How Do You Keep From Having All Your Eggs in One Basket With Your Home Business?

I’ve said before that you shouldn’t have all your eggs in one basket when it comes to running a home business. It’s too easy to have something go wrong when all your income comes from one source. It’s one of those home business risks you learn to avoid.

If you don’t want to put all your eggs in one basket, first you need to have a basket – that is, a successful website or other home business you’re already running. It’s where you’re learning how to run the kind of home business you want to own. This way you aren’t running around hoping one of your dozens of sites succeeds. Add more sites in when you’re more comfortable with the process.

The eggs in one basket thing has to do with more than just how many sites you’re running, however. It also has to do with how you’re earning from them. If they all earn only from Google AdSense, for example, you still have all your eggs in one basket, no matter how many sites you run. Lose that AdSense account and you’re scrambling.

Monetization of a site can take many forms. You may sell your own products or services, sell through affiliate links, sell advertising on your site and so forth. Just how heavily you monetize depends on your goals for the site, whether it’s a pure sales site or if you want to be better known for the information you provide, and have people buy from you because they trust you.

You also want many forms of traffic, which means you can’t rely on a single form of marketing either. Article marketing can be a great thing, for example, but it took a hit with Google’s most recent update. Other kinds of marketing are similarly subject to problems.

Even though you don’t want to rely on just one of anything that makes your business work, you will have to do so for a while. It’s the best way to really learn the skills needed to make it work. The ability to carry a lot of baskets and make it all work as a home business comes over time. Go for too much too quickly and you’ll find out how quickly you can lose it all because you can’t keep up.

Just remember that the first thing you need to do in order to have a successful home business is to get the basics straight on one project. Once you have things going right on that first project you can take what you’ve learned and expand your business. It will probably go much better.

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2 Responses

  1. Robert says:

    Hi Stephanie,

    That is excellent advice and I couldn’t agree with you more. You can never be certain when a source of income will stop producing.

    It’s always a good idea have multiple streams of income but as you mentioned, first learn the basics. Once a person has a feel for what works, they should add additional income streams.

  2. Stephanie says:

    Thanks, Robert. Seeing people drive themselves nuts trying to do a half dozen projects and failing in all of them has always saddened me. So much better to figure things out first.