“Don’t put all your eggs in one basket.” That’s the standard advice of any investment advisor. But that investment can only happen once we’ve actually made the money. But maybe the concept of diversification is equally applicable to the first stage – making the income in the first place.
Having multiple sources of income builds wealth more quickly and mitigates risks inherent in having just a single source. The logic of that seems simple enough. But the execution – that’s a whole different animal.
My podcast guest Dorie Clark has a very interesting perspective on this topic and I was excited to pick her brain for all of us. Her most recent book, Entrepreneurial You, is a blueprint for developing multiple income streams without losing your sanity.
Building these income streams involves tough decision-making but it doesn’t have to mean you take huge risks along the way. Dorie suggests a more measured approach and walks us through some of the methods we can explore as we expand our ability to accumulate wealth.
Dorie Clark is a marketing strategy consultant, professional speaker, and frequent contributor to the Harvard Business Review. She is also the author of Reinventing You and Stand Out, which was named the #1 Leadership Book of 2015 by Inc. magazine and one of the Top 10 Business Books of the Year by Forbes.
The New York Times described Clark as an “expert at self-reinvention and helping others make changes in their lives.” Clark consults and speaks for a diverse range of clients, including Google, the World Bank, Microsoft, Morgan Stanley, the Ford Foundation, the Bill & Melinda Gates Foundation, and Yale University.
What you’ll learn about in this episode:
- Creating diverse income streams without jumping into big, new, risky ventures
- Guiding people through the sales funnel by offering incrementally advanced services
- The importance of living beneath your means as an agency and as a person
- Minimizing risk over time through developing diverse income streams
- How to be the person that makes the hard choices
- The meaning of the word “perspicacity”
- The biggest obstacle to being entrepreneurial
- How making introductions with no expectation of anything in return can be a superpower
- The difference between a mindshare activity and a market share activity
The Golden Nuggets:“Depending on your client base, you could offer a more bespoke, hands-on offering as an upgrade, or do the opposite – offer something pared-down to reach a different audience.” — @dorieclark Click To Tweet “Two questions to ask: one, what adjacent services can we offer existing clients, and two, who else might be interested in your services that you currently are not working with?” — @dorieclark Click To Tweet “In developing new income streams, more is not better. You’re not going to develop ten new income streams this year. Choose one to focus on. When that is up and running, then think about the next one.” — @dorieclark Click To Tweet “Ultimately if you want to keep a client long term, you have to approach them with a little less urgency. Come from a position of strength – be willing to walk away if it’s not the right fit.” — @dorieclark Click To Tweet “I am a big advocate of both individuals and companies really making a concerted effort to live beneath their means. Whenever there is an edge of desperation, the client can sense that a mile away.” — @dorieclark Click To Tweet “What we have to understand is that the essence of strategy is deciding we're doing this and we're doing only this.” — @dorieclark Click To Tweet
Subscribe to Build A Better Agency!
Ways to contact Dorie:
- Website: dorieclark.com
We’re proud to announce that Hubspot is now the presenting sponsor of the Build A Better Agency podcast! Many thanks to them for their support!