Don’t Put All Your Eggs in One Basket
Happy Easter everyone… I hope you like the cliché on the title. 🙂 It may sound corny, but it is true. I’ve been making money online for such a long time now, and it wouldn’t be possible if I didn’t continually change markets and spread my knowledge across many different niche areas and ways to market. I’m looking forward to 2008, because I’m starting new sites and marketing efforts in a bunch of different areas. While I’ve focused on social network, newsletter, video and entertainment sites, I will am in the process of going live in many new areas this year such as applications, mobile marketing, product fulfillment and more. One of the major drawbacks to opening up to new areas, is that you will have to decide which are the best for your business and time spent. Sometimes we find new projects get in our way, and as much as we would like to work on them and make them succeed, will they help or hurt your overall bottom line.
Are you stuck in a one niche area or have you expanded your knowledge and marketing efforts to new areas?
Great post, Zac! This is something I struggle with constantly. I am glad to know I'm not the only one.
That's one thing I think a lot of people struggle with. Once they achieve even moderate success within a niche, they put all their efforts & resources into it. When the niche drys up, so will their income.
Actually I'm have some ideas, but I need to develop them before to start these projects.
It has come to the point where people online are having more trouble innovating. People instead of making completely new sites, they are make sites that have been already created better. The hardest part by far is getting things at the begining started. Good luck with your new venture.
I made money on my 1st affiliate marketing project, but I made the mistake of putting all of my focus on it. When I got Squidoo slapped, my conversions came to a halt, so I tried to "fix" the project instead of going on to the next one. I've since moved on to 3 new niche projects – each of which has made me some money. I'm looking to add new niches and new methods of making bank to keep myself flexible.
I agree with a lot of what has been said. I tend to get really focused on one particular area of my income and consequently other aspects can suffer.
any way we can know what your other site addresses are?
Such a great post and very clever title to tie in with Easter. 😉 It is very easy to get caught up in what you know and I definitely need to start branching out more myself.
I definiately try to keep expanding. I've been burned early on when focusing on one good niche and then have that good one drop off the face of the earth. I've learned that lesson.
I think it is too to an extent. But you also don't want a ton of websites to manage and a ton of topics to stay updated on.
You've got to be able to adapt to and overcome the Internet's ever-changing economy. Those who sit idle for too long will wither and die.
– Eric
I have mostly did about everything and ended at blogs because all my sites had a blog, and I really liked doing it, so after I sold my last site, I started just a blog rather than a site with a blog as a subsection.
I really agree with that. It's a good idea to have lots of money makers going at the same time. As many options as possible will only help us in the long run.