Simplify Your Business. Simplify Your Life. Explode Your Income
My first internet product was nearly an instant success and in fact began turning a profit in the 2nd month of its existence. In fact it’s still on the market today, nine years later, and doing very very well.
That product is a natural supplement for anxiety, panic attacks, and depression called Panicyl.
But that instant success was just as much of a curse as it was a blessing. It gave me the false belief that everything I created would be just as successful. I was way wrong.
Hindsight is 20/20 and all that. What I should have done a that point is initially focus only on that hot-selling product and scale it out until I was able to dominate the marketplace. But like an idiot that’s not what I did. Instead I decided to start creating other products in unrelated niches that not only failed but took valuable momentum away from what I had created that was already working. Stupid mistake!
My thinking at the time was to diversify as quickly as possible and launch several more products instantaneously to increase my profits and income. After all, diversification is necessary to protect yourself from the inevitable markets shifts – both up and down – that will occur. Putting all of your eggs into one basket is a quick way to sink your business.
While that is all true you should diversify only when your core business is not only up and running but growing at a steady rate. The mistake I made was shifting my focus away from my core product too early, during it’s growth phase, to spend time on other things. Once I lost focus my core product began to falter until I stopped spending so much time on new projects and centered my efforts back on my initial product.
While in my case my product was a physical product this lesson also applies to virtual and intellectual products as well. For example, choosing niches. When you’re first starting out you need to focus all of your efforts on only one niche before branching out to other niches. Trying to attack and dominate on too many online fronts is one of the quickest ways to end up back in the 9-5 workplace realm that we all hate.
A man who procrastinates in his choosing will inevitably have his choice made for him by circumstance. – Hunter S. Thompson
In our case “A man who procrastinates, or goes scatterbrain, in his choosing…”
The Right Way To Start An Online Business
- Pick a niche
- Narrow your focus on one specific area of that niche
- Become the expert in that specific area of your niche
- Expand your focus to broader aspects of that niche
- Continue to gobble up market share in your niche as you continue to expand your reach and influence
- Create and continue steady monthly growth in market share and income
- Now you can diversify if you like. But never neglect your bread and butter niche
Diversification is smart. It will prolong your longevity and increase your success in the online marketing world. But make sure you have a strong foothold before you start reaching for a new one. Simplify your business by using a laser-like focus on one thing that you can become the best at in your field or niche. When you simplify your business your life will become easier too. Trust me… I’ve seen both sides.