The Importance of Side Income Specialisation

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If Amazon isn't paying you for something, you're not internetting right. FBA, Merch, Kindle Publishing, Associates, Mechanical Turk, Professional Services. They've given us too many ways to get paid. Don't forget ACX and Abe Books too. This is an example of just one brand. There are so many ways to earn additional income. As great as variety is, it can make it difficult to focus.

Focus is vital with side incomes, because the only way to maximise your earnings is to master each one individually. It took me ages to figure out why I had a glass ceiling on my earnings, even though I was doing quite a few things really well. If you don't take the time out to juice one until you're the don at it, you won't acquire the experience to reach your full potential with it.

I know everything sounds amazing and as though you have to do it right now, or forever miss out. (Online arbitrage with Amazon FBA is very much like that now. Kindle was a couple of years back, and Merch by Amazon will be next in the UK).

Knowledge

You may be a fast learner and you may be able to juggle a few things, but it's going to be far easier if you immerse yourself in just one of them. When you're new to a new potential revenue stream, it's probably going to require a lot of reading, potentially a course or two.

Time

You only have so much time in a day. By committing your time to one thing, can cover off all aspects of it. It's especially important when you're starting out, as that time really needs to be spent learning the game. If you're doing this while also occupying your time with something else, you're just making it hard for yourself.

Funding

You can make bad investments if you spread yourself too thin. By sticking to one thing at a time, you can see what impact additional cash flow has on it. If your money is shared among a few things, it may be harder to track. It gives you the chance to reinvest in that thing and see how that extra capital may lead to even more.

Outsourcing

It's very difficult to outsource parts of your business, if you don't know them thoroughly. By taking the time to master one thing, you can get yourself to the stage where time-sapping aspects of it can be pushed on to someone else. It then frees up your time to do something else, while your first one continues to draw more money in.

Ready to Focus?

It can be very tempting to get ahead of yourself, in an attempt to see what sticks. All that does is slow you down. Go for something that suits your skillset best and build on it. Once you have the swing of things, consider the next thing.

Over time, you will probably get around to all of the skills that you’re meant to learn. Don’t feel as though you’re missing out by not doing them all right now. Diversify that income and that, but make sure you have each stream on lock first