Many of you might know that I am involved in quite a few projects and working on multiple business ventures at the same time. Even though I am always busy, and time is becoming increasingly of the essence, there is method to the madness. Whether you are climbing the ladder in an established career, or just beginning your entrepreneurial journey, diversifying your business and brand is important for maximizing your opportunity and success.
Getting involved in multiple ventures should not be done without a plan. Diving head first into project after project can not only complicate your process, but also cause you to fail because you overestimate the amount of time and energy you have to devote to any one task. It is important to know your brand, and choose wisely the ventures you pursue. You do not want to become a jack-of-all-trades and master of none. This can negatively affect your business growth. Instead, focus on dividing your energies into specific niches that are manageable and within your brand.
Diversifying will enable you to know your niche while taking full advantage of your skills. If you have a knack for writing, but are not an author or journalist by profession, perhaps offering your services to a professional blog will give you the space to make your voice heard and also get your name, business, and brand more publicity. Similarly, if you have a gift for non-profit work, a fundraiser or organization dedicated to a cause dear to your heart and parallel with your business, might enable you to do fulfilling work while expanding your business involvement to new avenues.
Another motivation for diversifying is keeping your money in multiple places. We have all heard the saying; don’t put all your eggs in one basket, but how does that work for the entrepreneur? Well, diversifying intelligently could keep you in business if one of your projects fails. Let’s say you are focused on four major ventures, and one is weak and tanks. You still have three going strong, so you can regroup and evaluate how you want to proceed. Again, it is all about being wise in your choice of projects, so simply taking on more could be the worst decision, instead of beneficial. Also, diversifying can result in more money—who doesn’t want that! The more successful projects you have in unique sectors, the greater the opportunity for moneymaking.
For entrepreneurs excitement for what you do is important. Work can become stale if you do not keep the chase novel and interesting. Diversifying your business has the potential to allow you to be creative while maintaining your goals and remaining focused. Each business is unique as is each business owner, so be smart in your choices. Your unique qualities are what make your business yours. Use your skills in as many ways as you possibly can while not losing sight of your brand. In the business world, you always want to have the upper hand. Stay focused, be creative, and get that money.
Yandy Smith (@YandySmith) is a music management powerhouse and co-founder/CEO of Everything Girls Love, a lifestyle, Web publishing and fashion brand. With valuable experience collaborating alongside entertainment heavyweight Mona Scott-Young at multimedia conglomerate Violator Management, and later, Monami Entertainment, she has worked with music industry greats including 50 Cent, Missy Elliott, Busta Rhymes, LL Cool J, and Jim Jones.