When you call out a sacred cow, a lot of people are going to fuss.
That’s what happened yesterday.
In my message here I said that I don’t agree with the common wisdom that the best path to success is to “focus.”
The idea that you should focus on only one thing in your business will keep you small.
Yes there are exceptions. But most people making less than $200k a year likely would be well served to put a couple more irons in the fire.
I did it when I was starting. I kept doing it. I still do it today.
There is an idea in business and marketing philosophy which says you can either have a “branded house” or a “house of brands.” What they’re talking about is product lines / acquisitions / divisions. There are example of large companies that have a number of distinct brands with unique names. Proctor & Gamble for example, has Tide, Gain, Bounty, Tampax, Old Spice, Crest, Vicks, etc, etc. Nobody knows of any product called Proctor & Gamble. This is a house of brands. On the other hand, a branded house would take these various brands and put them all under one name. Like Apple. They have watches, headsets, laptops, tv service, etc, etc…all called Apple.
What does this have to do with us little guys? I bring this up to make a bigger point. Where would these companies be without diversification? Where would they be if they had said “we just need to focus on this one thing we do?” They wouldn’t be anything near what they are today.
So why is it ok for big companies to pursue diversification and new initiatives…
…but it’s commonly accepted wisdom that us small businesses need to FOCUS.
I think it’s hogwash.
Now, sure you can spread yourself too thin if you go too crazy.
But that’s not what I’m suggesting. I am advocating that you put a couple more irons in the fire. Doing so will future proof your business and cause you to increase income.
I practice what I preach. Currently I do consulting work, I do affiliate marketing, I am selling courses / training programs, I am involved in a trucking company, and a farming operation, as well as a couple rental properties. And I keep my eyes open for new opportunities.
I find that MOST of the very successful people I know also have a number of irons in the fire.
I can’t think of any off the top of my head who are only involved in one thing.
All of this has led me to the conclusion that it’s time to kill that sacred cow of focus, and instead embrace the fact that most entrepreneurs succeed by doing a few different things.
Hope you can join us for Mostly Business tomorrow. I host this business show with my colleagues Tim and Ryan. Tomorrow we’ll be talking about these ideas more, and sharing examples of things we are doing to diversify our income streams and build little empires.
We go live tomorrow at noon central!
Here’s the YouTube link:
Or join us on LinkedIn:
https://www.linkedin.com/events/mostlybusinesswithjosh-ryan-and7213531101464514560/theater/
I hope these ideas are inspiring you to think differently about your business, and just might spark the thing that takes you to the next level.
Talk to you soon,
Josh
Josh Turner
Multiple times Inc 500 + 5000, Sold multiple business for 7 figures plus, WSJ Bestselling author, killer of sacred cows.