Updated: Sep 7, 2020
Perhaps one of the biggest takeaways that this worldwide pandemic has taught most of us in business, is to not have all your eggs in one basket. Diversify your income so that if one industry crashes or one product goes belly-up you’ll always have another to fall back on. For example, one of my businesses is in the hotel floral industry —when the pandemic hit, all of my hotel clients began forcing their Force Majeure clauses and overnight the six-figure business that I had spent 5 years building up fell to $0. Yikes! Had I 100% depended on that industry for my income I would be hurting pretty badly right now. So, how can you expand your brand beyond the product or service you currently sell to diversify your offerings? 1. Invest in your education to add to your skillset.
Typically when we start our businesses it’s because we have a strong passion for either the product or the lifestyle we think we can achieve. When I first started my cigar business, I was passionate about not working a 9-5 office job with the same routine every day. When I started my floral design career, I started because I’ve been passionate about flowers ever since I was a little. However, when we start, we typically go after the lowest hanging fruit or the easiest entry point. That usually requires a set of skills but over time, your business will demand more of your skillset and you should invest in yourself to always ensure you’re adding value to your company and to your clients. This could be being able to offer additional services or support. For example, as a wedding florist, I had a lot of brides who booked their wedding planners first who would then select the florists. So we started offering wedding planning services and I invested in a team member who specialized in Wedding Planning. Not only were we able to add more revenue to the company but we were able to become a one-stop-shop for busy couples wanting to have the wedding of their dreams. Later on, as a floral consultant to luxury hotels and brands, I started adding educational services to fellow florists so they could also learn about how to create hotel partnerships. This required me to learn how to launch an online course and hire a virtual assistant to help add “educator” to my skill set.
2. Diversify your offerings.
— Add a “Lifestyle” component to your business:
If you are currently in the entrepreneur sphere, more than likely you are focusing all or most of your attention on reaching your target audience in the business sector --but a lot of your audience may have an interest as well in your lifestyle --after all, living the life you love is what you are modeling for them. Many top women entrepreneurs have created a lifestyle space within their business where they link affiliate products and brands that they love. So not only can you capture your audience with your business offerings they may also want to take your advice on lifestyle products as well. — Have multiple niches:
Many successful bloggers online don’t just have one blog niche, many of them have multiple websites from business to travel to recipes. If they grew one to success, chances are they replicated that model in a different niche. So for example, their travel blog probably isn’t doing too well at the moment, but I’m sure their recipe blog gained a lot of traffic during the stay-at-home months. — Add more options to reach a new customer base: Say you run a coffee shop, the typical add-on’s that you will find at a local coffee shop are cakes, pastries, and cookies. But you could diversify to add special menu items available for a certain time day --avocado toast or hot savory food options for example. Or a lot of coffee shops are now offering pre-bottled healthy juices and kombucha to reach a new customer base as well as to serve the no-caffeine-after-3pm-crowd. When trying to decide what offerings you can add, think of a customer base not too far off from the one you already have and come up with a way to reach them. 3. Pivot to Evolve
When I first started my floral design business (a brick and mortar design studio with multiple physical locations around the world) my husband used to ask me, “Isn’t there an easier way to do this? Can’t you do something online?” At the time it used to really frustrate me and I felt unseen and unsupported but looking back, it was a valid question and one I am answering with a real-life example now with my online business mentorship membership. Where we start at the beginning of a decade should not be where we still are when the decade comes to an end. Especially in the world we live in today where everything is moving at what feels like the speed of lightning and there are huge opportunities in the digital world. Every year there is a new method, new platform, new skill set required, and in order to keep up and keep growing, you must pivot in order to evolve with your business and who you serve. By evolving, you can ensure you are never behind and that your business is “apocalypse proof”. If you want to learn more about starting a new or diversifying your current business then you'll want to watch my FREE Masterclass: How to Go From Corporate Job to Self-Employed in 90 Days WITHOUT Fear of Failing. Learn the 3 (time, money, and security) mistakes that are holding you back from starting a business and what you can do to move forward (with real-life examples), as well as the structure you need in place in order to build upon. Watch now!
PS. You may be interested in my entrepreneur mentoring services if you are an aspiring entrepreneur who is struggling with getting started, zeroing in on a specific business idea, or struggling with mental blocks such as fear of failure and losing money or feeling like you don't look the part, I'll help you tackle those roadblocks so that you leave the call with an "aha" moment and a clear plan of action to pursue your business idea and design the life you love. Click here to learn more.