This is my second post in this series. What is Diversification?
To 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.
On the video 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.
I also shared more on this in What Happens when your Game is Changed Overnight?
In the next post in this series 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. Please also share this post with your Twitter and FB friends by clicking on the share buttons. I appreciate you telling others.
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- What is Diversification?
- What is Diversification? - Part 4
- What is Diversification? - Part 3
- What is MLM? - Part 6
- What is MLM? - Part 3
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- Network Marketing Today - Part 2
- Network Marketing vs Traditional Business
- Network Marketing Today - part 3
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{ 40 comments… read them below or add one }
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?
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
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. 12
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
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…
Thanks for your comment. There are more details coming in my follow up posts
Sue
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!
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
Interesting. We are waiting for new messages on the same theme:)
Michael J Archibeck@forex online recently posted..Free Forex trading Applications for iPhone and Android
Thanks for your comment Michael.
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 8.1
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
Hi Sue. Thanks for sharing all of these articles about diversification. It helps me more in understanding about it.
Andrew Walker recently posted..Organic Beauty Now Coupon Code
Thanks for your comment Andrew
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
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 ADVICE
Hanny thanks for your comment.
Sue
I love the story!i would be love to share this to my friends it my apply them to there self.thanks for sharing!
Tatina recently posted..Choosing Friends Wisely
Thanks for the comment Tatina. Please do share with your friends. I hope it can help them.
Sue
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 guaranteed
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
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 Woman
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
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 birds
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
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@Alpha Influence recently posted..What Does Alpha Influence Mean For Female Entrepreneurs?
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
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.
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
That was great life experience Sue, you know what in online business the strong foundation depends on the level of your experience. Experience actually makes you more stronger and inspire to go through in life, though we experience up’s and downs but still we have to hold on for our dreams. Thanks for this wonderful and great experiences from you.
Madison@Health Stories recently posted..Most important things which woman can do to protect her health.
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
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 Articles
Mark thanks for your feedback and I am glad you found the information valuable.
Sue
Hi Sue.
Feel SAD for you concern to your UP and DOWN but also feel PROUD for the same that you have take it positively and give a fight back and learned very precious leassons which you have shared for US so that we also get to know about such faces of life and get strength to fight with it.
Thanks a lot for this.
Meg@Bathroom Light recently posted..Lighting & Electrical
Meg thanks for your comment. I think many of us have ups and downs in our lives. I sincerely hope people can learn from my downs and not make the same mistakes I have along the way.
Sue
Enjoyable deliver the results and considerably achievements as part of your organization efforts!
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@Repossesed Cars recently posted..Repo Cars for Sale California
Thanks for your comment William. We certainly do learn through our experiences – well most of us do
Have a good day.
Sue
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!
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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