TommyCarey
Level X3
Write the reason you're deleting this FAQ
When you start off you'll want to focus on just one website because the act of spreading yourself too thin is a killer when it comes to building a business around a website. Focus on your main website and only start to diversify when your main source of income is working on autopilot or you have a business manager doing the work for you.
When you get to the point where your main business is working on its own, you can start to branch out and diversify your portfolio of websites and boost your profits even more. Now, not every website you put up with being profitable, but that shouldn't stop you from pushing forward and building your portfolio. Failure is inevitable, but getting past that is what makes the great business owners stand out from the average ones who get set back.
Spread your eggs among multiple baskets
I'm sure you've heard the saying "Don't put all of your eggs in the same basket" right? Well, it's true and you should follow that saying like it's something every successful business owner has said. If you put all of your time, money, and effort into one website or business, you could be extremely successful, but what happens if that business tanks? Now you don't have anything to fall back on and you're essentially starting over.
After you've built up a website or business to success, start putting time into a second income stream and see this as a security just in case your first website/business fails.
Don't get too broad with your niche targeting
I've seen it too many times, a successful business owner will target a niche that is nowhere near related to their current one they're successful in, and they wonder why their new business idea isn't going as well as planned. Think about it, if you stick within the same niche or a similar one, your first successful business can help boost the second, and it will be more successful than anything else in the niche in a short amount of time.
Business owners do this all of the time and create multiple income streams within the same niche or complementary ones. An SEO specialist likely has a web design service as well as a content writing service, because they are creating multiple income streams. If one stream starts to trickle, they can rely on their other streams to fund their needs and wants. They can then focus on the stream that is hurting and bring it back to a rushing river.
Invest time and money into building your network
You won't be able to do this overnight, it actually takes a bit of time to get everything going, and that means you might have to invest a decent amount of money into a new venture if needed. Think about it, how much money have you put into your current business model? I've spent tens of thousands on my current business, and that means the next one will likely take just as much or more to be as successful, but I can always interlink them and share clientele to speed up the acquisition process 
Brand each website whenever you have a chance
No matter where you're at, you can help brand one of your websites online. The more websites you have, the more chances you have to answer someone's questions and drop a link to help them out. If you have an SEO service, you can't really drop a link to your site and say you can help them with a design, because it will just be seen as spam. Now, if you were on Quora or Yahoo answers and had multiple service businesses, you could search for hundreds of questions to answer and drop a link, and after that, you could funnel those clients to each of your websites and profit even more
In conclusion
You need to diversify if you want to be successful. No one is wealthy with just one little website, they usually have 5 or 10 income streams making them money each and every day. You need to be dedicated to this type of work and build your portfolio over time. Understand it doesn't take a day or two, rather a year or 5 to build everything the right way, so take your time and don't rush it.
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Thanks!
Tommy Carey