Have you ever heard the saying, “Don’t put all of your eggs in one basket!” That seems like sound advice, and in many situations, it is. However, when it comes to growing your own business, I believe that this statement is 100% false. Believe me, I speak from experience.
My Quest For $30,000 of Online Revenue
Just before the beginning of 2012, Corey (from 20’s Finances) and I decided to challenge each other (and anyone else that wanted to join) to see who could earn $30,000 of online revenue during 2012. My plan to earn money online was fairly basic: I planned on building two new sites (in addition to this one), to partner with Corey on another one, and to sell a newly-written ebook of mine.
To be completely honest, the plan is currently working (I’ve earned over $20,000 online already this year), but my sites are no longer growing because (1) my time is fairly limited with so many projects, and (2) I’m burning myself out and don’t have the drive that I did at the beginning of the year.
To illustrate my current position, picture 10 potted flowers. With my limited bandwidth, I have time to only water one plant per day. That means that each potted flower is only getting watered once every 10 days! What are the chances that these flowers are going to survive and thrive? Incredibly slim.
Now, what if I reduced the number of flowers from 10 down to 1 (thereby, reducing the number of “eggs” in my basket)? I’ll have the time and energy to water that flower each day and it will most certainly survive. In fact, with the proper attention, that flower will produce more stems and petals than the other 10 flowers combined! All of this because we simply lasered in our focus and put all of our “eggs” into that one basket!
So What Are My Intentions?
This site is my baby, and it’s that one that many people love to read each and every day. If I want to increase my earnings potential while positively affecting the largest number of people, I now realize that I need to focus on this site alone.
My other sites will be sold and the proceeds will go toward the growth of this site. In order to reach the maximum number of people from this website, I plan on doing the following:
- Giving my new eBook (The Debt Free Degree) away for free to any new subscriber (this is already set up on my right sidebar)
- Writing even better articles than I have in the past
- Hosting more giveaways that are relevant to debt freedom and wealth creation
My Ultimate Goal For This Site
It’s obvious that I want this site to mature and grow, but what is my future goal? Here goes: Within the next 7 years, I’d like to have 100,000 subscribers to this site. I know it might sound crazy, but other sites have done it, so why not mine? If you’d like to help, give me a jump start to this audacious goal by subscribing here. As a bonus, you’ll get my free eBook about getting rid of your college debt!
Laser Your Focus
When it comes to your investments, you should (of course) diversify your money and place it within various types of funds. But, when it comes to growing a business, I believe it’s best to focus all of your energy on that one business. It’s simply the best way to ensure its success. Follow this rule, and I’m sure you’ll be happy with the results.
What do you think about my idea to focus all of your efforts on a simgle project? Do you think it’s wise? Do you plan on doing the same thing?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.