By the time I finish my life as an entrepreneur, I’m pretty sure I will have tackled every possible type of revenue stream that exists! Between coaching, courses, affiliate marketing, ecomm (yep – we’re going there), software (yep we’re going there), a show (yep we’re going there), and working with clients (I just signed my BIGGEST client ever), I KNOW what it takes to survive on the Internet. And here’s a secret…
It’s about diversification.
You can watch the Facebook Live here.
And I know I know, that flies right in the face of the other great advice I always give, which is “Niche down and do one thing really well”. And you probably want to hit me right about now. *ducking*
There’s a way to do this that will make you crazy, and a way that will make you sane.
The crazy way is to bounce from thing to thing to thing, and then do it all poorly.
NOT THE RIGHT WAY.
Then there’s a way to see how you can kill 15 birds with one stone. That’s the SANE way.
Here is the tale of two entrepreneurs.
Entrepreneur One is Joe.
And Joe loves fishing. He wants to make money as an affiliate marketer. So he sets up a website, and then starts learning about marketing. Then he realizes he wants to build funnels instead. So he begins his marketing career. Then, he sees someone making a killing selling t-shirts, and decides to do that. A few months later he gets sucked into a Bitcoin MLM. And a few months after that, he sees a cool real estate course and decides he wants to flip houses. And a few months after that, he changes his mind and considers penny stocks instead.
This is a TERRIBLE way to make money. Sure, we all need to pivot a few times – and that’s okay. But if you’re entire career is just one pivot after another, you might have a bad case of shiny object syndrome.
Entrepreneur Two is Mark.
And Mark loves fishing too. He wants to make money as an affiliate marketer. So he sets up a website, and then starts learning about marketing. He loves it, so he starts creating marketing packages and selling them to fishing stores. He does Facebook Ads to get more customers. Then he realizes he could also help fishing tournaments with their social media. Along the way, he meets really cool fishermen. Then he starts interviewing them and decides to host his own podcast. People LOVE IT! Now he’s interested in turning his podcast into a book. Guess what’s happening? His clients, affiliate marketing, podcast, and book are all building on each other. Eventually, he gets asked to sponsor some cool fishing equipment, and he goes into ecomm, opening up his own store. With all his millions, he hires a financial guy, gets his money in diversified stocks, real estate, and a bit of bitcoin.
Do you see the difference between Joe and Mark?
One is losing steam and resources with every new pivot. The other is learning how to diversify their revenue stream with all kinds of methods, while still building on each other.
That’s what I’m doing with Create Your Laptop Life, and that’s what you can do for your business too!
A few tips…
- Make sure you hire out good people (if you have the capital). Right now, there are a TON of new things in the works, but I’m hiring experts…not trying to do it myself. I have someone managing the release of the Create Your Laptop Life planner and store, someone who’s helping me produce the Living the Laptop Life TV show, and hiring out designers and programmers for the upcoming marketing software tool we’ll be releasing.
- This begs the question – what if you don’t have capital? In that case, you need to do one thing REALLY well, and once it starts generating money, go to the next idea that relates to the first one. By far and large, the easiest way to make money at first is through a service based business where you can sell your time.