May 24, 2024
Diversifying income streams is crucial for mitigating risks and ensuring financial stability, but it's important to establish a strong foundation with one core offer before strategically expanding.
At The brandiD, Rachel Gogos initially focused on personal branding but later broadened their services to include website development and theme creation. This diversification allowed them to serve a wider audience and enabled brandiD clients to monetize their personal brands right from the start.
All entrepreneurs have to balance between risk and reward. Operating from a place of confidence rather than desperation involves carefully managing income streams to ensure sustainability and growth.
Prioritizing income streams strategically is key, and having a reliable source of income during the early stages of launching a passion project will help you find financial stability.
Quotes
“You never want to put all your eggs in one basket.”
“However, when you are starting as an entrepreneur, you do just want to have one particular income stream, you want to figure out that offer and really refine it and nail it and figure out how to market it and not add any other offers until until you have really gotten that one grounded and, and working in your favor.”
“In the consulting world, they say it's feast or famine, you're either super busy or not busy enough. So having some diverse income streams outside of your business can just help ease your mind and help you weather those famine times.”
“Until you really launch your offer to the market, you don't really know how they're gonna react from it.”
“You want to test on your actual audience and then just refine, refine”
“I thought it was really important from day one to have a way to monetize your personal brand.”
“Become known for the one thing that you're great at, and then use that notoriety to launch other things.”
“When you're desperate for business, people can sense that energetically. And you don't want to be searching for business on sales calls when you're feeling that way. You have to really be in a space where you feel abundant and confident in selling your services.”
Links mentioned in this episode:
Episode 135 | Personal Branding Tips You Need to Know in 2024 with William Arruda: https://thebrandid.com/podcast/135-personal-branding-tips-you-need-to-know-in-2024-with-william-arruda/