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Moneymaking and the Power of One

Jun 25, 2008
One of the great fallacies of moneymaking ideas is that in order to gain the most success you have to do many different things well. You don't. In fact, you might have more success by doing just one thing, but doing it better than anyone else.

That's not to say that diversification is a bad idea. Many individuals find enormous success conducting their business in a role of diversity. This article simply looks at the idea of providing a singular item that is so desired that multiple businesses and individuals will insist on using your product.

Consider a bakery that specializes in making the best hoagies available. Local delis will use that bakery exclusively for their bread. Customers come to expect the fresh taste. Larger bread suppliers can't match the experience.

Consider a couple in Utah that makes exceptional Marble Solitaire sets. Handcrafted from wood these heirloom quality sets are well received by customers and provide a great living for this couple.

Consider the book publisher that only specializes in books for children. They don't get confused about their market. They are totally focused on their specific market and in knowing how to manage the details associated with getting quality products to their target audience.

Would you expect a radio station to play a little bit of jazz, some bluegrass, a dash of hip-hop and some 1980's metal back to back? Maybe there are some that would like that, but for the most part we tune into radio stations or satellite radio because we are looking for a specific music type.

Some individuals will thrive best in a moneymaking business when they can determine whom they are targeting and then work to be the best provider of a singular item they can be. It's possible they may branch off in new directions at some point, but the truth is these individuals have an enormous opportunity to be successful by producing a highly desired niche product.

You should know that if you are successful at one thing there would likely be those who will try to duplicate your success by becoming competition. This doesn't need to be seen as a bad development. If anything it should encourage you to become even better at what you do. If you started the business first you likely have a trust advantage over any other competitor. That doesn't mean you move into a position of coasting. Rise to the challenge and become even better.

If you make peanut brittle make the best peanut brittle possible. If you design tires make the safest tire possible. If you are one of the best landscape designers then constantly impress us.

A singular focus can be bad in some instances. However, when it comes to a business idea it allows you to laser focus your time and energy to making an exceptional product instead of many products that may be perceived as mediocre.

When I say Krispy Kreme you think of doughnuts - not pizza. When I say Kroger you think of groceries - not insurance. Businesses find ways to brand their unique nature. And while some businesses grow in diversity others excel through the power of one.
About the Author
Scott L. Phelps is a leading online entrepreneur and owns a successful internet company. You can read more of Scott's articles and learn to Make Money Online and Make Money From Home at MakeMoneyFacts.com.
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