One Trick Pony

[SteveO]

Sometimes I wonder if people are looking too many directions to try and figure out a path to take. Not that it isn't important to evaluate the options but, at some point the direction needs to narrow down.

It did not take long for me to get into the fastlane once I had decided to invest in apartments. I focused all my effort and research on defining how I could maximize my returns and continued to refine this process as I went along.

Where I ran into difficulties was when I thought the grass might be greener and went in different directions. The problem was not that there was no money in the other options, it was just a distraction that took me away from my original plan.

I tried my hand at development a few years ago. Property was purchased across the street from a site where a new hospital was going to be developed. It was zoned for medical office (and general as well). I teamed up with a CCIM from the area and we worked with a builder on the project. We thought we could finish the buildings in 4 months and lease them up. It took 1.5 years with delays from the city all along the way. I had to carry the loan during the entire process.

Money was still made on this deal but the amount of time and other resources that went into this were a major distraction for me.

I also thought that rehabbing apartments might be a good thing to try. There were some rundown units in Palm Springs, CA. that were in the foreclosure process. They had many violations on them that were in need of correction. Again, money was made but the amount of time that was absorbed by this was unreal. I could not afford to pay contractor prices so my partners and I did most of the work. Pouring concrete diveways in 105 degrees was not fun either. :smxD:

If I had stayed on this path, I would have had to drop down to a slower lane. :fastlane:

Fortunately, these just solidified the fact that my original plan was working. When I went back to refining the original plan, the speed picked back up. :driving:

My point is that finding a workable plan to move ahead at a fast rate of speed is important. Development and Rehab are both very lucrative. I am not suggesting that there is less money in doing either one of those. The problem was with the distractions and chasing something without a fully understood plan of attack. Had I initially targeted development, the effort that I had put into it would have been different and the amount of time and path forward would have been very different.

Make your plans to move forward based on a carefully thought out plan that will take you where you want to go. If it isn't working... adjust... If it works... refine and move forward.

 

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[SteveO]

I disappeared from the forums for a while. Circumstances and the economic downturn hit me hard. A long, long story of situations and bad timing led to the loss of millions of dollars and hundreds of apartment units.

There were many others in the same boat here in Arizona. I watched others that I know fall the same way. Many apartments in this state were not even pulling in enough money to pay expenses (not even including debt service). An example was one property was pulling in around $78K per month. Arizona's anti-immigration law and the economic turndown started at the same time. The income on this property dropped to $35K per month in three months time. The expenses were $35K per month for utilities, management, insurance, etc... There was no money left to pay the mortgage. I emptied my pockets trying to keep everything but that turned out to be a mistake as well. I should have held on to my liquid cash reserves.

Then there were all the apartment deals that all of a sudden showed up. Properties that were selling for 60K per unit were now at 20K. Even at these prices they had no cap rate and were losing money.

I was drooling over the deals knowing that the pendulum would swing again. I worked like crazy to try and secure some of these deals.

There was no financing to be found. Most of my contacts with the big companies were gone. The old equity partners were shriveling up and blowing away. I had no contacts with the new money coming into town. Many of them looked at me as a high risk due to the past circumstances.

That one trick no longer felt like it applied. I could not get loans and was having difficulty finding investors. My wife told me that I needed to go get a job!!!! No way!

Finally I was able to get ahold of a small 12 unit deal with an investor that signed for the credit. We paid $18K per unit. Then a couple more deals came around. Some investors were taking note of the successes and a few more deals were made.

I am now back up to around 160 units and growing. I have a bank that gives me preferred status on loans now. Of course I will do things differently this time around.

I am very thankful for that one trick!

 

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[MJ DeMarco]

Thread marked GOLD.

This thread was referenced as part of the inspiration behind one of the INSIDE success stories.

https://www.thefastlaneforum.com/community/threads/building-an-online-publishing-company.54315/
(INSIDERS thread, no public access)

User @MTF wanted to create a publishing company and his goal was $5K/mo in revenue. (Which is mostly all profit in eBook publishing.)

As of his last post, he's at $23,000 a month.

Incredible what a "one trick pony" focus can mean.

Or, he could have chosen the alternative....

10 businesses each making $50 a month.

What do you want? One strong business kills ten mediocre ones.

 

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[MTF]

@Andy Black, short version: everything.

Longer version:

• I dig much deeper, and therefore uncover much more potential in a business I thought was severely limited. The deeper I dig, the more new routes I see for growth.
  
• I get more specialized in one thing, which makes me a true expert.
• I focus more on what I'm doing and approach it from the long-term point of view, and therefore refine my processes to make them work better with less effort.
• I have more energy to grow my business because I don't have to waste it learning something new I don't understand and can instead spend it improving what's already working. One small improvement (say, a 10% one) in a business that's already generating income can increase your revenue by $1000+ almost overnight. I think it's easier (and requires much less work) to make such small improvements and take a business generating $10,000 a month to, say, $20,000 and beyond than start a new business from zero and grow it to $20,000 quickly (because you usually need at least a few months to gain momentum you otherwise already have if you focus on just one business).
• I discover hidden profit centers that are only visible and available once you spend a year or two with the same business. With one pony you just put more focus on squeezing the most out of it, and not just scratching the surface as you do if you keep starting new businesses.

 

[andviv]

SteveO, awesome post. Sorry, I can't give you rep++ as I already gave you positive Rep for another awesome post.

On topic, YES. This is one of the biggest problems I've seen.
These days there are just TOO MANY ways to make money. Problem is, in order to make money you need to be good at it, and you only can get good at it by becoming an expert i.e. by doing it constantly and improving/correcting each time. If people want to get rich quick and start trying everything possible then they will never get good at it.

I started with small business ideas, then moved into researching the stock market, then moved into SFHs but at the time was focusing on my professional career and on buying land. I had to make a choice, and after thinking throughly decided on just one area, which is what I am focusing with all the time I have available. I have to get everything else out of my mind in order to concentrate in what I want to do. One thing at the time.

Again, great post. This topic -Focus, or the lack of, and the myth about Diversification, are my most common topics of conversation with people that ask me how to start. When I tell people what I am doing and they notice that I am putting all my eggs in just one basket and decide to focus on making sure my basket is performing, most look at me like I am completely nuts (I probably am, but that is another topic). They believe in having many baskets to avoid losing money. Problem is, they only have a couple of eggs that want to distribute among 5 or 6 baskets. That is just not my style anymore.

When reading the success stories posted here you will notice most of them made it by focusing in just one thing. Once they made it then they diversify as now they do have enough eggs to spread.

 

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[SteveO]

This one trick pony thing is starting to sound too much like the "One Trick" gimmick that is visible everywhere.

There is no "one trick". The whole premise of this post is to focus. This does not mean that you should not learn many things. You should be as well rounded as you want to be. Learn all you can and put what you want into practice.

The bottom line is that you should do what you enjoy. Once you find that, focus..... This is not to say that you can't change or switch to something else. I am only talking about "at a time". Not many people can juggle multiple businesses at once, at least successfully.

My background is very scattered. I was a landscaper, marine, plumber, janitor, stable boy, assembler, mechanic, construction laborer, electronic technician, R&D prototype builder/tester, production line supervisor, test supervisor, chem lab manager, and apartment owner. The apartment owner job has led to apartment maintenance, management, and personnel director. This has lead me to the point that I am at in life.

My one trick is not a gimmick. It is apartment investing. I enjoy it very much. I enjoy it more after this last downturn than I had in the past. Yes, there are challenges and difficulties that can seem extreme. I don't let those bother me anymore. I like where I am at. I like the fact that I narrowed down my focus. (There sure are a lot of "I's" in this post)

This is not to say that there will not be a change of direction again in my life. If there is, the focus will be redirected.

 

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[SteveO]

For example, my primary business is selling books on Amazon. Would expanding to offer coaching for fellow authors and/or other services for authors be considered spreading my focus over too many things, even if my primary business doesn't take my entire time?

No!!!! That is the right thing to do. Build off of what you know.

You would still be working within your field of expertise.

I should clarify as well that there is nothing wrong with making changes and adjustments. Especially early on while trying to find a niche.

We have all heard the expression "Jack of all trades and master of none". It is great to know how to do many things but at some point you need to become a master at something. That is where you are most likely to make money.

The majority of people on this forum are working on internet based businesses. That was a little different 8 years ago. If you are going to sell widgets, get good at selling widgets. Become an expert. If you are going to sell information, then understand the market and go after it.

 

[AroundTheWorld]

Awesome point Steve O...

I'd like to add ... that when you are deciding what path will work for you, pay attention to a few things...

• What seems like the most common sense solution?
• What fits in with your passion/values?
• Where does it fit in on your risk tolerence level?

The answer here will be different for everyone, and there is no wrong answer (unless you are ignoring your instincts here...)

I was speaking with a land developer recently. That is definately his one pony. He feels that self-storage is risky.... and that land development is not. I, on the other hand am very comfortable with self-storage development (my pony) but feel that land development is risky. That tells me that we have each chosen the correct pony.

However, I would also submit.... for some people, it could be... one pony at a time!

If you ride a pony as far as you had hoped - or find you have outgrown the pony... it could be time to find a different pony!!... As long as you have the self discipline to not jump too soon!

 

[Young-Gun]

Timely post for me to read - as you may see in my other new thread about hiring since I'm approaching burnout.

Occasionally I doubt the road I've chosen to the fastlane. Start reading threads on here about other ways people have made the cash and wondering if I should switch. But, then I remember "Grass is greener".

One of the worst approximations we make is "how quickly we can do that". Try running up a big hill, you'll always think it's going to be easier than it really is.

You'll start thinking, "hey, I could run down this hill, and use that momentum as a start to get up THAT OTHER hill over THERE, and I'll get there faster"

But, a lot of the energy of the uphill climb is wasted and squandered to friction and wind resistance as you run down your half-hill, into the valley, and a quarter of the way back up the second hill.

Suddenly you realize, "DAMN I should have just stuck with the first hill - I WAS ALREADY HALFWAY UP"

So, "stick to the plan."

Don't stop 3 inches from gold.

Remember that you get the most tired at the 75% mark

75% is when you can start to see other hills and think, "I should have climbed that one"

75% is when your brain tricks you, saying "hey man, running down this hill would be a lot more fun than finishing to the summit"

75% is the moment that seperates the champions from the mediocre

Seriously, this isn't just Rocky - B.S.

I'm getting it. This is the difference between those who "have it" and those who don't.

In sports. In music. In career. In art. In science. In business. In investing.

Getting to 75% is the easy part, because you never anticipate how hard it is so you just keep climbing and climbing until you suddenly realize you're tired..

Your one-trick pony is feeling weary... bored... wants to back down...

Getting to 100% is what sets you apart. Makes you triumphant.

Stick to the plan. In fact, stop planning and get back to hustling.

 

[SteveO]

I'd love to hear more. Any new important lessons? Realizations? Changes you've made? New plans for the future?

Ride the wave when it feels strong. Rest while the break is not to your liking. Enjoy life.

I'm done doing deals. The future includes lots of rv time on the beach and making a stronger connection with family.

 

[SteveO]

Bump, because it's a must read.

I started this post almost 11 years ago. It was near the beginning of this forum.

The biggest challenge that I ever faced in my entire career is chronicled in this post.

Although it solidified the original point, I felt very challenged on the validity of the assertions along the way.

There have been a number of people who have successfully changed direction. There are even some that operate a primary and secondary business successfully.

My contention is not to stick with an unsuccessful path. It is to find one with potential, build your skills, and capitalize on it.

I was shaken to my core at one point. But it turned out to be part of the learning curve.

This post is not among the most valuable on the forum. It will not help you find a direction. It will not tell you which business is the best. It is simply a statement on building skills and staying on direction.

 

[SteveO]

I was talking to one of the senior employees and one of the very young ones at the golf course today. There is an ongoing discussion about all the different things that I have done in the past. The elder one said Jack of all trades and master of none. I did correct him with "master of many". I really meant that too. As long as I have access to Google....

This story sounds like it contradicts the whole idea of "one trick". But in reality all the skills built up to a point and allowed me to move forward with the real estate game. I treated that game as the purchase of broken businesses that needed to be fixed.

Thanks for making this gold.

 

[SteveO]

Bump for 2019.

Thanks @MTF . This post was started over 10 years ago shortly after the start of the forum. There was a BIG difference in the direction of the members back at that time. People were all over the place. This is a much more focused forum now.

It seems to me that most people are now focused on a path that leads to online stores and amazon. The world is MUCH larger than that though. Oftentimes the path to success is slapping us in the face but we don't see it.

I feel that the original premise of this post is still very relevant. But some might benefit by expanding their vision in the initial stages.

 

[SteveO]

• Where does it fit in on your risk tolerence level?

How to discuss this point???? Hmmm...

So much risk can be averted by simply doing your homework. I have had people tell me that investing in real estate is so risky. Yet they don't even understand the situation and I am not going to waste my time explaining it at that point.

Buying a car is risky if you haven't researched it.

Perhaps some people need to explore how to minimize risk to make it fit into the risk tolerance level.

 

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[SteveO]

It seems the first question in business is about capacity? Mental capital, physical capital, and financial capital are all just ingredients.

The primary point that I was trying to get across would deal more with the physical and mental capacities. It is easy to get sidetracked and move towards something else that has not been thought through as well.

An example: Let's say you have been researching small strip malls in Birmingham. You have done all the market research and have narrowed your search to certain primary locations. You have studied what makes a strip mall successful and understand lease rates and typical terms for the area. You already have one in place and it is performing well for you. You also know based on data that retail performance is looking to grow in the near future (not the current status, just an example). You are watching the market for another deal that fits your parameters.

Now someone comes along and shows you an apartment building that is mismanaged in Denver. The price looks good but you know nothing about the market or apartments for that matter.

Do you have the time and resources available to get to understand this? Will your current plan take a hit with all the time and energy you would need to dedicate to this project?

These are the questions that need to be asked. Usually there are deals that can be found in many different fields. How much capacity to you have at your disposal to research and put a plan in place for all of them? My opinion is that if you want to buy apartments in Denver, you set a plan for this and research the area well.

On earth there seem to be only 2 generalist professions - Accounting and Law - Numbers and Words. The path will always involve these to powers and I mean powers!!

You need to understand the numbers and basic law behind your plan. Hire professionals to help get certain aspects in place. Look to see what the numbers can do for you.

 

[SteveO]

I have always liked Paul Simon. His lyrics usually hit home with me. Here are the words to this song:

He's a one trick pony
One trick is all that horse can do
he does one trick only
It's the principal source of his revenue
And when he steps into the spotlight
You can feel the heat of his heart
Come rising through

See how he dances
See how he loops from side to side
See how he prances
The way his hooves just seem to glide
He's just a one trick pony (that's all he is)
But he turns that trick with pride

He makes it look so easy
He looks so clean
He moves like God's
Immaculate machine
He makes me think about
All of these extra moves I make
And all of this herky-jerky motion
And the bag of tricks it takes
To get me through my working day
One-trick pony

He's a one trick pony
He either fails or he succeeds
He gives his testimony
Then he relaxes in the weeds
He's got one trick to last a lifetime
But that's all a pony needs
(that's all he needs)
He looks so easy
He looks so clean
He moves like God's
Immaculate machine
He makes me think about
All of these extra moves I make
And all of this herky-jerky motion
And the bag of tricks it takes
To get me through my working day

One-trick pony, one trick pony
One-trick pony, one trick pony
One-trick pony (take me for a ride)
One trick pony

Of course the following portion is the key:

He makes me think about
All of these extra moves I make
And all of this herky-jerky motion
And the bag of tricks it takes
To get me through my working day
:smilielol:

 

[slim_jim]

I struggle with different opportunities, but I have printed on a piece of paper, hung on the door, that I read every time I leave the house --- F.O.C.U.S. - Follow One Course Until Successful

 

[Andy Black]

This post is very fitting for this thread: https://sivers.org/switch

Especially this part:

100%

I've recently noticed something about myself.

Sometimes I think I'm walking down the center of the road, until someone points out I'm actually walking well to the left of the center.

When that happens, I don't recalibrate so I'm walking down the center just like everyone else. Instead, now that I know my natural tendencies are to walk to the left, I veer even sharper to the left.

It's not (just) the contrarian in me. It's also that I've been given an inkling of where my natural talents and abilities lie. These are hard to discern as they come natural to you.

I didn't realise I posted quite so much till someone pointed it out. Then I decided to double down on it, and post even more content.

I didn't realise it was "wrong" of me to spend so much time talking to people for free, till someone pointed it out. Then I resolved to do it even more.

I've found that good things happen from going all-in on strengths and natural tendencies.

I've also found those strengths and natural tendencies are typically what everyone is telling you NOT to do.

Go figure...

 

[SteveO]

This post is over 7 years old. At the time, I was seeing posters that were all over the map on what they were trying to do. Some were jumping from one project to the next and trying to figure out a direction.

I believe that the post is still relevant today. There does seem to be a tighter overall focus on this forum than there was back then. Even so, there still seems to be a lot of bouncing around within this tighter range.

 

[MTF]

Bump for 2016. Make it the year of eliminating distractions, improving focus, and narrowing down your direction, guys. It works like nothing else. @SteveO knows what he's talking about.

 

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[MTF]

Well-deserved gold status for this one.

One strong business kills ten mediocre ones.

So true. Took me a very long time to finally drive it home.

 

[Diane Kennedy]

SteveO:

You are so right! Master one thing before you take off in another direction. I've got successful clients who have more than one venture, but they didn't start off that way. They focussed one one thing in the beginning.

Even within my own business (which you would think would be just one thing), I have to be careful to not get enamored of new ideas all the time. The issue is not lack of opportunity....the issue is choking on opportunity.

I'll add in one more thing as well - I think too many people get confused with the process of creating net worth and creating cash flow. Often in the beginning you need active income - money you're working for either as an employee or self-employed (fix and flip falls into this category as well). Plus, you need to grow net worth. THEN concentrate on passive income. I'm not saying you can't do everything at once - but it works so much better if you focus on one goal at a time.

Passive income almost always comes from an investment of either time or money. If you're investing time, you're not really passive...and hence, it's active. If you're investing money, you need to have money to do that.

So - my husband's and my plan has always been to keep an eye first on building net worth and then watching how good the net worth is invested to give income.

AND be careful to only invest in what we know - that one trick pony.

Great post.

 

[Torobaro]

"You will never reach your destination if you stop and throw stones at every dog that barks"

Winston Churchill

That´s why I find this forum has to be used carefully. It´s full of invaluable information but if you get to excited on a post that´s not related to your business you might lose focus.

There is nothing as exciting as reading about a new business opportunity or progress another fastlaner is making with his business but at the end of the day one has to stick with his idea and keep on pushing.

 

[SteveO]

Thanks for this post @SteveO and @MTF for pointing it out!

A reminder for me to stop thrashing around on multiple ideas and focus on building one solid plan.

Thanks Matt. Keep in mind that I'm not advocating that you only work on one project at a time. Get good at something that works for you and build off of it.

 

[MTF]

Bump for 2021.

This is super important to understand if you're prone to going into too many directions:

When I went back to refining the original plan, the speed picked back up.

 

[Antifragile]

I have a question, which may seen dump, but ask it though.


I got in that thread by looking for ideas for a focus, as I have several directions, in which I look. To many.

So I have a question: I want to get the path of sourcing and selling something in a bigger style.

Is trading in general a narrow path? Or only focus on one thing to trade with?

In special : I m looking for good with a big margin. When I have one and start trading it, should I focus on getting the next thing and so on or focus on trading that single thing?
What exactly does it mean th focus on one thing?

Is „one thing“ the trading itself or trading a special thing?

btw. A great thread!

@Ing any update on your decisions after this post?
I am curious to hear your perspective as some time has now passed.

@WJK we are often taught not to put all the eggs in one basket, to diversify etc. And I think that's applicable when you have a certain net worth and only to the extent that you are "taking money off the table" as insurance for the future. When you are in startup and have nothing, I'd argue go all in on whatever you do. Get good on the "one thing", then get great at it and keep going.

@SteveO took a global perspective in this thread, as in "stick to one business and don't jump at every new shiny rock", and I'd like to add that same logic applies on a daily basis:
- When you start a task, finish it. Get the one thing done and only then move on.
- Know your priorities, there is never enough time to do everything but there is always plenty of time to do the most important thing (one!). What is it for you?
- Skills or lack of much needed skills can be developed the same way. Focus on the one thing you need most and get to "usable level of skills" quickly. Do you suck at accounting? Great, go take a course and focus, get the basics done. Marketing is new? Great, finish accounting course before you take the marketing one. Take notes, apply immediately and then revisit the notes one week, again one months from the date of finish. Don't know how to read legal documents or structure GP/LP partnerships? Well don't learn 15% of accounting, 20% of marketing and 5% of legal. At these levels knowledge is not applicable yet and useless. Back to "one thing" - get one done and move on to the next. Apply what you learned right away in your business.
- Workouts, meditation, food choices - this same principle applies.

To summarize:

1. Never multitask. This kills the ability to do good quality work and takes 4x longer than if you focus on one task alone.
2. Eat that frog
   
   . Some say that if you had to eat a frog (disgusting, I know) then it’s best to do it first thing and get it over with, the rest of the day will go better! Similarly, pick the task that is the nastiest and needs doing and get it done first thing in the morning.
3. There is no such thing as “priorities”, plural implies that there can be a few or many. If you have more than one priority, you are multitasking. Each day you should have just THE ONE THING that must get done. And then a ranking list of things that you wish/should get done. The 1st thing is a priority, the rest is not. Pick your priority.

 

[Antifragile]

I looked over my notes from the book:

The ONE Thing​

Gary Keller, Jay Papasan​

Some good nuggets for you all:

• When everything feels urgent and important, everything seems equal. We become active and busy, but this doesn’t actually move us any closer to success. Activity is often unrelated to productivity, and busyness rarely takes care of business.
• It’s not that we have too little time to do all the things we need to do, it’s that we feel the need to do too many things in the time we have.
• Success is actually a short race—a sprint fueled by discipline just long enough for habit to kick in and take over.
• When you ask yourself, “What’s the ONE Thing I can do in my life that would mean the most to me and the world, such that by doing it everything else would be easier or unnecessary?” you’re using the power of The ONE Thing to bring purpose to your life.
• The Focusing Question collapses all possible questions into one: “What’s the ONE Thing I can do / such that by doing it / everything else will be easier or unnecessary?”

 

[MTF]

This post is very fitting for this thread: https://sivers.org/switch

Especially this part:

Then when you notice that one thing is extra-rewarding, it’s time to switch strategies. Double-down and focus all of your considerable capacity on this one thing. Be a freak, and go above and beyond all expectations, to master this niche with everything you’ve got. Timing is crucial. Don’t be leisurely. Strike while it’s hot. You don’t get extreme results without extreme actions.

 

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[SteveO]

Right now I am at crossroads. My field, education, has proven very challenged lately. I'm looking at a lot of new opportunities. Considering starting a 2nd. business because the one I have is not working the way I need. Even if I have focused on it 100% the last 3 years.

I don't know anything about your business. 3 years with all your attention sounds like either you are not selling what people need or you are not getting it out there. Do you know why? In either case, can you start another business with the skills you have already acquired?

 

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[SteveO]

Found this thread at the perfect time.

The ideas found in this thread hit me differently. I recently (within the last few months) learned a new skill. It’s been proven successful. I’m confident I can continue to build revenue if I focus on getting it in front of the right people.

It’s still early on in my business. I’m thinking about pivoting it a little differently to help people with a very specific problem.

Part of me wants to stick with what’s proven to work. The other part wants to dedicate some time to this new pivot.

What I’ve gleaned from your post is what you said to MTF a couple years ago:

“No!!!! That is the right thing to do. Build off of what you know.

You would still be working within your field of expertise.

I should clarify as well that there is nothing wrong with making changes and adjustments. Especially early on while trying to find a niche

If you are going to sell information, then understand the market and go after it”

You also said:

“My contention is not to stick with an unsuccessful path. It is to find one with potential, build your skills, and capitalize on it.”

Thank you for clarifying this point.

This helps:

HelpMyDecision.com - Decision Matrix - Part 1

Thanks.

I feel that the concept is very simple. The difficulty comes in when you have that shiny object syndrome.

Finding the initial path is the hard part. It will be different for everyone. Some people already possess skills in an area that they want to focus on. Others need to develop them.

I did not have much for skills in the path that I chose. I put a lot of effort into learning. Jumping in with both feet was scary at first but I got over that.