The Myth of Multiple Businesses
You've heard it, I've heard it, we've all heard it…"you need seven streams of income." Yes, seven is a magical, mystical, and spiritual number. Yet, what people get wrong about this statement is they confuse "seven streams" with seven different businesses. Technically, I'm not against starting as many businesses as your heart desires. I am against and will never recommend starting them all at the same time. I'm against tricking yourself into believing that dividing your time, energy, and resources is the quickest route to achieving your dreams. I'm against not understanding the importance of doing ONE thing tremendously and on a level of excellence FIRST.
I teach and build my business based on the strategy of ONE. And it goes a little something like this.
1. I pick ONE product/service.
2. I focus on selling it to ONE Core Customer.
3. I go hard on ONE platform and/or method (marketing strategy).
Now, this ain't my strategy. It is a strategy I learned from my Coach, who learned it from her Coach, who learned it from some millionaire! And it has a proven track record because it requires you to go hella hard moving from basic to GREAT. Notice I didn't say from basic to "good," because good is lukewarm and that is never the goal. You are not designed for "good," you are destined for GREAT! However, you must believe and trust it is possible in order to move towards greatness. Now that we are clear on the strategy, let's break down exactly WHY it works.
First up…to quote one of my favorite communicators, Bishop T.D. Jakes, "there is beauty in simplicity." In other words, offering too many products/services at one time is overwhelming to your audience and yourself (yes, you matter). Offering too many products/services almost always leads to lackluster pricing. The reason is that you end up trying to make things affordable, with the hopes of your customer buying "more." The reality is that they don't buy more, instead, they question the quality if the pricing is too discounted, #ouch.
The solution: Product/Service Audit:
1. Remove all products/services that are NOT selling.
2. Figure out a way to take what you have and package it into a valuable experience.
3. Price the packages at a premium rate.
Once you've worked through your audit, pick the package that positions you as an expert, and get ready to sell it! Now you are prepared to determine WHO that package is for. This means you need to be crystal clear about the needs, fears, and desires of this particular customer. And yes, it's ONE person. Although a variety of people might buy your products/services, this is the time to flush out that ONE person who stops scrolling and says "YES, that's for me, they get me, and take my money."
At the same time, you are narrowing down your WHO, you are creating the space to develop the ONE marketing strategy that will draw those people to you. This strategy can be based on ONE platform and/or ONE method of delivery, or a combination of the two. The reason this combination works is that you are simultaneously building an audience and testing the mechanics of marketing.
Finally, you must commit to doing this strategy for a minimum of 90 days, 3 months, or one quarter! In other words, you've gotta commit to being hella consistent. The strategy of ONE works because it's streamlined, but more importantly, it is because you give yourself enough time to evaluate what is working so you know what to tweak to make it better. I'll close with this, you are in business because you are exceptional with your gifts, talents, and skill set. For your brilliance to cut through the clutter of others, you must be willing to see ONE thing through from start to finish.
WHO AM I?
I’m Kandis Troutman, The Creative Architect. I'm a mother, teacher, and spiritual seeker focused on purpose walking and serving others. I help women activate their God-given power so they can transform their purpose into a prosperous business.
Thanks for reading my post. I try to publish new posts weekly, but I believe in leaving room for God, which means there are no guarantees. But check in often and let me know what content awakens your spirit and I’ll be more than happy to share my experiences.
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