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When Do You Diversify?

by dctmp
5 replies
At what point do you try to start other income streams?

I am finally having some success and have a website that is averaging about $30 a day. It is my first consistently money making website and I think I can get it to at least 60 or 70 dollars a day in another 6 or 8 weeks if I keep working at it.

My question is, do I keep at it until it is maxed out? or do I try to start another stream of income to stay diversified? Everyone says not to put all your eggs in one basket right?

I have a full time job too so I don't really think I can focus on both and be successful. Thanks for your input.
#diversify
  • Profile picture of the author Kul
    You should only start thinking of diversifying once your first project is generating a constant revenue stream in a manner that leaves you free time for another project. The diversification should never be at the cost of the first project. The reason is simple - your current project IS bringing in money and it isn't certain whether the new project will bring in revenue or not.

    Also, the question of all eggs comes into play only when the value of the eggs is something substantial..
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    • Profile picture of the author dctmp
      "The reason is simple - your current project IS bringing in money and it isn't certain whether the new project will bring in revenue or not"

      That's a good point, never thought of it that way...
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      • Profile picture of the author Lanadili
        I would keep at it until you've maxed your potential for that site. Then you can move onto something else, but you know your making money with that site, so just scale it up to make more.
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  • Profile picture of the author dvduval
    Everyone has a different style. I tend to always keep a few lesser projects simmering, and sometimes they don't get much work for a few months, but at the same time, I am ready to move forward with any number of things should the need arise. At the same time, I very much agree that focusing on increasing your revenue on the first project should be a high priority, since you already feel it is likely you can do it.
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  • Profile picture of the author UnDenIeD
    Usually it is good to diversify as soon as you have a good system put in place, a system that can run without your supervision. Let's take your example. $30 a day adds up to $1k a month. You can find a good virtual assistant for $600/month. And that's for 8 hours a day, 20 days a month. I'm sure she could do your work in let s say 80 hours per month easily. And she would have another 80 hours that can be spent on another project.

    Meanwhile with all the free time you can research and set up new sites. You get bigger and better. You keep $400 in profits at the end of the month and you have to possibility to scale it up and turn it into a real business.
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