Avoid Single Points of Failure

If you’re reading this newsletter, you’re probably after something like I am - independence, personal growth, serving ideal customers, and a chance to make your mark.

Well, today I’m sharing some practical ways to do all that - straight from my personal experience.

I’m sharing a concept that has served me the most of all: Diversification.

Not putting all your eggs in one basket.

I’m talking about diversifying your products and services, your platforms, and your personal network.

So if you want to bolster your business against market uncertainties, unlock untapped revenue streams, and meet helpful new people…that's exactly what I’ll help you do today.

Let's dive in.

1. Diversify Your Products & Services

A great way to build against uncertainty is to diversify your product and service offerings.

Diversification shields you from market fluctuations and uncovers new revenue possibilities, eliminating your reliance on a single product or service.

This can mean widening your product range or tapping into adjacent product opportunities.

Back in 2021, I launched my first product, The LinkedIn Operating System after figuring out how to leverage the platform unlike any other creator.

And while sticking to that one product may have worked out fine, I kept my eyes peeled for other opportunities to serve my audience.

Then in 2022, I was on a webinar with Dickie Bush and Nicolas Cole, and I showed the audience a sneak peek of my content creation strategy.

Their eyes lit up, and that was the signal I needed to create my next offering: The Content Operating System.

As students completed that course, the most popular request I got was for templates they could use on social media to drive engagement.

And that’s how my third product, The Monthly Templates, was born.

After that, newsletter sponsorships became my 4th revenue stream.

Diversification is about keeping your eyes and ears open, listening to what people are telling you and asking you, and figuring out how to solve their problems.

Practical Tip: Schedule quarterly 'diversification brainstorming' sessions.

• If you’re a creator with no product, could you build a free lead magnet to start collecting subscribers?
• If you have an email list, could you survey them for product ideas?
• If you’re a service provider or coach/consultant, could you package up part of your specific knowledge into a digital product?
• If you have multiple products, could you build a small community around those?

The opportunities are endless.

2. Diversify Your Platforms

From 2018 to early 2022, social media was the only way I acquired traffic to my website and visits to my product and service pages.

Then, I realized in the blink of an eye, that the creator economy was getting crowded.

Twitter and LinkedIn were full of people saying things just like me. So how could I stand out in such a crowded place?

Enter Search Engine Optimization.

I knew I could start playing defense for my business by building an audience in a way that a lot of other solopreneurs were overlooking.

So, I did 2 things:

1. I started a newsletter, knowing Google would start ranking my newsletter issues.
2. I reached out to an SEO guy who could help me design a strategy to maximize the SEO performance of what I write about ( i.e. What were the underserved keywords or easy wins in my space?)

The results are pretty staggering. My organic traffic has gone from non-existent to over 700 visitors per day in just 3-4 months.

This means less reliance on a single point of failure (social media) and a more diverse approach to my top-of-funnel.

Practical Tip: Initiate an 'SEO self-study' project.

You could invest in a reputable SEO course and aim to implement one new SEO strategy each month. You might unearth a small keyword win or make an on-page adjustment that boosts your website traffic immensely.

3. Diversify Your Network

Networking isn't just about collecting followers and social connections.

It's about building real relationships and engaging in meaningful exchanges that are mutually beneficial.

And while it's tempting to network with the same people you’ve always known, the real value comes when you branch out and diversify your network.

Back in my early Solopreneur days, I played in the same sandbox.

My networking was limited to the industry I had worked in and the platforms I knew well.

But I knew growth doesn't happen in comfort zones. So I began to diversify, reaching out to people in different industries, engaging in conversations on different platforms, and even joining private communities that felt relevant.

After a lot of networking, I co-created my own small Slack group of Solopreneurs with different skills.

These groups became melting pots of fresh perspectives and ideas. I was getting insights from a tech startup founder, a digital marketer, a life coach, and a web designer all in one place.

Each person brought their unique skills and knowledge to the table, making these groups priceless.

Practical Tip: Start diversifying your networking efforts today.

Reach out to people from different industries, join diverse online communities, and don't be afraid to start networking beyond your comfort zone.

And once you've built a bunch of valuable relationships, create a common place where everyone can engage and learn together.

It doesn't have to be Slack; find the platform that works best for you and your peers.

The key is to keep the lines of communication open and the exchange of ideas flowing.

Conclusion

Every Solopreneur's path is different, with unique ups and downs.

But no matter what your path is, diversification can be your secret weapon as you navigate unforeseen twists and turns along the way.

By spreading your efforts across products, platforms, and networks, you lessen your risks and increase the likelihood your business succeeds.

And remember, diversification isn't about losing focus.

It’s about creating a strong and flexible business that can weather change and pounce on new opportunities.

Stay motivated, stay resilient, and keep diversifying.

It's a long road. But every step counts.

You've got this.