Why is diversifying your business revenue streams crucial to your success as a business? We are talking about that very topic today and give several examples from our own businesses of how doing that led to success for us. We give concrete examples of why it's so important to diversify, especially since the trajectory of a business can change so quickly.

We, in addition, talk about why it's important to be careful who you share business ideas with when you don't actually yet have the income to act on those ideas. They might, and they're not in the wrong if they act on your ideas when you aren't able to. That isn't anyone's fault but yours, so be careful who you talk to! We also cover the vulnerability that you experience even when you're your own boss. Running your own business doesn't mean that outside factors like the government don't affect you, and the struggles that small business owners faced because of COVID-19 is a perfect example of that. That's why it's so important to have more than one stream of revenue.

We also enthusiastically touch upon other success stories that resulted from diversifying revenue streams, such as Floyd Mayweather's story, and we offer some hopefully helpful advice such as taking advantage of the digital world. As always, we appreciate you tuning in and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! We would really love to hear from you!

 

Time Stamps

[0:59] – New listeners are introduced to Michele and Karamel.

[2:30] – Karamel reveals that today's topic is the importance of diversifying revenue streams.

[5:00] – Karamel emphasizes why it's important to have support in your social circle.

[6:42] – Karamel and Michele agree that you need to jump on ideas before someone else does.

[9:35] – Karamel and Michele point to a book that they love.

[10:07] – Learn why diversifying is so important.

[13:10] – Being your own boss doesn't mean that external factors can't affect you.

[16:25] – Michele and Karamel agree that your first business is always the hardest.

[16:56] – Michele explains why having five revenue streams is her goal.

[18:46] – Michele discusses a goal of her husband's.

[20:29] – Michele and Karamel enthuse over Floyd Mayweather.

[23:13] – We are reminded of one of the main reasons why diversifying is important.

[26:14] – Karamel sums up by reminding us to look for opportunities to grow money.

 

Resources

CEO Chronicles – Website

Email us: [email protected]

Women Travel Abroad

Dr. Spencer Johnson – Who Moved My Cheese?