Never Put All Your Eggs in One Basket
Getting started online, your main concern is getting one business off the ground. You just want to start making money. Youíd love to have that prized ìmultiple streams of incomeî everyone talks about, but first, youíre honing in on a single business idea.
While it would seem to be a great strategy, it might backfire on you. If you build up one single income stream at a time, youíre putting yourself at risk for a major profit loss that comes out of nowhere.
This can happen in an instant online ñ if a site fails where all of your information is stored, if you get banned, if a strategy is no longer effective, or more. So itís better to start out building a multi profit business right from the beginning.
Think of it like building a house. Youíd never build a bathroom on a plot of land from the foundation to the roof and design inside before you laid the foundation for the rest of the home, right?
No. Youíd lay the foundation for all of the rooms first. Then youíd build every room from the ground floor ñ up, working on framing, installing electric and plumbing, dry walling, and more.
Thatís the best way to build your business online, too. Because if you only concentrate on one branch of your business, devoting all of your time to it, youíll find it very hard to save yourself any time to expand into other areas later on.
There have been people who lost their entire businesses based on sites (like Squidoo), or when they got banned (like Amazon Affiliates). Itís too risky to have your mortgage, childrenís tuition and basic living necessities depend on one business model.
So what business branches should you pursue if you donít want all of your eggs in one basket? Thatís up to you. But there are many things you can do, starting with dipping your toe into more than one niche.
You can pursue a few niche markets and see some take off while others flop ñ and itís the same with your target audience. Some will be responsive while others wonít. Aside from niches and demographics, you can tackle multiple business models.
That might include tangible affiliate marketing, digital affiliate marketing, product creation, coaching, service providing, and more. See where your talent lies and then pick business models that work well for that.
For instance, if you write well, you could ghostwrite for others, publish on Kindle, open a private label rights store, develop info products and review other peopleís products as an affiliate.