[Edit: As I sit here awaiting a conference call, I forgot to mention one thing. All the "Labs" sites that I'm working are not only to generate revenue. They are also areas that I genuinely know a good bit about outside of marketing, and am also very passionate about. I would create these sites even if they didn't make money (although, I might not promote them as hard). I think the key to success in this area is writing about things you love]
The thing I love most about being an entrepreneur is that I can adapt to new opportunities as needed. Recently, I’ve been working to move 7×0 Media’s primary business model over to a more affiliate/advertising based model. I feel that is still the way I need to be heading – and it is also a path that will take more than a couple months to get to where I need to be.
Recently, I was offered the opportunity to take on a good bit of SEO work – both with some new clients and continuing one project that was previously in the process of ending. Initially I was a little bit hesitant – as this was a step in a different direction that I had been planning. Then, thinking about it, a big portion of my desire to move away from the client model was that the margins are lower there. There is only so much work you can do in a week, and in turn, only so much you can earn.
However, just thinking “margins” and “scalability” is a small-view way to look at things. For one – I have examined my work routines and habits and realized that there is a lot of room for improvement there. As I get processes more and more streamlined, there is room for some scalability in this model. For another – I have to remind myself that I don’t have the luxury of just supporting myself anymore. I have a wife who would like to start a family sometime, and I have to establish some amount of security to lay the foundations for that.
Most importantly – while I am perfectly capable of earning a good living with just my own sites, that will still take time – probably close to 6 months, of hard work before those project yield their fruits. Allowing my client work to dry up during that time would be foolish – because even a lower margin work load is better than a no-margin work load.
I also realized that I need to get back to just enjoying what I’m doing. I LOVE SEO. I love helping other businesses be successful. It is selfish and silly of me to just stop doing that because I think there’s more money to be made just running my own sites. One thing I’ve been thinking about a lot is that, even in online marketing, there’s a lot to be said for simply enjoying what you’re doing instead of trying to determine if you’re earning the most you can in each and every minute.
The client model has afforded me a good living and an amazing quality of life over the years – and I will continue that as long as they will have me. My other projects will go on with the same vigor – and if they yield a great living as well, then that is great. But I will sleep better at night knowing that my income streams are diversified and secure, and I won’t be in a position to lose it all if something falls through.
My new year’s resolution each year is to make the upcoming year better than the last one – 2009 has already destroyed 2008 in that respect (and 2008 was a good year). I am feeling very excited and very lucky to be able to watch how the rest of this year and the next will unfold with my new wife, new clients, and new projects. I thank God every day for giving me the chance to do something that I love and live a wonderfully happy life.