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lots of income streams, or one solid one?

by louie6925
13 replies
Out of curiosity I was wondering what the general opinions of warriors are?

a) splitting your time between several projects for a collective income

Or

b) focusing on one and continuously improving for one substantial income


The reason this interests me is I currently have 4 projects all generating some profits and currently working on a new one, but have wondered just how big I could scale one project by dedicating all my time to it! I know you shouldn't have all your eggs in one basket but could it be worthwhile to focus soley in one business?
#income #lots #solid #streams
  • Profile picture of the author Giani
    Focus on one till either it is generating profits or you think it was a wrong product or decision.

    Then build another.

    It is better to have more sources of income so you can try different models.

    .
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  • Profile picture of the author Real-TechGuy
    I just had this discussion with a partner and I've decided to focus on one for a couple of reasons:

    1. Launching new products takes a lot of work.
    2. If you make a great product then you can focus on marketing and selling the crap out of it.

    It's only taken me 4 years to figure this out, so I hope I've saved you some time Louie.
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    • Profile picture of the author Richard Van
      Originally Posted by Real-TechGuy View Post

      I just had this discussion with a partner and I've decided to focus on one for a couple of reasons:

      1. Launching new products takes a lot of work.
      2. If you make a great product then you can focus on marketing and selling the crap out of it.

      It's only taken me 4 years to figure this out, so I hope I've saved you some time Louie.
      Well I'm the opposite. I have lots of sites in lots of areas some relying on natural search, some paid search, some syndication, offline etc etc.

      It took me 8 years to do this and the reason I like it is because if and in many cases, when, something goes wrong beyond your control and the site no longer makes money, I don't need to panic because I have plenty of other fingers in lots of other pies.

      Both options can work, it depends on who you are, what resources you have and whether you can successfully get to grips with being able to outsource the stuff you don't do very well.

      There's no one size fits all to this question. In answer to the OP's question...

      "Lots of solid income streams, or one solid one"

      Why can't you have lots of solid income streams?
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  • Profile picture of the author tamalanwar
    Hey Louie, TA here. I am a big fan of Age of empires strategy games. And I learned some very important lessons. You need an army to conquer the land. And you need a mix of all of them. Infantry, cavalry, archers, knight, siege weapons, towers etc.

    IM is a battlefield and if you want to conquer the land of riches, you need to build a strong army of money sites. Create niche sites, adsense sites, flip some websites, have company websites, blogs, create info products, membership sites -one by one and work on it until it runs on auto.

    The problem of 1-2 big site is, anytime your money site can drop, making it harder to support your income.

    Splitting your time to a few projects is good, and you won't get bored. Think like this: If you spend a year building a site that didn't work, will make you never go through that path again. If you work on 5 sites and 2 fail, that wouldn't be a big deal for you because 3 sites won and not much time spent there.

    PS: I need to apply all these tips myself, this year I got serious on building my army. Had a rough start but I am not gonna let this go!
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  • Profile picture of the author victor9011
    I am splitting my time on three projects and I am making good money by doing so.
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  • Profile picture of the author smelley72
    Risk management would say diversify....

    What would happen if your one revenue source crashed and burned?....
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    • Profile picture of the author jodamy
      Set up a calendar at your workstation and do the following:
      • At the end of each Friday fill out next weeks schedule
      • Designate each day to ONLY ONE project (website, back linking, article writing, etc...)
      • Switching from one project to another will only escalate into getting less accomplished throughout the day
      • After finishing a project for the day, you can focus on what you will be doing for the next project tomorrow
      • Do not fill out the calendar past next week, accomplishing smaller goals will help you achieve the bigger goals in your life
      • If you accomplish your goal at the end of each day, put a check mark on that day or an x if you didn't accomplish it. That way you'll know to do it again the next week
      • Try this for a week, and see how you feel
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  • Profile picture of the author umrbd
    Having more than one income sources doesn't hurt but it is necessary to focus on one which should be your main project in which you believe that it have more potential to generate income and you can perform well in it. Launching back to back projects will not be a wise move as your friend said it will divide your focus and will require more time and resources
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  • Profile picture of the author SiteFlipper
    If you are not good at one,it had better to have several income streams to my mind.
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    • Profile picture of the author Jill Carpenter
      Mc Donalds.

      One primary business that adds inventory (smaller streams) as it grows.

      Start with making a great burger, and then add optional smaller streams of income like the fries and the soda and the chicken nuggets. Toss in an occasional Mc Rib for a limited time or a Fish sandwich.
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  • Profile picture of the author funkynassau
    I think having a few good ones is the way to go. You can have one really good one and several smaller ones that arent as profitable but still make you some money. I equate this to how the farmer who rents my land explained it to me - grow several crops at the same time, then if one of them fails you have the others to fall back on. Dont put all of your eggs in one basket.
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  • Profile picture of the author brik2500
    I personally like several because I get bored easily....but it depends on how big the niche is on whether or not you should go with one...

    If the project is big enough to rake tons of money in and you want to put all your muscle into it...then I'd say do it....

    Personally, I prefer to manage a couple of projects at a time then move on to other ones..
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  • Profile picture of the author Ryan David
    I throw a lot of things at the wall to see what I like and what takes off. After the initial startup phase, if it kinda flutters out or is less than stellar, I don't waste my time with it.

    But within my authority sites, I'm diversifying. Some of my smaller sites will get all their traffic from organic search. My authority sites have affiliates, wholesale, sell online/offline, have a big list, paid search, facebook, and organic. So they are diversified streams.
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