I was meeting with one of my private mentoring clients yesterday and we were talking about the importance of multiple streams of profit into the same business.
Later I was telling him of the importance to focus on one strategy.
Naturally he felt like I was talking out of both sides of my mouth. Do you focus on one strategy or is it better to diversify?
The correct answer is…
It depends on the status of your business. The key is to focus first, then diversify.
If you are starting your investing business or even implementing a new strategy, focus on that. Don’t get distracted by all of the shiny new opportunities that constantly bombard your email.
Too often investors allow the distractions to steal their attention and pull them into a thousand different directions with no results. Begin by considering the different opportunities and select the one that is best for meeting your goals and objectives. Focus on the action steps needed to get that strategy up and operating – then focus further on refining it to improve results.
Once your strategy is operating smoothly, then consider other opportunities to diversify. I recommend diversification in your business for two reasons: (1) it provides additional revenue sources; and (2) the additional revenue streams help to even out the ebbs and flows of business so you don’t experience “dry” periods with no revenue.
If all of the emails that you receive prevent you from focusing on one technique that will make you money, then unsubscribe to most of them and only retain the few that you feel add value to your current area of concentration.
Later, when you are looking for ways to diversify, then begin to subscribe to new lists.
Bottom line my recommendation is:
Focus…diversify…focus…diversify…repeat.
Expect abundance,
Lou Castillo
