil your growth"

    Have a great day
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  • Profile picture of the author unlimitedoptions
    Hi:

    You could diversify within your niche with different custoners. Or you could go deep into a sub-niche. Example-- Niche= pets; sub-niche= poodles.... Within this sub-niche you could have severals options:
    poodle training
    poodle grooming
    poodle breeding

    You are diversified within your niche.
    Just an idea...

    Dan
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