Are You Putting All Your Eggs in One Basket?

by bettersocial

Posted: 14 years ago 14 replies

INTERNET MARKETING

I recently came across a guy who was making a nice $10k/month off a certain method.

After his third straight month making $10k, he walked out on his job to work from home.

Soon after, the method he was using became ineffectual because the site(s) he was using changed its policies.

Within a day, he went from making $10k/month to $0

Now he is trying out virtually everything to make back some money and not have to take up another job. He confessed to me that things look "difficult" and he may have to head back to the job market.

This ought to be a lesson for every marketer who dreams of quitting his day job. Don't do it unless you have 3-4 SOLID sources of income. Even if one of them fails, you can bounce back and rely on other methods.

If you are making $15k/month off Twitter, don't just quit your job based that income stream. Twitter might change its policies tomorrow and you will be left without an income stream.

I know focus is a key ingredient of online success, but IMO, you also need to diversify your streams of income to truly live the "internet lifestyle"

#basket #eggs #putting

BIG Mike Banned 14 years ago

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- bettersocial 14 years ago
  
  Originally Posted by BIG Mike
  
  Nope - eggs are too high in cholesterol for me
  
  try eating just the egg whites - excellent source of protein
  
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NoGuru 14 years ago

I'm trying not to put all of mine in one basket. Speaking of which, have any of you had much luck with an alternative to Adsense?
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- Daniel Brock 14 years ago
  
  It's pretty easy to get caught up in that though.
  
  After all, if something is doing really well you tend to focus on it to make it even better.
  
  I definitely agree though - it's good to have multiple businesses. Especially if one of them relies on google traffic like a lot of affiliate marketers do.
  
  (Me included)
  
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Scott Ames 14 years ago

This is what gets people really confused that are starting out. They are told to "focus" yet also told not to put all their eggs in one basket. Perhaps people could clear this up.

In my mind you need to focus on something that doesn't have the potential to disappear one day based on someone else's control. Adsense is one that could be yanked from you at any time for example.
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Success consists of going from failure to failure without loss of enthusiasm. -Winston Churchill
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- melodylee Banned 14 years ago
  
  [DELETED]
  
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  butters 14 years ago
  
  Master 1 thing, then master another, no point being ok at all of them. Right now I am focusing on number 1 rank in the 3 search engines, they will always be here, if they change there engines, I will have to adapt but I will always focus on getting rank 1. After that is done, article marketing for me.
  
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  Simon Royal 14 years ago
  
  I am focusing on one thing right now, I think that most people starting out should do this.
  
  When I very first got started I...
  
  bought a bunch of different ebooks
  
  studied these methods further
  
  if I started reading one book then when I tried to advance my knowledge the next book recommended a different tool or script so I bought that and ventured into that method
  
  and did the normal newbie thing and went from one method and studying the more advanced stuff for that technique to the next method and one day.
  
  I actually started to focus on one of those and have been making a few hundred over the last couple of months.
  
  Once I can map out my complete system then i will outsource it and move to the next method, so basically this long drawn out post breaks down like this.
  
  Focus and become proficient at one method, outsource the tasks so you only have to supervise and then you can repeat with the next method.
  
  Article marketing is good for me.... Now its on to ppc.
  
  I will let you all know how it goes.
  
  Torrance
  
  p.s opps I might have went out on a tangent.
  
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Gee S 14 years ago

This may sound odd but when starting out you SHOULD put all your eggs in one basket. The reason I say this is so that it avoids information overload and allows you to concentrate on that one method which you should live and breathe. Once you've got it working and doing well, then definitely it's a case of trying to diversify into other businesses to spread the risk.

Gee
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raynman 14 years ago

I'm just trying to find one stinking egg. Dadgum free range chickens aren't making it easy for me.
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cashcow 14 years ago

In my mind you need to focus on something that doesn't have the potential to disappear one day based on someone else's control.

I think you hit the nail on the head there. I guess that might be one reason why a lot of people say it is best to have your own product - with an affiliate product the company can suddenly sever the relationship or just stop making the product.

But, the same goes for your source of traffic. If you depend solely on something like Twitter, then one day they change things and you can no longer tweet your traffic dries up. Same for PPC or even SEO if you depend on just 1 method to get your links.

I guess the key is to have a good solid long term business plan that addresses all these issues. That way you can focus on building your business (whatever that is) and add in all these different streams of traffic/monetization.

It's kind of like businesses in the offline world - if you manufacture a product you don't have just 1 source for all the little parts you need for that product nor do you have just 1 channel to sell the product through. Yet, you can still focus on making the best product, you just have to have all the other contingencies in place.

Lee
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Joe118 14 years ago

Well, yeah, depending only on Amazon or Ebay or Adsense or ... is not the best. Everyone does it -- I am no longer doing it but I certainly did this...

Learn and live!
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TheDebtEliminator

14 years ago

It is always best to not let any income to be more than 50% of your portfolio.

If the profit percent increases ... just use those profits to invest in another way to create income from Your IM efforts

Most of us have been there and bought the t-shirt.

For me ... I bought the whole rack of them

All the Best

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Scott Ames

14 years ago

Originally Posted by TheDebtEliminator

It is always best to not let any income to be more than 50% of your portfolio.

If it increased ... just use those profits to invest in another way to create income from Your IM efforts

Most of us have been there and bought the t-shirt.

For me ... I bought the whole rack of them

All the Best

You look familiar

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Success consists of going from failure to failure without loss of enthusiasm. -Winston Churchill

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Joe118 14 years ago

Originally Posted by Scott Ames

You look familiar

George Bush retired last year
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Jon Tees 14 years ago

That's what I dislike the most about affiliate and network marketing. You are pretty much at someone else's mercy. They might decide over night to take the company in a different direction. And may completely change/modify the comp plan as well as policies. What this does is effectively pulls the rug out from under a wide variety of affiliates making it difficult if not impossible to make money. Of course the reason they give is that they feel the new set up will "allow a greater number of reps who aren't currently making money, to have more of an opportunity to generate an income using their affiliate program." In reality its so they can screw over the reps who are making money and keep more of that money for themselves. Its how they legally steal your commission checks.
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Are You Putting All Your Eggs in One Basket?

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