Diversifying my business portfolio has truly allowed me to live freely at being the best me I desire to be. Of course there’s always room for growth and I’m totally open to that!
Diversify : to produce or sell more kinds of products : to increase the variety of goods or services produced or offered by (someone or something).
When I began the journey to independent entrepreneurship, I first had to wrestle with why? The answer for me resoundingly leads to the concept of Legacy!
Read more about my perspective of Legacy here.
The things that make my heart sing are, family, faith, travel, reading, teaching, and tea!
So quite naturally my business portfolio is centered around those themes along with evident demands from the marketplace. It’s really just that simple for me!
Diversification lends to multiple income strategies (residual vs linear) as well as various cost structures (low vs high ticket) that includes various products and services.
Many will lock themselves into one niche. I don’t agree with that model. Think about the ‘success’ many business individuals have, take note of their diversification. We are not one dimensional creatures. We are creative and diverse creatures, hence diversification should be second nature for you as well!
4 things to consider on your entrepreneurship journey:
1. Identify what makes your heart sing.
2. Of those things identify what the marketplace is consistently calling for.
3. Enhance your knowledge base and skill set to position yourself to offer value to marketplace.
4. Select products and services to offer that are congruent with your vision.
Interested in having a discussion on starting or diversifying your business portfolio? Let’s connect!
Cheers to your Legacy!
Rita Stewart, Legacy Builder
Share your thoughts on managing a diverse business portfolio in the comments?