Comments on: Expert Briefs: Diversification of Your Income

By: Susanne

Susanne — Sat, 03 Sep 2011 21:27:02 +0000

First of all – thanks so much for recommending my coaching program Nicole. 🙂

I started to write a response to this week’s expert briefs a few different times, but never quite could put on paper and into words how I’m balancing the two (and yes, it is a balancing act).

This afternoon I was sitting in the back yard ready Connie Green’s book “Huge Profits with Affiliate Marketing” and the big knot in my head finally dissolved and I figured out how to explain my approach to focus vs. diversification. The solution is to create multiple streams of income but focus on one project at a time until you’ve built up enough momentum where it will continue to flourish even without you giving it a whole lot of time and effort.

I’ve written about it in a little more detail on my blog, but that’s it in a nutshell. Yes, you need more than one site and really should be in more than one niche to have a sustainable online business, but you can’t diversify until you’ve given the first project and site your all for a while.

By: Peggy Baron

Peggy Baron — Tue, 30 Aug 2011 16:29:26 +0000

Hi Nicole,

Excellent Expert Briefs, as usual. And like many Internet marketers, my problem is one of too much diversity. While spinning all those plates up in the air is impressive for others to see, it’s very stressful and they tend to come crashing down at once.

I liked what you shared at NAMS6 about doing a spreadsheet of your projects and figuring out which ones you’re *really* making money on and which you should discontinue. Excellent advice!

I enjoyed hanging with you at NAMS! Thanks for helping to make it educational AND fun. 🙂

Peggy

By: Rachel

Rachel — Mon, 29 Aug 2011 01:56:08 +0000

Hi Nicole,
Thanks for this timely post. I’ve just recently come to the conclusion that I was spreading myself too thin and in danger of burnout if I didn’t start prioritizing and then focusing on just a few projects. I chose the top three most important things I wanted to do and have promised myself not to get distracted (blinders!) until I complete them. Trust me… it’s tough not to go flying off on a tangent every other minute!
Great advice. Thanks!
– Rachel

By: Lisa

Lisa — Fri, 26 Aug 2011 16:21:41 +0000

Very excellent post! I like balance too. I like your posts and your approaches . I am a just a beginner and hope to learn more from you!

Thanks a lot for sharing!

By: Brian T. Edmondson

Brian T. Edmondson — Fri, 26 Aug 2011 14:36:59 +0000

Nicole,

Thanks for another great expert brief. Always love when you reach out to the experts and get their input to the critical questions we should be asking ourselves.

I think of all things, the ability to focus has the be the most challenging thing for an entrepreneur, after all being an entrepreneur is all about finding and capitalizing on opportunity… and we all know there is no shortage of that?

Keep the good stuff coming!

Brian

By: Angie

Angie — Fri, 26 Aug 2011 12:11:06 +0000

I went a little nuts last year, but I recently whittled things down to only those things that are profitable and that I enjoy. I have my service business, I have a few profitable blogs, I have a few info products. And within each of those there are numerous ways that I’m earning – some active, others passive. It’s enough, but not too much.

By: William

William — Fri, 26 Aug 2011 10:29:04 +0000

Seems we all start out trying to capture the market by having too many different websites in too many different fields. I like the “build one, get it to where it almost runs by itself and move on” But I also like the diversify within your niche. After that, find a small fun niche you can work on when you just want to lighten up and have fun. Looks like all three “posts within a post” have good answers.
Then, when all that is done, find a way to attend NAMS 7 in February and surround yourself with teachers and coaches that over deliver to help you in an spots that you might need help with.
Thanks Ladies, Great information from all of you.

By: Valerie

Valerie — Fri, 26 Aug 2011 03:24:29 +0000

Great topic and very timely for me. I think of myself lately as a headless horsewoman – running madly in all directions. I liked your phrase “entrepreneurial ADD”. Time for me to choose a direction and put on the blinders.

By: Felicia Slattery

Felicia Slattery — Fri, 26 Aug 2011 00:33:49 +0000

Honored to be included, as always Nicole!

And your presentation on this topic at NAMS was spot on, of course 😉

Oh and I think you’ve achieved your mission — especially the part about having a lot of fun. You’re a hoot, sister!
Felicia Slattery

By: Down Or Just Me

Down Or Just Me — Thu, 25 Aug 2011 22:55:39 +0000

Love these Expert Briefs posts, Nicole! They’re always so informative, and I love reading the different answers (and yours, of course) to these pertinent business questions. This one didn’t disappoint! I suffer from Entrepreneurial ADD too, but these are some helpful tips to get rid of it… Or at least help. 🙂

~Laurie