Just wanted to share this way that I diversify my online venture.
Yes, we all know about the between diversification and risk management. You want to work as single-minded as you can, while doing also spread your efforts in varying niches in order to minimize risk.
Too much emphasis on singlemindedness and not enough on diversification and you will end up with the typical "putting all of your eggs in one basket" situation. You may be succeeding now, but something could happen unexpectedly at any moment that could destroy all of your income.
Too little emphasis on singleminded and too much emphasis on diversification may cause you to spread yourself too thin. Getting the benefits of risk reduction b having blogs and websites in multiple niches, but not seeing many results because your efforts for each individual piece of internet real estate is relatively low.
The key is to diversify in a way that will result in both spreading risk and making noticeable progress. This is how I do it:
1. If I am going to start on (or expand in) a new or current monetization method (ie. Adsense, Clickbank, etc) and know that I am going to have a portfolio of blogs/websites, then I created those blogs/website in 3 group amounts that are in similar but distinct sub-niches of the same niche.
So I would create blogs on 3 sub-niches from the same parent niche. So let's say that the niche was "weight loss". I could create a blog on "senior weight loss", another blog on "weight loss after birth" and a third on "college student weight loss." These are all subniches of the bigger mega-niche of "weight loss."
The benefit of choosing 3 sub-niches in the same niche: you get to use overlapping knowledge, experience, and efforts. The information that you learned about weight loss could be used for dozens of subniches.
So instead of having to do the research for 3 totally different niches, you have now drastically cut down on the time and effort needed for that research.
2. Once those 3 blogs are generating a certain amount of daily visitors, then I will consider creating a new batch of 3 blogs/sites. This new group of 3 will be in a completely different niche from the first group.
The point of doing these 2 steps is to create blogs/websites in shorter amounts of time and with much less effort, while still being able to protect yourself by spreading your risk between multiple blogs/websites.
What are your thoughts on diversification? Do you do your own unique "twist" to the process?
Much Success,
JoeMack