We’ve all heard the old saying, Don’t Put All of Your Eggs in One Basket, haven’t we? And I’m sure it’s been applied to everything from dating (by my grandmother) to banking. But it looks like it might be the next smart thing for businesses as well.
It’s been noted that AOL has made a brilliant business move by expanding beyond their AOL brand and creating niche sites like LemonDrop,ShelterPop, SlashFood and a bunch of other “passion point” focused sites through their MediaGlow umbrella. The fact that this has probably breathed new life into a company that most of us considered on it’s way out hasn’t escaped notice either. So what does this mean for small businesses, solos and individual entrepreneurs? What should we take away from this new business blueprint that is emerging?
Divide your business ‘eggs’ and put them in different ‘baskets’. It’s not like AOL is the first business to diversify. Solo attorneys have written books, coaches offer membership sites, etc. But you can take it even further. Think outside of the basket that you currently have your eggs in. In other words, your new basket or baskets don’t necessarily need to be related to your current business. If it’s something you know and have an interest in, then there are others out there that are interested in it too. That’s a niche. Or using my analogy here; a basket.
Put some eggs in it.