I have been blessed to be an educator for stationers and creatives over the last few years, and one thing that I can not stress enough to each and every business owner that I come in contact with, is how important it is to make sure your business is diversified.
I go more in depth about revenue streams over here!
I think one of the most lucrative revenue streams that is so tempting for so many business owners is to transition some of their business to online sales. Whether that be through a product shop, courses, downloads + templates, or online services. The options really are endless as to what can be transitioned to online.
Well, let’s say you’re a wedding photographer, you work in person at weddings probably 20-30 weekends out of the year. Your income is based on you being able to show up, in person, render and deliver your services or product in order to get paid. Well, what would happen if you were God forbid hospitalized and couldn’t work. Or what if the world was quarantined *ahem* and weddings were cancelled for 3+ months? If the work isn’t there, neither is your paycheck. It can be super scary.
But when you transition your business to online, not only are you diversifying your income, but you are also opening up a whole new world for your business. You no longer have to physically be somewhere or physically create/deliver something to get paid. You can now set up your business in a way that works even while you’re not. And better yet, brings money in without you having to actively work for it. That’s not to say that online businesses are passive, that is far from the truth. But they are scalable, and that is what is amazing.
It really can be overwhelming to try and think about what goes into making this transition, especially if you are still running your in-person or product business. This often causes analysis paralysis and then nothing gets done.
Don’t overthink it. When trying to think about what you want to do online, think about what you currently do. What have you mastered in your business? I know certain things may come easy or natural to you, but there are others who are so eager to learn and it may not come natural to them.
Is that a product shop where you can sell templates and downloads that you’ve created? Do you want to put together a masterclass or course to help educate on your topic? Again, baby steps here, you don’t have to pull out the big guns just yet.
The cost of running an online business can add up quickly if you’re using several different systems and platforms and paying for pro level services. It’s ok to start small, start with doing some things manually, start on trials or basic level plans. You can always upgrade or use systems later when you start getting some traction to justify the expenses.
I know it can be overwhelming at first, but it really does get easier as you start getting familiar with the process of creating products or services for online education.
And if you enjoy that, you can hop on over to our mini-course where I dive deep into getting your online business up and going in 14 days!
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