If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask an expert about how to diversify income streams.
This edition of “Ask the Board” features Genevieve Santos-Bann, Founder and Educator at 360 Beauty Maven Consulting, a company that offers training and coaching services to emerging beauty professionals. Santos-Bann is also a graduate of NFTE, an organization that helps young entrepreneurs start businesses. She explained how small business owners can mix things up and add to their offerings to diversify their income.
There’s a good chance you’ve heard of the phrase “Don’t put all your eggs in one basket.” This advice applies to many aspects of life and is particularly important if you’re an entrepreneur or small business owner. By diversifying your income streams, you can reduce risks and enjoy greater security and profitability. Here are several tips to help you diversify your venture.
Don’t ignore your mindset
Diversifying your income streams is a great way to build financial stability and growth, especially as a beauty and wellness professional. The entrepreneurial mindset that I learned at 17 taught me that no one can take away your skills if you build a business yourself.
Take an inventory of your talents and see how you can monetize them
Write down all the things you’re good at and what you wouldn’t mind making money doing.
Look at which products/services you’re excited about and see if they offer an affiliate program. Do you use an app or software that you can be an ambassador for? I’m an affiliate for the booking platform I use as well as a course for salon professionals. It’s easy to share your excitement for things you already use.
Think of alternate audiences where you can market yourself. Or create an extension of your services or product.
Monetize your expertise
Can you create a course around your expertise? If a course is too much, maybe you can provide a paid workshop broadcast over Zoom or a closed Facebook group. It’s a good idea to start small and simple and scale in time.
Diversify your services
Think of alternate audiences where you can market yourself. Or create an extension of your services or product. What would other potential customers be interested in? How can you make their lives better and easier? Get creative and think about how different services may support them.
Do paid or free events to see what your ideal customer wants
Market research never ends. You’ll always be testing content or products for your ideal customer. Listen to their needs and craft a product or service around them.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
Published
Anna Baluch
