Want to be successful in business? Diversify. Don’t put all of your eggs in one basket. It would be best if you had a safety net that you have different opportunities for revenue. 

Multiple businesses

While I have a video production company, I also have a publishing company.  I also have a studio facility that we let other people rent when we’re not using it. Multiple businesses mean multiple streams of revenue.

Entrepreneurship

You might not be comfortable with this, but you need to try to become an entrepreneur. If all you do is work for others, you’re never going to have longterm revenue as soon as you stop working.  Sure, you can save, and you could put money away and try to build up your retirement fund, and those are good essential things.  Being an entrepreneur means looking for opportunities, putting work into stuff they’re going to pay you back later.

Revenue streams

Register your photography’s copyright and make them available on different platforms for licensing or stock. It’s great to have revenue come in at various points. These revenue streams are critical. 

When I take time off to be with my family or need to deal with something, there’s revenue still coming in. When I got sick, there were still streams of revenue coming in. It’s vital as a creative professional that you get paid for additional sources of income, not just for pushing buttons, so try to diversify your business for safety. 

Can’t wait for the rest?

See all 31 resolutions right here (and be sure to watch the whole video for a free gift).