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What is Diversification? – Part 2

What is Diversification? This is my second post in this series.

What is diversificationTo illustrate my belief that business should have multiple sources of income I share on this video a story from my past where not being diversified cost us significantly.

 

[youtube]http://www.youtube.com/watch?v=jM9-3kMeQwo[/youtube]

 

On the video on What is Diversification I talk about the town we lived in. This is Western Australia and the town shown at the bottom is Esperance. Not too far north and East is dessert.

What is Diversification?

I also shared more on this in What Happens when your Game is Changed Overnight?

In the next post in this series of What is Diversification  I will share with you another one of my learning experiences with lots of layers of lessons.

Please leave me your comments below. I love to hear what you think about What is Diversification. Please  also share this post with your Twitter and FB friends by clicking on the share buttons. I appreciate you telling others.

 

 

 

 

42 thoughts on “What is Diversification? – Part 2

  1. Louise Steiner

    Hi Sue….sorry to hear about the trials and tribulations you have been through with your business, but the illustration you give translates into a very powerful message as to why we should not put all our eggs in one basket and why we need to diversify our income streams. My only problem is that I find it difficult enough to focus on one income stream, let alone several….but I’m working on it. But it is definitely a challenge that I think many will face.
    Louise
    Louise Steiner recently posted..Business Lead Generation With Facebook – Does It Work?My Profile

    1. Sue Post author

      Louise I agree with you that is is not easy to focus on more than one income source. I have the same issues but I am determined to push through and have several income streams happening.

      I am hoping once some of them are set up it will get easier. Especially when we create our products and have our affiliate streams working properly.

      In the next post I will share another “learning experience” from our list of experiences 🙂

      Sue

  2. Oliver Tausend

    Hi Sue,

    thanks for sharing your personal insights and the lessons. Diversification is two fold. It’s definitely good to have multiple streams of income, but I prefer multiple sources of passives income. Unfortunately, this concept is abused namely in internet marketing to sell affiliate products.

    Diversification competes wirh focus which is always important as well. Multiple streams of income yes, but building them all at once.

    Take care

    Oliver
    Oliver Tausend recently posted..MLM Success With Think And Grow Rich And Oliver Tausend Pt. 12My Profile

    1. Sue Post author

      Hi Oliver
      Thanks for your comment. I am interested in your comment you prefer multiple sources to streams. To me they are the same so we must have different definitions.
      For example we have our mortgage business with trail commissions that my husband runs. I see that as one stream (and source). We then have network marketing, consulting and a few other bits. I am interested to know your distinction here.

      Yes the focus vs diversification is a difficult one. I find it a difficult balance as it is easier for me to focus – but we have been burned doing it a couple of times. So now building multiple.

      I am also interested in your comment on affiliate marketing.

      I always enjoy your opinion.

      Sue

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    You have done a brilliant job… Your article is truly relevant to my study at this moment & I am really happy I discovered your website… However I would like to see more details about the topic…

    1. Sue Post author

      Thanks for your comment. There are more details coming in my follow up posts 🙂
      Sue

  4. Chris McCargar

    Thank you for sharing such difficult circumstances and be willing to speak from the heart about personal experiences.

    You make a great case for diversification and having multiple income streams. One would have to be very adept to put “all your eggs in one basket” and be successful. It has been done, but I believe a more relaxed posture of spreading the risk over several enterprises is prudent. It may not bring the highest return of the “all-in” approach, but with wise planning it may allow one to sleep better at night!

    1. Sue Post author

      Chris it has taken me a lot of courage to speak up publicly. I have been hearing my little voice telling me I must do this to help others for sometime now. So I am acting.
      Wait until you hear the next chapter 🙂

      I agree with your comments on it may not be the highest return to diversify. I think the downside of all your eggs in one basket is just too great not to spread.

      Sue

  5. Sunny-chan

    Hi Sue.
    You really had a nice story with your husband. Both of you know how to work together as a team in order to build business and diversification. I believe your story is truly genuine… more on trials and learning on the business side of life. I’d want to read more from you soon!
    Sunny-chan recently posted..YOYO GAMES: GAMEMAKER 8.1My Profile

    1. Sue Post author

      Hi Sunny-chan
      Thanks for your comment. I want people to be able to learn from my lessons – both good and bad 🙂
      Have a great week.

      Sue

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    Your post have the information that is helpful and very informative. I would like you to keep up the good work. You know how to make your post understandable for most of the people. Thanks for sharing and Thumbs up

  7. hanny

    I would love to share this with my friends too… surely they will learn a lot from this post. Thank you so much for this one… i never knew much about diversification before.. thanks to this post i am completely updated
    hanny recently posted..– DATING ADVICEMy Profile

    1. Sue Post author

      Thanks for the comment Tatina. Please do share with your friends. I hope it can help them.

      Sue

  8. Jessica Baron

    Life has its way of teaching us a lot of things. Your story is quite exceptional and very helpful. Through your experience I realized the importance of diversification. Trials make us strong and help define who we really are. Your a great woman and I’ll be back for more.
    Jessica Baron recently posted..How to win the lottery guaranteedMy Profile

    1. Sue Post author

      Thanks for your comment Jessica. I so agree with you that life has a way of teaching us. Trials do make us strong. It has never stopped amazing me how much some people can overcome.

      Thanks for finding me and I look forward to you coming back.

      Sue

  9. darla

    I agree with you Sue, a business should have more than one source of income. Imagine how you could have avoided such a difficult time in your business with diversification. Still, there’s a lot of lessons to be learned from this, and I appreciate you sharing your knowledge on the subject. They say it is during our most difficult times where we discover our true strength.
    darla recently posted..How To Attract A WomanMy Profile

    1. Sue Post author

      Thanks for fining me online Darla.
      I agree with you that we do find our true strength through our difficult times. I also think it is important to learn from our lessons. I took a while to “get” mine 🙂

      Thanks for commenting.

      Sue

  10. Dannilla

    Honestly when the first time i read the story i find it not interesting til i finish it made me post for a while i said to my self the story is great ,and now i can’t wait to share this to my friends.thanks for sharing to us..
    Dannilla recently posted..play online angry birdsMy Profile

    1. Sue Post author

      Thanks for finding me here Dannilla. I appreciate your feedback and the time you took to comment. I am glad in the end my story made sense to you.

      Sue

  11. Pingback: What is Diversification? – Part 3

  12. Michaele Harrington

    Hi Sue,

    Thanks for candidly sharing what must have been an extremely painful lesson at the time.
    I totally admire your steely resolve to never allow yourself to be in that position again, and I’m sure this is inspiring for everyone else who watched the video. With 18% interest rates I’m sure countless businesses would have gone under during that period. And sadly, like many situations in life, people don’t have a plan B until circumstances force them to think about it.
    I really hope everyone takes away the gems of wisdom that are in this post.
    Michaele Harrington recently posted..What Does Alpha Influence Mean For Female Entrepreneurs?My Profile

    1. Sue Post author

      Thanks for the comment Michaele. It has taken me a long time to share much of my story. I used to think they were my lessons and of no value to others. I came to understand I can use my learning experiences to hopefully save others the pain.
      I now believe we can learn from each other 🙂
      I did have very steely resolve at the end of this business. I picked myself up very quickly and we moved on. It was not as fast the next time around.
      We all have our different experiences in life and I am sure no one has a smooth run with no heart aches.

      Have a great week.

      Sue

  13. Pingback: What is Diversification? – Part 4

  14. Adam Robinson

    Sue,

    Thanks for sharing your life’s experiences and lessons. I really appreciate your humbleness and accepting your failure. I salute you because you have transformed your failure into a profit. Thanks for the inspiration.

    1. Sue Post author

      Adam thanks again for commenting. It took me while to want to share my failures but then I realized that was selfish as others can learn from my experiences. I hope I can save even one person some of my mistakes.

      Sue

    1. Sue Post author

      Thanks for your comment Madison. Your point on holding onto our dreams is critical. It can be easy to lose site of them in the face of adversity. And yes experience is very important.

      Sue

  15. Mark Spencer

    Diversification part 1 finds me interesting but this diversification part 2 finds me more interesting, you made a great views and points here as usual. You always made a great article Sue as usual. Keep it up!
    Mark Spencer recently posted..Woodworking ArticlesMy Profile

  16. William

    I recently reading the Part 1 about diversification and all information are good. In order to have success in online business it really depends upon the level of your experiences, experiences makes us a better person either it is good or bad. Thank you so much Sue for sharing this great experience!
    William recently posted..Repo Cars for Sale CaliforniaMy Profile

    1. Sue Post author

      Thanks for your comment William. We certainly do learn through our experiences – well most of us do 🙂

      Have a good day.

      Sue

  17. Pick Up Artist

    Hey Sue,

    Thanks for the great article. It is very timely for me as I am trying to expand from the dating niche into the fitness niche to protect against any sort of risk to just having one site.

    Thanks!

    1. Sue Post author

      Hey pick up artist thanks for your comment. I smile when I try and imagine the name you may use in your fitness site. Pick up artist is so cool.

      I think you are very wise to be diversifying. All the best with it.

      Sue

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