Diversifying In Business - Rhea’s Advice
I just read a post by Rhea Perry over at the Internet Based Moms Expert blogs and I couldn’t agree more. Rhea’s family not only get involved in business from a young age but they’ve also learned to diversify into several different areas.
I think this is very important. I personally don’t ever feel comfortable putting all my eggs in one basket. I’ve just started to look into real estate investing and this is something I’m hoping to accomplish in the near future.
I also don’t like to depend on one source of income from one website. If a website is doing well and gets a large amount of traffic, that’s wonderful but i’m also very aware that could easily change.
I guess Rhea’s post is just a good reminder to keep diversifying and also to have a good backup plan for other ways to make money if something was to happen to one of my income streams.
What about you? Do you believe in diversifying in business? I know some people strongly believe in building one thing up and sticking to just that, but personally I think that’s a tad risky. If you do have ONE business only then at the very least having two or three income streams is important. What do you think?
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P.S. I know I’ve been a bad blogger lately but I’m busy working on some good stuff… will update you on the details soon.
November 8th, 2007 at 12:05 pm
This is actually one of my favourite topics…I love internet marketing but I also treat my earnings from my business as a business by itself. I believe in investing for the future. Property investing is my pet one. I strongly believe in saving for the future. So I guess my second business is looking for property investment opportunities.
Sandy
November 8th, 2007 at 10:37 pm
I agree Sandy it’s very important. I just downloaded 5 hours of very interesting real estate investing strategies. The guys that do it are based in the UK but I’m sure these methods can be applied elsewhere. The audios are free so let me know if you’d like the link (I have to go find it!)
November 12th, 2007 at 10:52 am
It’s probably no surprise that I’ve wanted to get into real estate (I’ve blogged about it several times), but I just don’t know where or how to get started on such a low investing budget. I wish Rhea would respond to both our comments we left on her blog post.
I strongly believe in diversifying…my business took a huge hit several months ago because I hadn’t done enough of this…thankfully I’ve learned my lesson and have set up my business much differently because of it.
November 13th, 2007 at 10:24 am
I’ve heard a lot about diversification in relation to stocks and savings. I never really thought much about it in relation to DOING business. It makes sense, though, that if you have more than one stream of income, your chances of success increase. Thanks for your take on the topic.
November 14th, 2007 at 6:00 am
Thanks ladies. Nell, I remember you saying you were interested in real estate. I just think it’s a great way to go. There are some options out there for investing with no money (or little money) but it’s a learning curve so for me I’m going to put a little time aside each week to start learning.
I’ll let you know if I come up with anything good
November 17th, 2007 at 3:35 pm
Mila,
Do you have any experience with this gentlemen’s products? Or have any opinion?
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Investing into real estate is such a big thing in our minds (even if it really isn’t that hard) that we’ll probably not take the leap until we invest into some type of learning product.
Problem is, there are sooooo many out there we haven’t a clue which to buy or who to trust. LOL
November 18th, 2007 at 8:05 am
I’ve only read the books Nell and they pretty much provide common sense advice such as saying invest your money before taxes, etc. I’ll let you know as soon as I find a good resource. I agree that it’s something that should be researched fully!
November 21st, 2007 at 1:14 pm
Thanks Mila…I would love to listen to the audios…If the link is not too hard fine please do post the link.
Also just thought I would add it was Rich Dad Poor Dad book that changed my mindset. Its an amazing amazing book and changed my complete mindset about money and the way I look at it.
Sandy
December 1st, 2007 at 11:01 am
Very interesting topic! And one I love. My husband and I completely agree about diversifying. He is right now getting involved in commercial real estate while I am getting my website off the ground. My monetization mix on my website is diverse in case one or two things change, and I plan to start a second, completely different site soon.
The problem is that we are taught from an early age to “put all our eggs in one basket”, the workforce. Once we have broken free from these common misconceptions, diversifying makes more than perfect sense!