How to Diversify Your Small Business Income | CO

If you could start your own fantasy board, who would be on it? CO – connects you with thought leaders across the business spectrum and asks them to help you solve your biggest business challenges. In this edition, we ask an expert how to diversify sources of income.

In this edition of Ask the Board, we feature Genevieve Santos-Bann, founder and instructor at 360 Beauty Maven Consulting, a company that provides training and coaching services to aspiring 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 create variety and expand their offerings to diversify their income.

You’ve probably heard the phrase “Don’t put all your eggs in one basket.” This advice applies to many aspects of life and is especially important if you are an entrepreneur or small business owner. By diversifying your income streams, you can reduce risk and enjoy greater security and profitability. Here are some tips to help you diversify your business.

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 I developed at age 17 taught me that when you build a business yourself, no one can take your skills away from you.

Take inventory of your talents and figure out how to monetize them

Write down all the things you are good at and what you would like to do to make money.

Look at what products/services you are 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 am a partner of the booking platform I use and a course for salon professionals. It’s easy to share your passion for things you already use.

Monetize your expertise

Can you create a course around your expertise? If one course is too much, perhaps you can offer a paid workshop broadcast via Zoom or a closed Facebook group. It’s a good idea to start small and simple and scale over time.

Diversify your services

Think about alternative audiences to market yourself to. Or create an extension of your services or product. What would other potential customers be interested in? How can you make your life better and easier? Get creative and think about how different services can support them.

Attend paid or free events to find out what your ideal customer wants

Market research never ends. You are always testing content or products for your ideal customer. Listen to their needs and develop a product or service according to 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 – 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 December 5, 2024