Diversified but focused

:100: I’ve been writing about James Clear’s emails on IG, so thought I’d share here, too. If you are not on his email list, you should be! His emails are soooo good.

This week he wrote about the paradox of risk: “(1) Don’t put all your eggs in one basket. If you lose the basket, you lose it all. (2) Don’t put your eggs in too many baskets. The more baskets you manage, the less energy you can put into each one. It’s risky to do things halfway. Diversified, but focused.” :egg::egg::egg:
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
:raising_hand_woman:t2: Does anyone else struggle with this balance? We talk so much in the food blogging and entrepreneurial space about niching down down down, but then we also see such a need to diversify. How much diversifying is too much? How many eggs do we have to play with and how many baskets should we manage?
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
:point_down: I’d love to hear your thoughts on this. It’s such an intriguing paradox! :point_down:

1 Like

I think they key is to diversify income streams as much as you can without really doing more work, at least for food bloggers. Although, there probably is something to be said for having an income stream that is pretty different than your main one.

So, this is what I mean.

Think of your recipes as your core “product” and then think of all the different ways you can monetize them. Almost everyone has display ads on their sites, so that’s one way. Putting recipes into an ebook is another, and really isn’t going to require that much more work. (Contrary to some advice, it’s totally okay to add recipes in your ebook that have been on your blog.) Then, using something like the Prepear app gives you a third income stream. And on there they let you do meal plans, etc. All of those options, really build off what you already have - your core recipes.

Then you can do sponsored posts, which is slight different, but basically will just add to your content. Add in affiliate links, which also builds on what you have.

I think all food bloggers should pick probably three of those options and try to get decent revenue streams going on all.

Then things that are different but tangencial such as providing a course or hosting a mastermind or offering your services for freelancing work. Those can add some great additional revenue streams.

Okay, I know, it was pretty easy for me to type all that…but I know it is hard to do it all. I have a hard time doing this with my business.

I also think the key is really understanding what you are good at and like doing. Do you want to teach more? And if you do, do you want to do it through video or through writing? If video, maybe YouTube is for you, if writing, do an ebook.

So far, really sitting down and writing out my skills and likes and dislikes has really helped me start to focus my business and hopefully start to grow it more.

And say NO.

Ugh, I’m not great at this, but I have been doing it more often. I say no to the things that aren’t really fitting into the “box” of what I like doing, even though I often know how to do it and could make some needed money…I have actually said no to some projects, and it has freed me up to do other things. But this is soooo hard.

Okay, well, I apparently had a lot to say on this. Thanks for asking the question! I hope some of this answer was helpful to someone out there on the interwebs!!!

1 Like

Great insights, @BethanySmith …thanks for writing this out! I loved your examples. What if you branch out, though, so that your recipes aren’t your only core product? You could branch out into physical product or creating a physical cookbook or a course and those things all require a lot of extra work. It’s tempting to want to do it all in order to diversify, but we have to be careful about not diversifying too fast and furiously. :slight_smile:

I used to be horrible about the “saying no” thing, but after reaching burnout a couple times have gotten pretty good at it when it doesn’t fit into my scope.

1 Like