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Home Business Success: Eggs in One Basket, or Spread the Risk?

home business success

Is It Better to Focus On One Home Business Program?

In the home business space, there are 2 schools of thought. One is that you should commit 100% to your biz opp. Keep your blinkers on and sooner or later you’ll make some money. The other view is that you must spread your risk and join other programs. Who is right?
Here’s my take on the topic.

If you haven’t made money with the original (or current) program you should keep going till you do.
Prove to yourself you have the chops to get a result. That’s what I did with the first program I joined. I did not deviate until sales were made and income was flowing
Even after the money was flowing, I stayed with them for 3 years, before I added a new program.
I’ve got no problems with people becoming affiliates for supporting products and services (such as AWeber for an autoresponder service if you’re teaching people to build an email list). You can offer them to new team members to help them grow their biz (as long as it doesn’t become an end in itself)
Whether you’re a traditional network marketer or a new style online marketer, if recruitment is part of the deal, my experience has been that it’s hard to juggle more than one at a time.
That’s my opinion, what’s yours?

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6 thoughts on “Home Business Success: Eggs in One Basket, or Spread the Risk?”

  1. Hi Kim. Thank you so very much for this timely post. It feels uncannily as if you are watching over my shoulder. This is exactly the point I had reached this morning just before I was notified of your post.
    “If you haven’t made money with the original (or current) program you should keep going till you do….” is what I decided.
    If I can’t get this one going the way I want it – I certainly won’t get any other programs performing better. Don’t get me wrong. I love the system I promote and I have enjoyed some amazing results with it over the last 18 months. I earned my first ever online income ($35 in my first month) and went one to enjoy 4-figure commissions from it. But it’s not hit the height I want it to yet.
    Oddly enough, I wrote a post in March about ‘no Plan B’ when I started developing this idea, but you have put it so succinctly and efficiently in this post so much better than I did, so it’s that’s OK with you I will share your post in my groups as it is very topical?
    Best wishes
    Richard

    Reply
    • Hi Richard
      Thanks for your comment – valuable
      Of course there has to be a limit to the time we spend on a project before abandoning it. I admit that one of my faults is that I tend to persist too long sometimes. For instance a travel program I was in started to go bad. I’d already earned a couple of hundred thousand dollars, but instead of jumping ship I hung in there for another year. That bad decision probably cost me $100k or more, in lost earnings. This might seem contradictory to my message in the post. But it’s not, because I had already proved that I could make money from it.
      It was only when a company loses its focus and passion (and delays paying commissions etc) that affiliates have a legitimate reason to look at other options.
      Thanks Richard,
      Kim

      Reply
  2. Clearly there are two separate schools of thought here Kim.
    But personally, I tend to agree with your assessment,
    that being,for the vast majority of aspiring entrepreneurs,
    especially those with limited time and financial resources, your primary advice
    will serve them best initially.
    Focus like a laser, until you’ve got your process down well enough, that you start to
    experience a consistent and reliable result.
    And after you do, slowly attempt to add various additional streams of income to
    the mix.
    Otherwise, your focus tends to be far too varied, and you’re too easily distracted and
    therefore, it will probably take you that much longer, to get any bankable results.
    If you experience any bankable results at all.Obviously, as you pointed out,
    there are exceptions to this basic train of thought.
    But they are far and few between.Thanks for sharing some extremely sound
    and practical advice!

    Reply
    • Yes you’re right Mark
      Focus is key.
      I admit that there have been plenty of times when I lost focus. At the time, I didn’t necessarily jump ship and promote something else. Sometimes I just went ‘walkabout’ for a few weeks I wasted weeks at a time learning new strategies that in reality were never going to help me.
      There, are so many traps for home biz folk, including bloggers. Sometimes it amazes me that I make money – I do it despite me!
      Kim

      Reply
  3. Hi Kim,
    I certainly agree with you in the case of a network marketing business – having tried to do more than one at once, it doesn’t work. I’m with one currently and have no wish to look at any others.
    However, I have twice had the sad experience of having focused on one MLM and “lost the lot”. In both cases the company changed the rules and decided to market direct, cutting out the distributors.
    Case 1: We, as distributors, had built up brand awareness of this product in a tough marketplace and then the company closed the network and carried on selling their products to our customers. I had a few customers but it wasn’t an enormous loss – if I’m honest I was glad I no longer had to lug the samples about, my back was hurting LOL.
    Case 2: This was a spectacular failure for me. I had been with a company right from the start, for about six years and built it up to a 4 figure monthly income. The company made some bad business decisions and had to be taken over. The new owners cut out the network and started marketing direct to our customers, but under a different name. (I know this for a fact, because my Dad’s only “email” address was as a customer of mine for this company.) Huge lesson learned, build your own list, not the company’s. They took the lot, even leads I had paid for. OUCH.
    No wonder I’m sometimes a bit cagey now 🙂
    But I still agree that you can only promote one networking business at once, and I don’t really know what I could have done differently when selecting them, because these were well-established and respectable companies.
    Training and supplementary services like auto-responders are different. I agree it’s important to have a few of these on offer so that you can help those of your team who are receptive to learning. Everyone will have their own style and budget, so having options available is all part of the service to help your team.
    Joy – Blogging After Dark

    Reply
    • Hi Joy
      I have no problem with promoting more than one program. But it should be done AFTER people are making regular money from their current program. If it’s working in a semi-automated way (without much time input require), adding another program could be a good thing to do.
      I attribute most of the focus dilution problems to newbies who tend to jump around like a boxer on speed. These folk should settle down and prove to themselves they can make it with one program. They need to make regular money consistently for six months, before joining another one.
      Thanks Joy
      Kim

      Reply

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