One of the biggest lessons I learned in my seven years of full time internet marketing is the power of focus. Focus does so many things. It keeps you from wasting time. It keeps you making more money per unit time. It also helps keep work from bleeding over into time you should otherwise be doing other things…like exercising, resting, relaxing, and actually talking with other human beings. In this article, I want to explore focus. I’m pretty sure this is one of the seminal lessons I’ve learned so far in my internet marketing journey.
The Cost Of A New Idea
In economics and finance, there’s the idea of “opportunity cost”. Basically, if you choose one thing, the opportunity cost of that is what you could have done with your time or your money.
I found a very good definition for you online.
“The cost of passing up the next best choice when making a decision. For example, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose the asset could have been used for. Opportunity cost analysis is an important part of a company’s decision-making processes, but is not treated as an actual cost in any financial statement.
That’s a more formal definition of opportunity cost. I tend to think of this is more everyday terms. For me a new opportunity has a certain cost associated with it. Specifically, there’s a learning curve, which leads to lead time before I can make money with the opportunity…if it ever does make money.
Trying new things takes time and effort. It’s not just time, though. It’s emotional effort. Time spent on a new way to make money is often taken away from current projects.
Look at my internet marketing business. It’s simple as all get out! I create products. I sell those products. I use that to build a list, then I sell affiliate products to that list. Simple! So, what happens to this business when I try something new?
Well, the main thing that happens is I take time and emotional effort away from my IM business and put it on the new thing. That might be good, or it might not according to the chances of the new income stream working out. The main problem here is this, though. Most income streams take much, much longer to develop than you’d think, and quite frankly, most never work out. So, while I’m in search of a new income stream, I’m depressing the income I get from my old one. That’s the opportunity cost of trying something new.
After doing this over and over again (stealing time from one income stream in order to try new ones), I finally realized that I’d be better off if I put all my working time and effort on my current income stream (my product creation business) with the idea of getting it to make more money. Only when I maxed out my current business, should I venture into other income streams.
I call this my “go deep” philosophy, and I started that earlier this year. I’m happy to say that it’s paid dividends! I’ve made more money all while working about the same. I’m going to continue to go deep into my current business until I feel like I’ve reached a place of diminishing returns. Given the fact that there are more than one marketer out there who makes seven figures per year, I feel like I’ll be here for a while. (I make solid six figures, but nowhere near seven!)
Bottom line, when you find something that works…go deep!
I’d love to know what you think about all of this. Please feel free to leave comments below!
Also, check out this video I shot all about my realizations about The Power Of Focus!