Brad Wayland from Quiet Light joins the podcast to share his expertise and insights into whether it's best for you to grow a single brand or a portfolio of sites.
With over 2 decades of experience in all aspects of the online business world, he offers a TON of value to all site owners.
The conversation kicks off describing various ways to own web or digital assets:
- A solopreneur with one website
- A solopreneur with a portfolio of sites
- Having a team for one website
- Having a team for a portfolio of websites
He highlights some of the key perks and pitfalls of each approach, emphasizing that owning a portfolio may not be for everyone.
The solopreneur lifestyle allows for complete focus and dedication to one project, which can lead to potential success. However, being a solopreneur also requires managing limited time and responsibilities, which can be challenging.
Brad says that successful solopreneurs often have a long-term commitment to their work and prioritize it over other activities - emphasizing the term 'grind' several times.
As a result, this model can lead to significant financial success and high levels of achievement. The key though is to resist the ever-present temptation to chase shiny objects.
Brad describes how diversification of projects and thus focus can be a pitfall for entrepreneurs, and buying and acquiring multiple businesses without proper management can lead to failure. And Brad shares his personal experience buying businesses in niches he wasn't passionate about and the negative impact it had.
He emphasizes the importance of dedicating time and energy to rethinking strategies and staying passionate about the topic.
Operating at a high level and achieving long-term success requires a special mindset and creativity. Simply following a checklist of industry trends and best practices is likely not enough to stand out to the best in your niche.
In short, Brad recommends doubling down on focus and intentionality in business. He encourages you to prioritize and not spread yourself too thin.
If you're an exceptional entrepreneur (such as Syed Balkhi - the example he uses) who can attract excellent people and manage several projects at once - then great! But it's best to reflect honestly on your abilities - and most people will find they're best served focusing on a single project and grinding to the finish line (in the form of a big exit to financial freedom).
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