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How have you diversified?

Discussion in 'BlackHat Lounge' started by christianbed, Sep 14, 2013.

  1. christianbed

    christianbed Jr. VIP Jr. VIP Premium Member

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    Seeing profits grow is a great thing, but I've also seen a number of members go from hero to zero due to algorithm updates, more aggressive competition, falling out of favour with trends, etc.

    I'm currently working on sourcing physical products (totally unrelated to sex toys, in case you are wondering), perhaps shooting for an ecommerce - brick and mortar business. To say the least, it has been educational. Finding suppliers, leveraging contacts around the world, learning about importing, etc., is tiring and sometimes leads to dead-ends, but it is fun.

    I think what a lot of people who do IM don't realise is that they already possess a number of valuable skills that the majority of people selling online do not have.

    Whilst a number of new businesses fail (so what), one thing remains constant: Almost every rich (not upper-middle class 'I make $200k/yr' people, but truly rich) family I've ever known is the product of a self-owned business. Yes, GP's and company directors, plus some salespeople can make a very comfortable living, but rarely do they achieve the sort of financial independence seen among the truly wealthy. I digress.

    So, I'm wondering how many of you are acting upon that nagging 'I should really diversify my income stream', and what route you're taking. If you've already taken steps, how is it going? What have you learned? What would you do differently? (Doesn't have to be specific, of course, but it would be nice to get some pointers.)
     
  2. rob1977

    rob1977 Power Member

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    It is something I have been thinking long and hard about.

    The way I see it my current income is google dependant I.e. both serps and adsense.

    I feel I need to expand to a source completely detached from google. I.e. traffic from an alternative source cash flow from an alternative source.

    I I would idealy like to move to bricks and mortar but I'm looking very closely at the economic climate and what sort of business will be sustainable in good times as well as bad

    Interesting subject
     
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  3. Black.Star

    Black.Star Junior Member

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    I have strict investment rules I follow with the number 1 priority being diversity.
     
  4. madoctopus

    madoctopus Supreme Member

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    Care to give more details? How you diversify? In what you invest offline? What you build?

    @OP: I diversify online. I dont see the point to go offline because thats not where my strengths are.
     
  5. CoreClub

    CoreClub Jr. VIP Jr. VIP

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    I like to invest in businesses offline. Kind of nice to walk in a restaurant/hotel and know that you helped to get it off the ground.