"Forget About Multiple Streams"

[jbreezy]

I was watching a vid the other day where Reese basically says people get spread to thin when the try to create multiple streams. He pointed out that most of the most wealthy people in the World focus on one thing. Gates - Software..Buffett - Stocks...Trump - Real Estate

I can see that...it's hard to focus on 6-7 different niches, promoting them all, building a list...etc.

It does make sense because you can't offer the same amount of quality as you could if you just focused on one thing.

That's what I'm kinda struggling with...I've got some products, sites, different ventures..but I'm getting spread a little thin.

So basically I'm going to finish up all my loose ends...Then start concentrating on ONE single thing and add as much valuable content and expertise as I can.

[jbreezy]

Just go to income.com and check around. i forget exactly where it's at

[BIG Mike]

Originally Posted by jbreezy

I was watching a vid the other day where Reese basically says people get spread to thin when the try to create multiple streams. He pointed out that most of the most wealthy people in the World focus on one thing. Gates - Software..Buffett - Stocks...Trump - Real Estate

I can see that...it's hard to focus on 6-7 different niches, promoting them all, building a list...etc.

It does make sense because you can't offer the same amount of quality as you could if you just focused on one thing.

That's what I'm kinda struggling with...I've got some products, sites, different ventures..but I'm getting spread a little thin.

So basically I'm going to finish up all my loose ends...Then start concentrating on ONE single thing and add as much valuable content and expertise as I can.

You’ve got keep that in perspective though – Gates for example, doesn’t just focus on software as if he made some little utility program to sell online. Microsoft has its hands into numerous businesses, including personal and business hardware/software, gaming hardware and software, search engines, social networking etc. and the same is more or less true for any large company out there.

Your “Core” business should definitely evolve around an area you’ve got the most expertise, ability and resources to work in. The absolutely crucial next step in that process, especially online, is to automate and centralize as much as possible so that you can then expand your core business activities into tertiary areas.

What helps to accomplish this is to centralize your sales funnel to a real common point. For example, our core business is software development and sales. We do this from a centralized site rather than promote every product as if it were a separate business. Ballpark, I’d estimate that this accounts for about 45% of our overall annual revenue. The remaining 55% comes from a variety of related areas we work in.

For us, the key is to identify profitable areas to work in, allocate a proportional amount of resources (for ROI) and then test for months to determine if the ROI is sustainable and if so, integrate it into our online operations. Again, automating and centralizing every aspect of it, to minimize the tangible resources being consumed.

[Mike Morgan.]

I agree with you that focusing and working hard on the most profitable is the way I follow .

But , I also involve in creating multiple stream of income in small niches .

So , if you can do it ...follow both ways .

Mike

[angela99]

Hi jbreezy, re "That's what I'm kinda struggling with...I've got some products, sites, different ventures..but I'm getting spread a little thin".

Sometimes it can feel that way, if you have lots of great ideas and get them online. But nothing you do is ever wasted (sites become more valuable the longer they're online), and who knows when one of your projects may suddenly take off?

I tend to get intuitive nudges that I should do something or other -- create a product, or a site. I don't always follow my nudges, but I've found that when I do, they're ALWAYS successful. :-)

Look at all your projects, and just think about them. Do you get the feeling that one of them, with more effort, could suddenly become hot? If you do, put your energy into that.

However, as to being spread too thin -- don't worry about it. It's far better to have many irons in the fire than to be someone who's forever "researching."

Hope you hit the big one soon. :-)

Cheers

Angela

[ExRat]

Hi,

I can see that...it's hard to focus on 6-7 different niches, promoting them all, building a list...etc.

If you create a unique system to exploit a niche, it can actually make sense to test and utilise that system across many niches. If the system has unique aspects which are used on the front-end, then each time it is deployed it is still 'new' (in the eyes of the consumer) within each niche.

If it doesn't work in some niches, you drop it. If it does, you scale it up.

It does make sense because you can't offer the same amount of quality as you could if you just focused on one thing.

Based on what? I don't see Amazon suffering from quality problems because of their diverse range of stock. They apply the same system to each 'niche', so the truth is that by doing that, they can ensure the same level of quality across the board.

Eggs, baskets. This is the internet. Things change fast.

So basically I'm going to finish up all my loose ends...Then start concentrating on ONE single thing and add as much valuable content and expertise as I can.

Keep your fingers crossed that the one thing you focus on doesn't bomb.

I think the point is that there is a difference between creating multiple streams, and jumping from one thing to the other but never completing any of them, and never creating a system which is applied to each stream.

I'll also add that it is the guru's job to keep making bold statements that are firmly rooted in one extreme. This creates polarisation which then creates debate, which leads to buzz.

If you look closely, you'll also notice that they often contradict themselves further down the line, either through their words, or their actions. They're just doing their job, creating buzz with their name attached to it. But I wouldn't advise changing your business direction every time you read one of these opinions or you will literally end up going around in circles.

It's much better to understand the reasons why they say these 'golden rules', and then develop your own critical thinking skills, analyse your own test results, and then make decisions. Perhaps you could split test this opinion - spend 50% of your time focussing on one project, then spend the other 50% on multiple streams. Once you feel that you have enough evidence, choose the direction that works for you and suits your style of operation.

Personally, I would never advise anyone to put all of their eggs in one basket online. But I doubt that that is the point that he is making. I would suggest that he is probably saying 'stop jumping around from idea to idea without ever seeing one through to completion.'

PS - as mentioned by BigMike, the idea that Bill Gates focusses on one particular area could do with a little more study.

[persistence]

I have this challenge too. The inability to focused. I think what would be good is to learn and dominate one area before spreading out to others so that you have your hands in many pies. Profitable ones that is.

[enovator]

YOU ARE WRONG BRO. When we say one should have multiple streams, that does not mean we should work on multiple streams at the same time. It means, you work on a single project, make a passive income and move on to create another passive stream.

When you will work on the multiple streams at the same time, you are going to FAIL

[Devan Koshal]

True, but they do things on a much larger scale.

My primary business markets are marketing, software and business development.

My im markets are just niches that want to spend money.

[madison_avenue]

By focusing only of Windows as an desktop operating system. Bill Gates initially "missed the boat", on becoming a player in the browser market. Netscape Navigater took this market. This led Gates to start Microsoft Explorer and bundle it with Windows,this practice was deplored as anti-free competion by many at the time, because he was using his Windows software to knock any competition.

[jhongren]

Hi,

Multiple streams can be defined
as streams from One niche.

I see it as serving a customer
base from one niche in different
aspect, meeting their different
needs.

Lets say exercising...

You can have a stream selling them ebook on exercising tips...
another stream on cross-promoting affiliate products on exercise....

next, you can be a trainer to have your personal students and charge
them training fees....

With the same list, you have 3 streams now.

I am sure you can build more streams!

Cheers,
John

[bgmacaw]

The confusion comes from not understanding what your business model is. It's quite easy to define a niche too narrowly.

For example, Bill Gates didn't say that Microsoft was going to do their first product, BASIC, to the exclusion of all other computer related products. Donald Trump didn't just concentrate on NYC real estate. Warren Buffet didn't buy stock in just one company and no others. They defined their niche and business model broadly so that they could grow.

If you're here you're likely in the business of Internet marketing. This covers a wide area and leaves you plenty of room to expand into new areas as needed. If you define yourself too narrowly, such as "I only do PPC for email submits", you may find that your growth and income stunted.