The Multiple Streams of Income Myth
I'm going to approach a touchy subject but please let me explain the angle I'm about to present. This entire opinion is based on two things....First, my own experience and second from an online business background.
Now that it's out of the way, let's dive in....
When you first start trying to build an online business you hear things said like this:
"You need to build multiple streams of income!"
This is advice that is pumped to new entrepreneurs every single day online. And I get it. In fact, I agree wit that statement completely but there is a caveat. We'll talk about that in a second but the idea behind multiple streams of income make a lot of sense.
For example, when I was at my 'prime' I had about 5 successful websites that were pulling in some serious income. If I had a bad month on one, it didn't mean all 5 were suffering. And not all 5 were always performing at peak levels. So the fact that I had multiple streams of income coming into my business, was a huge win.
But here's where we have to notice a huge point when it comes to this approach....
I started with 1 website.
And I worked on that one website, day and night for years before it hit a level that allowed me to think about creating another stream of income. And when that day came, I was nervous. I wasn't sure if I could manage two properties at the same time, just because I knew how much blood, sweat and tears went into building the first one.
But to get this stuff rolling, I needed to focus!
And I hear this approach in many industries, including cryptocurrency. It seems like every where you turn, people are trying to stack their bags with every crypto project under the sun. They are trying to generate all these multiple streams of crypto, whether it's through investing, air drops or de-fi. And I can't help but think....
What if we focused on one thing to start.
Become the absolute expert in that project or business. Grow that with every bit of effort you have and then after it's sustainable, by all means...Diversify.
Another reason that I was a mentioning above about why it's good to build one stream first is...You have no idea how much effort it takes to build one up, properly! And after you've been in the arena getting your butt kicked for a few years, you will have a much better idea on what it takes to build a second one.
I'll bring it home even further for us here on the blockchain....
This time last year, I trimmed the fat. I had my hands in pretty much every project you could imagine on chain. I then decided it was going to be $HIVE and $LEO and that's it. I have been pretty much selling every other layer 2 token I earn, to feed those two stacks. And because of that.....
I'm sitting at over 110,000 LEO and almost 100,000 HIVE.
Focus!
We hear that term so much but sometimes we ignore how powerful it truly can be.
Build the multiple streams up, once you have a solid foundation to rely on.
Posted Using InLeo Alpha
That’s always that field of tension between focus and diversification when it comes to your time and energy. In the end it comes down to a compromise. How „big“ that is, meaning how far you decide for one direction is dependent on the projects you are working on and how convinced you are regarding their success.
I do it similar to yourself, Jon. Focus on a few projects and tasks, which is not laying all eggs in ONE basket but also not spraying your energy around.
Yeah and I mean I get why it's attractive. I just think if we focus on one thing until it's set up properly, it'll help us grow long term through diversification.
I remember having squidoo, hubpages, adsense based blogs. I was always in the code niche. And for some reason that just didn't worked out. I always had this fear of adsense going or paypal killing my account. And after the niche of the past dried out, all the sites are slow and dead. I made a wrong choice relying on some niche and I feel that it's better to go product approach. But then instead of hustling on products I decided to go blockchain and staking route.
lol let me tell you about paypal lolol
I also think to convert my Hive Engine tokens to HIVE or HBD.
thst's what i'm doing for sure.
I do diversify a little, but my only real focus is on the Hive Blockchain. So, I might play with tokens and coins, but only on Hive Engine. Or delegating to various projects on here.
Ecency waves has been great for engagement and follower growth. Slowly but surely building up my reputation score.
It blows me away how people can have their hands on some many blockchains. I cant keep up with this stuff LOL
I prefer to have it all visible on the one page if I can. I wish Hive Engine showed the total value of even our staked tokens.
Yeah HiveStats.io does a good job of showing everything you have but no trading there.
Yes. Even with such a small focus, there are so many options. Liquidity pools, delegations, tokens, Ecency, Ecency waves, inleo.io, etc.
I think that is a good way to approach things. If you can't get one thing right, then it could always crash down. Diversifying after that is better because anything can fail over time. Things are always changing but also don't diversify too much. There is only so many things you can keep track of.
Yeah for sure. Until you 'get it' and then by all means. I jut think people try to put the cart before the horse with this stuff.
It is important to focus but also be aware of the risks of not diversifying. If you feel comfortable then go ahead.
I really can't think of any risks when you focus.
I think that's what we tend to underestimate, the time and effort needed to build a sustainable income stream. Chasing multiple income streams can dilute our focus on different things and lead to mediocre results.
Exactly that! Because you only have 100% you can give, 4 things, that's only 25% per 'thing'.
It can be a bit like keeping all of the plates spinning having multiple streams. One might dry up and you need to have something else going to take it's place. It can be pretty hectic. I can understand why focus is important.
It's the dirty dirty F word in online business. So easy to say, harder to do!
I’ve been focusing on Hive all along and that’s why I am willing to give Forex a try including my offline job
There is actually nothing sweeter than multiple streams in income
Thanks for the advice
Oh it's fantastic, if you have that solid foundation to build upon.
Most times the issue with many people is even if they build all the source of Income, it becomes overwhelming to see that they are managing more than the one they use to have before
Yessir! Exactly that!
This investment formula is worth a try. Sometimes trying to be everywhere is a distraction already. Nice article friend, I have learned a lot.
Oh wow, that's so true. I'm guilty as charged too. Trying to be the jack of all trades and master of none.
Yes I do agree with your sentiment and why I spent 4 years building my Hive stake before moving on to the next. I think I will end up with possibly 4 or 5 large bags because you need to be an expert on each investment knowing what is happening in that project continuously. The investors who have 20 bags have no clue what each one does and why they cannot take advantage of those investments when the opportunities arise. I have 2 other investments outside of Hive and it does take years to grow the numbers that are going to be worthwhile. Rather have more of a few than a few of more is my thinking.
It always pays to get your first stream of income established and fully functioning before trying out another or the first will be overburdened and collapse. I think this is sound business advice that a lot of people need to hear. It's only very few that can call themselves Jack of all trades and masters of all. For the rest of us, it's best to focus on one first before others. Thanks for sharing.
Today, if we want to live a good life in this world, we should have three or four ways of earning. Those who are living a good life should continue to do so so that nothing in our personal life should disturb us.
Hello jongolson!
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