I hope you do really well with affiliate marketing and make only a fraction of the mistakes I made! (grin)

JD

It’s great to hear about the things that you have learned from affiliate marketing. They are not only the things that you have learned but at the same time, I consider them also as tips for an affiliate marketing newbie like me.

That’s a good question.

I’m not sure I can give a definitive answer. There may be someone out there who has mastered the art of creating a cashflow, putting it on autopilot, and then creating more of them.

I’m not that person.

I don’t know that person.

There’s a difference between real multiple streams of income — where each is developed in its own time — and the common idea of trying to develop lots of little streams concurrently.

By that I mean to take one income source and get it to working reliably so that you can more-or-less promote it on autopilot. I don’t know of anything that can be totally on autopilot, because things always change and we have to tweak or adjust our approach so that they’ll be valid for changing circumstances.

When one income stream is flowing well, then it’s time to develop the next one.

That’s what we’re told. Right?

That sounds obvious, but I think real success is counterintuitive. I’m thinking that when that successful income stream is flowing well, it is really time to do what we can to make it flow more, rather than turning our attention to something else.

In a real business, when something is producing reliable income, then it’s time to hire a manager and staff to manage it, so that the “idea person” can turn his/her attention to something new. This may work for larger organizations, but I don’t think it works well for individuals or very small teams.

Thomas Edison invented lots of things, but he didn’t try to do everything himself. He did the inventing and perfecting, but others did the production, marketing, and selling.

That’s a very different business model than what individuals face when trying to build multiple streams of income.

What lots of people do is to try a shotgun approach to developing lots of different income streams and never giving any of them enough attention and effort to get it working well. That’s when we end up with lots of wasted time, effort, and money.

I know this from experience.

Much of the time it is because of several things:

1. We believe the hype that we can make money fast and easily on the Internet. It’s the get rich quick mentality. It’s not true.

2. We don’t have focus or a good attention span. We jump from one thing to another and don’t do any of them well. It’s the old story of the tortoise and the hare. I’ve learned to take it slower and focus on only a few tasks at any given time. Paradoxically, the slower I go and the fewer things I work on, the more I accomplish.

3. We set our goals too low.

I’m sure there are many more factors, but I’m drawing a blank at the moment.

The following quote has been variously attributed to several people, including Thomas Edison, Andrew Carnegie, and Mark Twain, “Put all your eggs in one basket and watch that basket.”

I think there is a lot of truth to that, and I’m understanding it more as time goes by.

I find that I’m focusing on fewer things and doing my best to use them better and more effectively. I still have a ways to go to close all the things I’ve tested over the years.

I think it’s valuable to focus on the one goal we really want to achieve. I also believe it is extremely valuable to put on our blinders and ignore all the other things that try to distract us. Sometimes it’s hard to do, especially for some of us who like to learn and try new things.

I’ve learned that I can’t possibly learn everything I want to learn, and now I’m narrowing my focus to a couple of things. It’s not easy.

I think your statement of “make that basket big, bullet proof and lucrative” is right on the money.

I’ve re-read your comment and my reply and I think you’ve said it better and more concisely. I’ll go ahead and post this reply, but I’m not sure it really adds to the conversation.

I think in today’s environment you put all your eggs in 1 basket and then make that basket big, bullet proof and lucrative. Ownership and control are key in my opinion.

That’s the difference between you and most people who are looking for a way to make money online.

You think like a real businessman. As long as the cashflow exceeds expenses and provides enough income for personal expenses, borrowing money to start it may be a good thing.

But, it’s something that we really have to look at closely, don’t we.

Most people don’t know enough about running a business to take the necessary precautions and to set aside money in the good times to see us through the bad times.

Even with good planning, if the bad times last long enough, that money we set aside will vanish into paying expenses, and any debt would just make it worse.

At least, that’s been my experience.

Act on your dream!

JD

I also agree that you shouldn’t go into debt in an effort to make more money. The only times I’ve ever gone into debt was when I bought my home, and when buying a business. The home is an asset, and when buying the business I always made sure the profit would be enough to cover expenses as well as provide an income.
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For once, I don’t feel I have the knowledge to adequately comment on any of this; nice job.
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