After the pandemic started in 2020, most health and wellness businesses depending on a single revenue stream felt the effects big-time. While this was an unprecedented situation, it does show us something important: Putting all your eggs in one (income) basket just won’t ever help us feel secure.
No matter how incredible your services or products are, unexpected circumstances (hello COVID-19) can jeopardize your business’s ability to flourish.
To create a business that is sustainable for the long haul, you’ve got to have multiple streams of revenue coming in. Let’s walk through the importance of having more than one revenue source and four new ways you can diversify your business.
Many of us, myself included, go into business with one service in mind. Especially for brick and mortar businesses with a physical location, once we find a consistent and fruitful revenue stream doing what we love, we rely...