In episode #1474, we discuss why you should think about diversifying your revenue. If you rely on a single revenue stream, you risk getting into trouble when the economy takes an unfavorable turn. Tune in to hear when the best time for diversification is!
TIME-STAMPED SHOW NOTES:
- [00:25] Today’s topic: Why You Should Diversify Your Revenue.
- [00:49] The problem of having only one revenue stream.
- [01:08] If you are in an agency, think about how you can expand your services.
- [01:39] LegalZoom could charge people for setting up their corporation and renewing it.
- [02:00] Don’t diversify your revenue stream until you begin making some good money.
- [02:24] A drop shipping business is a great way to launch or start.
- [02:47] Consider the people in the restaurant business who put all their eggs in one basket.
- [03:15] It is easy to get into panic mode if your only income stream is hampered.
- [03:31] Think about what your existing customers can also be buying from you.
- [03:52] Take one step at a time and don’t compare yourself to the billionaires.
- [04:38] To stay updated with events and learn more about our mastermind, go to the Marketing School site for more information or text us on 310-349-3785!
Links Mentioned in Today’s Episode:
Leave Some Feedback:
- What should we talk about next? Please let us know in the comments below
- Did you enjoy this episode? If so, please leave a short review.
Connect with Us:
Discover Latest Episodes
At the Leveling Up Founders' event, Tamara Loehr discusses her best practices in business, managing offshore teams abroad, and the significance of establishing a learning management system process. TI...
In episode #2562, we are discussing creator economy 2.0 and the different (theoretical) dynamics at play that make it difficult to build a creator startup in 2023. Tune in to hear a breakdown of the 4...
Ravi Theja Yada explains why behavioral analytics is superior to traditional metrics when it comes to understanding your consumers at the Leveling Up Founders' event. TIME-STAMPED SHOW NOTES:...