We’ve all heard that old saying before “don’t keep all your eggs in one basket.” It’s actually a metaphor for telling us not to put all your hopes and dreams into one single course of action. If you do, and you “drop the basket,” then you may break all those eggs and have nothing left.
Never has this been more true than in Internet Marketing and online sales.
One thing that I have seen time and time again, during the years I’ve been an online entrepreneur is that many people seem to rely on one business, or one marketplace to “put all their eggs into,” and then when the business goes belly-up, or the marketplace changes its rules, they’re scrambling (no pun intended) to try to figure out what to do. As an example, a lot of Internet Marketers got hit hard when Google introduced the Panda and Penguin updates. One day people were flocking to their websites, and the next day tumbleweeds were blowing across their landing page.
I’ve seen the same thing happen with eBay and the products some people sell. Actually, I even experienced it myself. I was listing a bunch of very popular kid’s items, and doing very well with them. I knew it was a trend, or what you might call a fad, but there didn’t seem to be any end in sight, so I kept restocking the items over and over again, even building up an abundance of inventory to make sure I wouldn’t run out.
Yep, I had all my eggs in that one basket, and then the sales started slowing down. Then it became a trickle, and then one day, I couldn’t even give those items away. I switched off to another product and another, and eventually got myself stuck with those generic iPods. It wasn’t the only reason I was failing, of course, but a lot of it happened back then because I wasn’t diversifying my business enough.
What I’m getting at here is, whether you’re a full-time self-employed Internet Marketer, or just consider yourself a part-time online seller, it is very important to make sure that your online business is diverse enough, so that if something goes wrong (and eventually it will!) with one part of it, you’ve still got enough parts of your business left to keep going. This is what is called having “multiple streams of income,” and I’ll be writing about that concept on my blog next week.
~Until next time