As I’m spending time working on different things with clients and building relationships, it brings up an important part of running a business, the power of diversification.
Now diversification may sound contradictory because I’m usually talking about finding your focus, staying on track, etc.
100%, you must stay focused on your bigger goals and keep working on them regularly to accomplish your goals.
Here’s the thing, you’re in business to be in business – to make a living (even better, to fulfill your dreams), but ultimately, it’s still about generating income by delivering products, services, or both.
What does diversification mean?
Dictionary.com defines it as:
“the act or practice of manufacturing a variety of products, investing in a variety of securities, selling a variety of merchandise, etc., so that a failure in or an economic slump affecting one of them will not be disastrous.”
I love the optimism of “will not be disastrous” because nothing says positive thinking like “I’m avoiding disaster!”
One of the key business lessons from COVID is that we have to adapt. Even the big businesses had to adapt. I saw an ad for McDonald’s just yesterday that was promoting their “McDelivery®” service. Even a year later, they still have to keep with this diversification.
Another way of thinking of diversification is not just about variety but offering your services in a variety of methods.
This diversification method is why you see entrepreneurs creating digital courses, eBooks (and of course physical books) – it is another form of diversifying.
An area that can get confusing is how to create multiple offerings without diluting your message and without exhausting yourself.
Focus on adding one or two methods to diversify and then grow from there. Benefits of these methods are that it provides more exposure, more options for your prospects and clients, and passive income.
I’m just getting started with Medium and Etsy, but I see growth in both areas already. For example, I published 4 articles on Medium starting March 8th (plus 1 in February), and I grew from 1 follower to 91 followers as of yesterday. I’ve already earned a whopping $1.26. Now, that’s not enough to buy a cup of coffee, but it’s $1.26 I didn’t have before. Most days, I get a notification of new followers, new “claps,” highlights, or comments. It’s pretty cool.
It’s a start, and as I grow and learn the platform, I am confident those numbers will continue to increase. Like social media, the more you create engaging content, the more likes, follows, and comments you receive.
How are you diversifying? What steps are you taking to ensure you have a variety of income sources?
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