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Don’t put all your eggs in one basket

I’m sure you heard that investing all your money on one thing is too risky. But there is another currency that is a lot more valuable then money, and that is your time. You can never get that time back, and every mistake takes it’s toll. I’m not telling you not to take risks. I’m telling you to diversify, to split your focus to a few projects at the same time. That way if one or two tank, the third will make up for them.

 Action steps:

 You don’t want to start three websites at the same time because they will take some time to show you profit. What you do want is to take on three different projects within three different areas. For example: a site, an online retail store and an offline project.

 Take your time to plan how you will be working on each of the projects and stick to that schedule. break down the steps you need to take into small easy to achieve chunks. And divide the projects into different boards, you can use a tool like Trello.

 As you proceed keep tabs on your projects, you need to be able to know at any given time witch of them are inline with your goals. Find the most profitable at focus most of your time on it. But don’t drop your other projects unless you absolutely have to. Weather it’s a matter of time or funds.

 Remember every business has it’s ups and downs. The project that’s doing poorly now, might be you main cash flow in a few months. Drop a project only when it disturbs the others.

 Keep collecting as many projects as you can, hire a team when necessary (when you can afford to pay them from the profits of that project). Another tip I can give you is to make sure at least one of those projects is evergreen.

Evergreen is basically information that will always be relevant. As apposed to something that is only relevant right now like the news.


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