I’m Putting All of My Eggs in One Basket, and I Think You Should Too

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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:

  1. Giving my new eBook (The Debt Free Degree) away for free to any new subscriber (this is already set up on my right sidebar)
  2. Writing even better articles than I have in the past
  3. 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?

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Money

Derek

AUTHOR Derek

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.

28 Comments

  1. I think that is smart. My only issue is you aren’t taking care of your old subscribers by giving a copy to them. It’s the old ones who have stuck it out with you.
    Jai Catalano recently posted..PX This: The Trailer 

    • Hi Jai. In my original post, I offered the book to anyone that wanted it, including subscribers of course! I just didn’t want to mass spam everyone with a book if they didn’t want one. If you’re itching to get your hands on one, let me know and I’ll send one your way!

      • I don’t know about everyone else but, as a current member, I would like a copy myself. I don’t reply a lot but I do enjoy your site almost on a daily basis. Keep up the great work and you’ll make your goal.

        • Awesome! I’ll send you a copy right away. Thanks for reading Spencer.

  2. I think it makes sense. I tried to juggle multiple sites along with my freelance work, and every site except my main one got neglected. It is hard to do, especially if you can’t devote a lot of hours to your sites.
    Melissa @MomsPlans recently posted..Menu Planning for August 27, 2012

    • I think that by splitting my focus, I have really limited the growth of my main site. Since I have started to re-focus, my main site has really been kicking butt! 🙂

  3. Sounds like a great plan. As much as I enjoy guest posts on your site (including mine!), I miss coming to your site to read YOUR articles. Your e-book is great so far; I passed it on to my sister and told her to subscribe since she’s a senior in college and will be dealing with her debt soon.
    Jessica @ Budget For Health recently posted..How Much Protein Do You Need?

    • Don’t you worry, there will be more articles written by me soon. Don’t sell yourself short though! I like reading your articles too! 🙂

    • It definitely wasn’t easy. It took a ton of organization. I’m happy to go back down to one blog though.

  4. How much does hosting cost for all those sites and who do you use?

    • The initial cost was only $2.95 per month. After he first month, I think iPage increased the rates a to $6 or so, but still competitive. Plus, I was able to find a way to add extra sites on my main account for nothing! If you have iPage and would like to know how to set up an additional site for no extra money, send me an email through my “Contact” tab at the top of the site.

    • For sure. I’m ready to explode this blog!

  5. I think this answer would be different for anyone and that you did the most important thing in making the determination – you gave a good effort to multiple baskets and took your time to realize just one is the way to go for you. Any decision has to be considered carefully based on each person’s own individual situation and preferences. I’m sure your laser focus will yield fantastic results and look forward to reading about your progress as you go!
    Shannon-ReadyForZero recently posted..Weekly Shout Outs: Couples Edition

    • True. Some people thrive with mulitple sites, but others (which includes myself) obviously do better with a central focus. I’ll be sure to develop a progress report along the way as well!

    • I’m glad you’re positive about the earnings I’ve had online so far. There are some that don’t share your kindness in that regard. Thanks for the comment! Always love to see comments! 🙂

  6. It’s never fun, but I’ve always thought that acknowledging the high potential of burnout when writing too much is a key stage to becoming a longer term blogger. I say this as a blogger who has made that mistake in the past many times.

    Tough choices, but good on you for stepping up to the plate on them!
    Searching for Happy recently posted..Quote of the Day – Fear

    • It’s definitely important to recognise the burnout before it happens. Otherwise, absolutely nothing will happen and no one will benefit!

    • Yep. I have already sold one site – it was a small one with a small dollar purchase, but it helps none-the-less! 🙂

  7. I’m glad i found this blog, as many financial blogs as i have come across this is the most informative one i have found. It is always a good idea to step back, look at what is going on and change how your life is being affected by a job. This sounds like an awesome way to earn an extra income while working from home, however i just don’t have the time at this point in my life.

    I feel like there are many blogs about getting through college debt free, but i was thinking of starting one being a college graduate who is going back to school while working full time.

    • Sounds like an interesting blog! I’m actually going back to school while working full-time as well (my first class was yesterday)! You might want to rethink the holding off to start a blog – the rates are super cheap right now for HostGator and iPage. I’m going to write an article about it in just a few minutes actually. 🙂

    • That’s a great motto, and it’s definitely been a main focus of mine, especially since I’m working full-time, going to school part-time, and running a blog. So far, this motto has suited me well and it looks to improve my future tremendously as well! 🙂


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