Why You Should Diversify Your Revenue | Ep. #1474

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 15 August 2020

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In episode #1474, we discuss why you should think about diversifying your revenue. If you rely on a single revenue stream, you risk getting into trouble when the economy takes an unfavorable turn. Tune in to hear when the best time for diversification is! TIME-STAMPED SHOW NOTES: [00:25] Today’s topic: Why You Should Diversify Your Revenue. [00:49] The problem of having only one revenue stream. [01:08] If you are in an agency, think about how you can expand your services. [01:39] LegalZoom could charge people for setting up their corporation and renewing it. [02:00] Don’t diversify your revenue stream until you begin making some good money. [02:24] A drop shipping business is a great way to launch or start. [02:47] Consider the people in the restaurant business who put all their eggs in one basket. [03:15] It is easy to get into panic mode if your only income stream is hampered. [03:31] Think about what your existing customers can also be buying from you. [03:52] Take one step at a time and don’t compare yourself to the billionaires. [04:38] To stay updated with events and learn more about our mastermind, go to the Marketing School site for more information or text us on 310-349-3785! Links Mentioned in Today’s Episode: LegalZoom Andrew Wilkinson Tiny Capital Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Neilpatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Welcome to Marketing School, the only podcast that provides daily top-level marketing tips and strategies from entrepreneurs that practice what they preach and live what they teach.
0:11.5	Let's start leveling up your marketing knowledge with your
0:14.3	instructors Neil Patel and Eric Sue.
0:17.0	All right guys before we start we got a special message from our sponsor.
0:24.0	If you want to rank higher on Google,
0:25.9	you got to look at your paid speed time.
0:28.5	The faster your website loads, the better off you are.
0:31.3	With Google's core vital update,
0:33.0	that makes it super, super important
0:34.8	to optimize your site for low time.
0:37.6	And one easy way to do it is use the host
0:40.0	that Eric and I use, Dreamhost.
0:42.0	So just go to Dream Host or Google it.
0:44.8	Find it, check it out, and it's a great way
0:47.0	to improve your low time.
0:50.4	Welcome to another episode of Marketing School. I'm Eric Sue and I'm Neil Patel.
0:55.0	And today we are going to talk about why you should diversify your revenue.
1:00.0	So let's think about this Neil when you first
1:03.0	started your first business a. C. S. Right or when you started selling
1:07.0	CDs how did you think about your different revenue sources and when did you think about diversifying?
1:14.0	Let's start there.
1:15.0	I didn't think of different revenue sources at that young of age,
	...

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