Video highlights:

00:20 - Why so many projects?

02:29 - To diversify or not to diversify

05:01 - This should be your number one filter

06:31 - An obvious choice

07:32 - Passion is where it’s at

08:30 - Can you do THIS with your business?

09:05 - Is your market on the up?

10:29 - Consider scalability

11:23 - Leverage with by-products

12:11 - Are there easy wins?

13:09 - Can you get to your customers?

13:46 - Score your opportunities

14:28 - Your next course of action

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Transcription:

James Schramko here from SuperFastBusiness.com. Today, I want to discuss with you which product or service should you be focusing on. Chances are you have a number of projects that you’re working on. And the very first thing that we should do is question, why have you got so many projects that you’re working on?

Are you a starter who likes to read an email, start a new challenge or a course, get into the first intro module or so and then stop? And then you go into the next one? Or are you just trying things because you have an idea and then you’re trying to monetize it, which is effectively putting the cart before the horse and you’re never making success with it so you start the next thing? Or maybe you’ve just got 15 things on the go because you have entrepreneurial ADD and you’re getting stuck.

Now over the years, I’ve tried a few different things. I went from having one job to having one job and then side jobs. And the main side job that worked for me was my online business. And when I went into my online business, I wasn’t exactly sure what I should do.

Now at this point, if you haven’t already seen it, I would refer you to my very popular post on SuperFastBusiness.com, which is all about Ikigai. Ikigai is finding your perfect sweet spot in life where you’re balancing out things that you’re good at, things that you can get paid for, things that you enjoy, etc. And that’s a deeper topic. So go and check that out if you haven’t already found that, if you’re still drifting around.

So when I started out online, I tried a few different things and eventually after trying a few different things, I found the thing that was going to be my first hundred thousand dollars’ worth of income as an affiliate and that was selling software. And it worked out for me. And then from there, I started all these different business models, and at one point, I had 12 different income streams. But as you know, you can get spread too thin.

Should you diversify?

Now I did it to diversify because I never wanted to run out of cash again, which I did the very first Christmas after I quit my job just because I effectively sent a company broke. I actually sold so much of their product they couldn’t deliver and they had to do refunds and then they didn’t pay me. So I started diversifying. But you can diversify too much.

"You can diversify too much."CLICK TO TWEET