Don't put your eggs in basket Vs focus on one thing

by priyankeshu 22 replies
Well the title says it all...

Two things that we get to hear a lot of times:

  1. Don't put your eggs in one basket AND
  2. Focus on one thing.


I personally do both. I focus on not one but few baskets
I cannot afford to depend on single project (may be i am scared of failure)


Your thoughts/advice?
#main internet marketing discussion forum #basket #eggs #focus #put #thing
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  • Profile picture of the author fin
    You can have one website but have multiple traffic and income streams.
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    • Profile picture of the author JeffMitchell
      My Thoughts:

      Don't put all your eggs in one basket....But (there is always a but)...

      Unless you get one basket to produce produce results, there is
      no reason to move onto another basket.

      Take a strategy and make it work before you move onto another one.

      If you try and spend too much time doing to many things then you are
      going to not see the results you want and just give up.

      Eventually you will have xx amounts of strategies working in your favor.


      Hope that helps.

      Jeff Mitchell
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      • Profile picture of the author priyankeshu
        Originally Posted by JeffMitchell View Post

        My Thoughts:

        Don't put all your eggs in one basket....But (there is always a but)...

        Unless you get one basket to produce produce results, there is
        no reason to move onto another basket.

        Take a strategy and make it work before you move onto another one.

        If you try and spend too much time doing to many things then you are
        going to not see the results you want and just give up.

        Eventually you will have xx amounts of strategies working in your favor.


        Hope that helps.

        Jeff Mitchell
        That makes sense!

        Hmm.. but sometimes things like blogs/websites which are long term in nature just compels me to have parallel projects.

        but yeah.. i agree, focus is more important! Until there's enough success to get a new basket started!
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      • Profile picture of the author Romeo Caporaso
        Originally Posted by JeffMitchell View Post

        My Thoughts:

        Don't put all your eggs in one basket....But (there is always a but)...

        Unless you get one basket to produce produce results, there is
        no reason to move onto another basket.

        Take a strategy and make it work before you move onto another one.

        If you try and spend too much time doing to many things then you are
        going to not see the results you want and just give up.

        Eventually you will have xx amounts of strategies working in your favor.


        Hope that helps.

        Jeff Mitchell
        I agree with Jeff. No point in having a few baskets unitl one is hitting home runs.
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  • Profile picture of the author Bill Jeffels
    I have found when I first started out it was easy to bounce around from one thing to another.

    I did not become successful until I focused my attention on one thing at a time.

    Now that I have my business in place I can open up to new things.


    Bill


    .
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  • Profile picture of the author DaCato
    Chase two rabbits, catch none and go hungry...

    Focus on doing just one thing at a time, and then expand once it is running smoothly on autopilot.
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  • Profile picture of the author brunom
    Focus on what you want to do that's new and improve it. Once it's stable and needs little maintenance, move on to other methods.

    That's what works best IMO.
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    • Profile picture of the author Steven Wagenheim
      Depends on what you're talking about.

      Eggs all in one basket: One site selling one product.

      Eggs NOT all in one basket: That same site selling one product but using
      multiple payment processors and multiple ways of driving traffic.

      See? Eggs is not as black and white as most people paint it.
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  • Profile picture of the author yukon
    That whole egg/basket crap is just that, crap.

    Diversify traffic, that's all that matters.
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    • Profile picture of the author Joe Stewart
      Originally Posted by yukon View Post

      That whole egg/basket crap is just that, crap.

      Diversify traffic, that's all that matters.
      I agree with the diversify traffic statement 100%, but I tend to believe that promoting evergreen products, whether they're physical or information products, is equally important. If you're buiding for the long term, that is.

      I've lost income streams from both reasons, loss of traffic sources and products no longer being relevent.

      Examples, depending exclusively on article directories, SEO (I know you're an SEO guy, but for most others), Google Adwords, Solo Ads and many other traffic sources (in the IM market) have become or are becoming ineffective, expensive (to the point of not being profitable) or both.

      A few examples of products that have or will become irrelevent or less effective include Hoodia, **** berry and the multiple fad diets and IM products that have been released in the past and will be released in the future.

      Electronics are constantly updated and building sites around them can become profitable, but can also maddening trying to keep up with all of the latest updates. Newer models must be reviewed and many older models become discontinued.

      Honestly, with the exception of a few stray commissions here and there, I'm starting both my online AND offline businesses over from scratch. Like many others, I've had incomes wiped out or greatly reduced overnight by being reliant on one product or traffic source.

      However, rather than looking at things like losing my Adwords account, getting spanked by Panda, economic circumstances beyond my control, etc as failures, I look at them as more of a learning experience that will make me stronger and smarter as I move forward.

      My advice now would be to focus mostly, if not exclusively on evergreen markets. Things that have been around for over 10 years and that will still be around 10 years from now.

      Work on ONE thing at a time, use more than one traffic source, build lists and track everything so you know where your sales and subscribers are coming from. Cut what isn't working and do more of what is working.

      As soon as the FIRST thing becomes consistently profitable THEN outsource as much you can to continue building the first income stream and start working on a second income stream.

      Eventually I want to get a few consistent streams rebuilt, but this time I'm totally focusing on the long term. Bright shiny objects, fads, going for the "quick buck", etc is history.

      It's never ceased to amaze me at how I've treated my OFFline business LIKE a business, but have never shown my ONline business the same respect. Of all people you'd think that offline business owners would "get it". Live and learn. Sheesh!

      Stability is like a table with four legs. However, if one leg breaks your table will topple. That's not stable. On the other hand, if you build a few very stable legs under that table (more than four, but not more than you can realistically manage) then you'll have true stability.

      These are just my views, but they're based on the views of a few successful online marketers as well as my own experiences after years of "failing forward".

      Of course, I have great respect for your views, as well as those of Steven, Alexa and anyone who's been in business for themselves for any length of time.

      I hope that helps someone.

      Joe
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  • Profile picture of the author TimothyTorrents
    Well, like most people tell you here; if you want to start working as a internet marketer you need to treat it as a hobby.

    You need to work a offline job while you work on your internet marketing business to provide the finances needed to support your business. Depend on your offline job for money and slowly work on your online business.
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  • Profile picture of the author alksense
    When I first started I focused 100% of my time and energy into one project until I mastered it. Once I had established a comfortable income from my first IM venture I started experimenting with other ways to make money online while continuing to grow my original business. Now I have lots of different income streams and I'm not worried about any one of them collapsing. (I hope I didn't just jinx myself )

    I say start with project and make it successful (whatever that means to you). Continue to grow your original business but start expanding early on. I personally wouldn't be able to sleep at night if I was living the lifestyle I live and relying solely on one income source... there are just too many factors that are out of my control to live comfortably like that.
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  • Profile picture of the author PvPGuy
    Put all your eggs in one basket, and guard that basket with your life.

    Just make sure you choose a good basket.
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  • In my opinion and experience, there is what I call a "core level" where "diversification" is a fundamental component, while another level, what I call the "growth and expansion" level, does not necessitate sole or simultaneous or even well-balanced focus on "diversification" and "focus on one thing" (as you put it). This is what I mean:

    CORE LEVEL = OVERALL PERSONAL FINANCIAL PORTFOLIO

    There are five elements of this "core level". These are:

    • Sustainable Income •
    Leverage your existing knowledge and skills in specialized industries and subject areas to establish sustainable income sources. Grow your existing knowledge and skills into expertise, since with growing expertise comes growing sustainable income, and with growing sustainable income comes:

    • Growing Savings •
    As your expertise grows, so will your sustainable income, and as your sustainable income grows, so do your savings, and as you establish growing savings, you get:

    • Growing Credit and Network Resources •
    Banks and other financial institutions love those with growing expertise, sustainable income and savings to become their creditors, so with growing expertise, sustainable income and savings, come growing credit resources. And, while you're growing your expertise, sustainable income, savings and credit resources, the people around you grow in number as you do so, so with this grows your network resources, and with growing credit and network resources come:

    • Growing Assets •
    With growing credit resources, you can establish your assets, and you can grow your assets with your growing credit resources, and you can replenish your credit resources with your growing savings, and you can replenish your growing savings with your growing sustainable income, and you can replenish your growing sustainable income with your growing network resources, and you can replenish your growing network resources with your growing expertise. And, with growing assets, network and credit resources, savings, sustainable income and expertise come:

    GROWTH and EXPANSION LEVEL = INVESTMENT PORTFOLIO

    • Growing Investments •
    Leverage your credit and network resources to establish growing investments, and replenish your credit resources with your growing savings, and replenish your growing savings with your growing sustainable income, and replenish your growing sustainable income with your growing network resources, and replenish your growing network resources with your growing expertise. At this point is the "growth and expansion level" I mentioned earlier. Why?

    =>> Each of your growing investments will have its own financial portfolio that will scale up (grow and expand) your overall personal financial portfolio. In each of your investments, you can afford to diversify and focus on one thing at the same time, focus first on diversification then focus on one thing that works and vice-versa, focus on just diversification or just the focus-on-one-thing approach -- It's up to you, since at this point:

    =>> Even if all your investments fail miserably, you're miles and miles away from being a homeless hype with a bad drug and alcohol addiction. Why?

    =>> You got your credit resources to pay up your investment debts and start new investments along with your network resources, and you got your savings to replenish your credit resources, and you got your sustainable income to replenish your savings, and you got your network resources to replenish your sustainable income, and you got your expertise to replenish your network resources. In case you lose your network resources, you got your credit resources to use and your assets to liquidate and your savings to spend for your day-to-day expenses while you establish new sustainable income sources, growing savings, growing credit and network resources, growing assets and growing investments, all with your EXPERTISE. That'd buy you more than enough time and resources to re-establish your overall personal financial portfolio. My point is:

    Know when's the right time to invest, based on your overall personal financial portfolio. In case you're just starting to establish your overall personal financial portfolio, then I advise you to start by establishing the fundamental "core level" components, in order of priority:

    Significant Skills and Knowledge in Specialized Subject Areas/Industries =>> Sustainable Income =>> Growing Expertise =>> Growing Sustainable Income =>> Growing Credit and Network Resources =>> Growing Assets =>> Growing Investments =>> loop forever to =>> Growing Sustainable Income =>> Growing Credit and Network Resources =>> Growing Assets =>> Growing Investments and so on and on and on...
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    • Profile picture of the author cashp0wer
      I have always gone by "don't put all your eggs in one basket" and it has worked well for me. Even if I have only one website (which I don't) I would have more than one income stream on it.
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  • Profile picture of the author Ronak Shah
    Don't put your finger at every place where you find a hole - put your finger only at the one hole where you feel most ecstatic of getting an orgasm.

    -- that's my sexier & amusing business rule.

    If you keep focusing on too many things, you'll be distracted instantly. Focus on 1 business at 1 time. That's what makes you money. Don't get too greedy else you'll eventually end up wasting time, money, effort & fail. Be your self. Take care.
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  • Profile picture of the author Sarevok
    I think the main variable of determination here is *focus*.

    You should only *focus* on one thing at a time.

    Really, if you focus on 10 things, you'll end up losing focus.

    Multitasking = time wasted.

    Just my $.02.

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    • Profile picture of the author Joe Stewart
      Great point!


      Originally Posted by Sarevok View Post

      I think the main variable of determination here is *focus*.

      You should only *focus* on one thing at a time.

      Really, if you focus on 10 things, you'll end up losing focus.

      Multitasking = time wasted.

      Just my $.02.

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  • Profile picture of the author Randall Magwood
    Just start 1 site and offer multiple means of making money from it.
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  • Profile picture of the author celente
    This is a good focal point.

    You cannot have all your eggs in one basket, although you should be focus on one or 2 things at a time, otherwise, you will end up in dias straights...that is for sure.
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