The first key to making money online is to just get started. You can read until you’re blue in the face and not learn 10% of what you will be just getting out and doing it.
The second key is to go deep.
As you’re out there just doing it, you’ll eventually begin to come across some things that work for you. With a little time and attention, they then begin to work really well. Keep nurturing them and they start working really well. Then you’re off and running. It’s like striking oil.
That’s when you’ll be faced with a choice.
If you been experimenting with several different things, it’s likely that you have more than one that’s showing promise. Does going deep mean you have to leave those by the wayside? Probably.
You’ll find it very hard to focus the time and attention where you need to if you’re trying to manage 3 or 4 (or more!) projects at once. Keep a couple if you need to, but don’t jeopardize big success by trying to keep multiple plates spinning at the same time.
Isn’t Going Wide Just as Good as Going Deep?
I know a lot of people have bought into the niche site concept. Create lots of little niche sites, each with a few pages of content, and then move on to the next site. “Set it and forget it.”
That’s a good short-term strategy, but it stinks in the long-term. Here’s why.
You may be able to build 100 niche sites that eventually generate a stunning monthly income (I doubt it), but that’s all you have is the income. No one’s going to pay you more than 1X or 2X that income to buy the sites from you somewhere down the road.
The alternative is to build something of substance, something of real value, that not only will provide you a great monthly income, but that someone will pay you 5X or 10X for someday — in the same amount of time it took you to create those 100 niche sites.
Let’s Do the Math
100 sites X $100 in monthly income for each = $10,000/month
1 site X $10,000 in monthly income = $10,000/month
On the surface, the two scenarios are exactly the same. When it comes time to sell, though:
Your network of niche sites sells for ~$180,000 (1.5X annual income).
While your single site sells for ~$600,000 (5X annual income).
Let’s say it takes you 3 years with both strategies. To make the same amount overall with niche sites as you would with a single site, you’d actually have to be making more than $33,000/month — more than triple what you would with one site.
Still think niche sites are a good idea? The only people getting rich from niche sites are the people who are selling you the e-books and online courses. It’s not a long-term strategy.
Go Wide to Go Deep
Now, can you roll out 5 or 10 (or more) niche sites, see which one(s) show promise, and then focus your attention on those? Absolutely. Go wide first to see where you can have some success, and then go deep once you find some things that work for you. Just don’t plan on staying wide much past the point where you find signs of oil.
Taking My Own Advice
“Go deep” was actually a note I wrote to myself more than once during the Elite Retreat. I don’t think anyone touched on it specifically, but for multiple speakers it was clear that their success was a direct result of them discovering something that was having success and shifting their focus to it.
Maybe I was more aware of it because I definitely wasn’t going deep. At that point, I was probably working on 10 or 20 different things — some of which didn’t even have any prospect of being profitable. I liked that, though, because it fit with my A.D.D. I didn’t have to stay on any one thing for very long, because something was always popping up somewhere else.
I had had great success at that point, but a large part of it was serendipitous. I knew I was handicapping myself by trying to do so many things at once. Most of those things were actively working against my success, yet I still find it hard to let go of some of them. I even find myself wanting to pick up new things and trying to justify them. Crazy.
I’m working on just two things now. That’s it. (Other than some maintenance things.) My filter for everything now is whether it strengthens one of those two things. If it doesn’t, I don’t do it.
It’s a lot harder for me than I make it sound (I’m all the time finding something that I can get into). So far, though, I’ve been pretty good about sticking to my guns.