Why You Should Use Laser Focus When You First Get Started
I started my career in internet marketing as an affiliate in the sub-prime lending niche. I was a mortgage broker at the time looking to diversify and augment my income with the rapidly growing ecommerce market. This was in the early 2000’s and prior to the real estate crash that put most of us out of business (along with alot of investors, realtors, title companies, and real estate appraisers).
The product I was selling online was a simple ebook on how to rebuild damaged credit. Ironically this niche is evergreen and probably doing better than ever now following the economy tank-job.
At that time I was also having problems with anxiety – likely induced by losing my job and having to start all over again in a new industry. My doctor issued me some pharmaceuticals to deal with my ongoing anxiety issues and all they did was make me sick and extremely tired all day long. After tossing those godawful pills I looked online for an alternative and less-powerful natural solution. I found one that worked very well for me. It was then that I had an revelation: these natural supplements aren’t exactly cheap and people are buying them month after month. Someone is making some very good money at this. Why not me?
Having gone through all of the brutal ramifications of anxiety and panic attacks I was already an expert on symptoms and consequences. All I really needed was my own solution and I would be able to launch my own business. After doing my due diligence on the frequency of anxiety disorders and the natural ingredients common in the top-selling supplements I hired experts to help me formulate my own product. Thus Panicyl was born.
I got lucky. I hired the right experts and chose the right ingredients to formulate Panicyl and started selling the product the same day I put the website up. In fact, its funny because I remember that in itself caused a problem since I was still waiting on my labels to be finished. I had the laboratory-bottled product in stock and new sales but no labels to put on the bottles. I ended up going to Kinkos and putting together some kind of makeshift label that looked awful.
I promise you that I’m getting to my point because here is where I screwed up.
Having such tremendous success with my very first product gave me the false impression that product creation and entrepreneurship was easy. This false view caused me to delve into a half dozen other markets simultaneously. In short, I lost my focus. Instead of continuing to focus on and ramp up my burgeoning supplement business I went scatterbrain and jumped into several different niches with only a half-ass effort. Guess what happened?
I’m not saying you shouldn’t diversify your online business because you should. But not right away. Pick the one single niche that will give you the best chance of success and stay laser-focused on that niche until you experience success. If your first attempt fails that’s OK but you’ll want to fail as fast as possible so you can move on to the next one before you run out of money or motivation. But continue your focus. Focus on what you do best and don’t be afraid to reach out for help with everything else.
If you’re wondering about the rest of my story what happened was that after falling on my face trying to use the shotgun approach (eating crow along the way) I circled around and rededicated myself to my initial product and Panicyl continues to do very well in the natural anxiety supplement market today – eight years later.
The lesson here is obvious. Only after getting solid footing financially in my first market should I have branched out into other niche markets and that’s what I did the second time around. I believe that unless everything you touch turns to gold you should too.