Multiple Streams Of Income vs. Eggs In One Basket

by Ryan D Banned
8 replies
Not sure I'm alone here, but I've had this "problem" for the past 5 years. I got extremely lucky and hit a home run with my first site. It generates lots of revenue, I have consistently improved it, and it launched my career selling stuff online.

But being a conservative person, I wanted to have some more legs to the stool. So I first decided to build more websites and kind of spread out my time. I built some adsense sites, affiliate sites, and more ecommerce sites. All in all, the sites combined do pretty well for the amount of time I spend on them (zero).

I think my neglect of other sites gives me anxiety or guilt or something. haha. Because every year I say "This site has been making $1000 a month and I haven't done anything for 3 years, imagine what would happen if I spent some time/money on it". Then I start, and then I fade out because.......

I usually come back to working on that first site that's the big money-maker. So to give me the feeling of diversification, I have just expanded the channels that I sell. Instead of just relying on SE traffic, I do lots of PPC, I sell wholesale, I dropship, I started an affiliate program and pay out generous commissions, etc, etc, etc.

I feel a little better about the strength of the original website now because it's been growing for 5 years, but it doesn't take away from my underlying frustration that I haven't been able to come up with a process for outsourcing the continued development of these other sites.

So I'm sure I'm not alone right? How do you guys deal with these websites you develop but can't devote time to? You just sit back and collect the check?

Or if you outsource, do you just write down the steps you take to promote a site and then piece that out? Or try to find a person to handle all of it?
#basket #eggs #income #multiple #streams
  • Profile picture of the author JayXtreme
    On every site that I lose the time to manage... I do this:

    Spend 1 week doing any management required on that site, and take notes of what is required to maintain or improve it.

    Give those notes to outsource staff... and have them send me the bill for the time/work taken.

    Each month, I have calculated, if the money spent is worth the money made from that site... if it's worth it, I carry on.. if not, I don't.

    Jay
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  • Profile picture of the author JayFlow
    I don't see what is so wrong with concentrating on one site that is pulling in lots of revenue. You don't see founders of startups working on a bunch of different sites. They build out their huge site, make millions, and exit. If one big site is working for you, don't feel bad spending all your time on it. MILK IT!!
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  • Profile picture of the author cbwater
    Concentrate on one site and then sell it for a profit. Use that profit to then start up some others.
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    • Profile picture of the author Samuel Baker
      If your successes with your "Diversification" websites and business ventures are severely lacking and your original site is bringing in the big bucks, then I would focus solely on this effort at this point in time.

      Diversification I believe is a very very good thing to do once you have your grounding and can set aside some income from other projects to invest in news areas of business, as you said Affiliate products, E-commerce, PPC.

      All these streams once implemented together are very powerful for any business IF used and optimized correctly.
      Keep building your 'Money Site' and steadily diverse outward from there when the time is right.

      Outsourcing your small time management tasks is what a lot of people do due to the issue of TIME.
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  • Profile picture of the author Emily Meeks
    I've always found multiple streams of income to be most appealing, but there's a certain way to go about it.

    You do NOT want to try to set up multiple streams in the beginning - you won't get anything done. I'd always recommend getting *one* business idea off the ground first - you say you have one really great site going for you, so this is good. But instead of taking on multiple side-projects all at once, I'd cultivate one or two more side projects. Benefits:

    - Newer projects keep you from getting bored.
    - You start to build your own "safety net" if you will.
    - You get That Much More money - and learn more about different marketing methods in the process.

    Pick one or two "favorite" side projects to focus on when you're not working on your breadwinning business, then stick with them. Hire outsourcers to work ONLY on these one or two side projects, then let the others sit and collect the paychecks. You can go back to those later, after you've built these projects up - then, of course, lather, rinse, repeat with everything else
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  • Profile picture of the author Dennis Gaskill
    A few years ago I had all my eggs in one basket. I'd earned a very good income with this site. Then it was hacked. A script was hidden deep in seldom looked at directory by someone trying to hijack my traffic. The script didn't work, but to keep a long story short, the script wiped out my site in the search engines.

    My site went from about 80,000 to 100,000 unique visitors a month to about 4,000. You can imagine what that did to my income - remember, all my eggs were in this one basket.

    It took over a year to get back in the search engines and get my traffic back to half of what is was. I don't even want to tell you what it cost me in lost income. Put it this way, it cost me a WHOLE GREAT BIG FREAKING BUNCH OF MONEY!

    Never put all your eggs in one basket. That's my advice.
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  • Profile picture of the author DrGUID
    Try and launch related sites and use the linkjuice from a big site to move to other niches. I am currently trying to get from software to finance.
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  • Profile picture of the author Neil Morgan
    Diversification is a good thing as long as it doesn't have a detrimental effect on your first product/service. So you need all your ducks in line whether that be outsourcing support or whatever.

    It's also easy to fall into the trap of assuming that subsequent products will be as successful as the first. But, of course, there is no guarantee of that. You need to keep an eye on how your new products are REALLY doing. Listen to that little voice at the back of your head - it's trying to tell you something.

    Cheers,

    Neil
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