We are so excited to introduce Episode 021 of With Grace and Gold: The Podcast — a business education podcast for small business owners and entrepreneurs. With Grace and Gold: The Podcast features 5-minute episodes with clear, actionable steps to guide you toward successful small business ownership. Listen on Apple Podcasts, Anchor, Spotify, or elsewhere!
When I was in business school, I learned about diversification: the process of a business varying its range of products or services. Back then, I thought diversification was only for corporations — large, well-established businesses with the capacity to create unique facets and layers within their businesses.
But over the past six years, With Grace and Gold has diversified its offerings, with our custom design services, our Showit website template collection, our designer education shop, and our designer workshop.
Having these four unique revenue streams has shown me, first-hand, how diversification can serve businesses of all sizes. As seasons change, as trends change, or as unique circumstances arise — diversifying can help ensure your business still serves customers or clients, continues generating revenue, and keeps moving forward.
Today, we want to share why NOW is the best time to diversify your business — and 3 ideas for doing so!
Now is the best time to diversify – and here’s why!
Welcome to Episode 021 of With Grace and Gold: The Podcast: Now is the best time to diversify — and here’s why!
I want to begin by saying: Every decision you make within your business should be rooted in the unique vision, goals, and purpose you’ve created for your business. Maybe what we share today will encourage you to add a new layer to your business — or maybe what we share today will encourage you to confidently move forward with your business as-is! We are hopeful the ideas we explore today will help you discover whether diversifying is right for you in this season in your business, and if so — how!
So, why is now the best time to diversify your business? Well, in Episode 018, we shared how what you do in your business today can help your business to grow and succeed in the months and years ahead. The best time to start is now, because the sooner you start, the more time you’re giving each new area of your business to grow.
Here are 3 ways to diversify your business, and actionable steps to help you get started:
- First, now is the best time to start a podcast. A podcast can serve as a helpful way for you to connect with your audience, to share your expertise, to expand your reach, and to market your products and services in a more personal way. Having a podcast gives your prospective clients an opportunity to hear — through your voice — why products and services are worth exploring! If another business sponsors your podcast, your podcast can even generate its own revenue. Like any sort of content creation, a podcast takes time to establish and grow. Begin with a podcast name, cover art, and a well-written description of who your podcast is for and what listeners will come away with. Brainstorm a list of podcast episode topics or people you’d like to interview, and a schedule you’d like to follow. Find a microphone, a quiet place to record, and begin creating content. Then, share each episode — new and old — consistently and regularly across your social media platforms, your blog, your newsletter list, and elsewhere. Like many aspects of small business ownership, consistency is key.
- Next, now is the best time to create a Shop. In Episode 011, Your Passive Income Action Plan, we discuss the process of making your service into a product — so you are able to offer what you are best at, at varying price points and in various ways. What has been unique for us, at With Grace and Gold, is that our custom design services were once the clear leading revenue stream within our business. Over the past few months, though, revenue from our Showit template collection has exponentially grown; and now, it’s supplementing our custom design services in a much more substantial way. Had we not created our Shop years ago, we would have never been able to see how it could grow and play a more central role in our business. So, can you make your service into a product? Can you offer helpful guides, PDF downloads, or resources to serve your audience in a more well-rounded way? Can you create a Shop with varying products at varying price points? To get started: Interview your clients and customers and discover what problems they’re facing, what solutions they’re seeking, and what solutions they’re willing to pay for. (In Episode 011, we share in a detailed way why creating products or creating a shop without thorough customer research can be risky.) Explore eCommerce systems and explore how you can add your Shop to your current website. Determine how orders will be fulfilled, and how you’ll create a seamless customer experience. Lastly, build marketing your shop products into your weekly marketing calendar. Market your new and old products consistently and regularly across your social media platforms, your blog, your newsletter list, and elsewhere.
- Add a service, or services, which compliment your existing services and align with your areas of expertise. If you’re a brand designer, could you also be a wedding stationery designer? If you’re a wedding photographer, could you also be a brand photographer? If you’re an educator, could you also educate those who want to educate? Some small business owners shy away from having two Ideal Clients or two target markets they’re hoping to reach. But we believe, and have experienced first-hand, it’s just a matter of having clarity in your web design, in your copywriting, and in your marketing. Keep your services as organized as can be — and use design to help you lead visitors on the path that’s right for them. If you’d like a visual example, one of our Showit website templates, Brooklyn, was designed with multifaceted creative entrepreneurs in mind.
Chances are, you’re more equipped to diversify your services than you might think!
Today, we shared why now is the best time to diversity your small business. The sooner you get started, the more of an opportunity you give each unique area of your business to grow. Little by little, step by step, you can diversify your business — and strengthen your business for unexpected, or expected, changes ahead.
If you enjoyed today’s episode, please leave a 5-star rating and a review, take a screen grab, and tag us on Instagram Stories when you do! One reviewer receives a gift from our team to yours every week!