Creating Multiple Revenue streams
Phoebe talks about creating multiple streams of revenue for your business. Since Girl Gang Craft has been mostly a craft fair business in the past, and since we have not been able to have events in 2020 and not sure what the rest of the year holds, creating these multiple streams of income has saved the business. She will be talking about the GGC revenue streams to inspire how you can diversify your own revenue streams and create more flexible wealth. And as we have learned this year, anything could happen, and your biz has to be able to be flexible to survive + thrive.
"People say focus is important. Focus was never really my thing. Some people told me I should focus on one thing and get really good at that. And that liking multiple things, or trying to be good at many things would set me up for failure.
But that’s not my style. I am not a one thing kinda girl. And I believe that liking lots of things was essential to the creation, survival, and growth of Girl Gang Craft."
In this episode we’re going to take a look at the multiple revenue streams of Girl Gang Craft so you can think about diversifying your own revenue, especially during shelter in place and the inevitable long term effects of Covid on our economy and the way people shop.
So a lot of these streams were in place before this year, but switched a little bit during Covid. Some of this income died off completely.
Of course, in 2020 craft fairs dropped off, in-person sales were no longer. Our wholesale was greatly effected, we have had a few sales, but obviously most in person retailers were shut down. Phoebe's speaking gigs that she had set-up were canceled. And one of the biggest hits besides craft fairs was losing all our in-person event partnerships.
Since shelter in place we have been focusing on digital partnerships + digital offerings.
Our podcast launched, and while the podcast itself actually costs money (for editing + paying our team for podcast summaries + of course time to promote etc) there is the opportunity for sponsored posts.
We got our basic branding class online, we created 2 new classes : Our content creation class + our email marketing class. There are a couple more classes on the way. These are LIVE classes, that means I have to physically be there to teach them. The tech on these classes are relatively simple, I have a zoom account and I made slides with the content. Easy peasy!
For the second half of the year, we will continue to offer these LIVE classes but also want to work towards some evergreen courses. Evergreen means automatic. People can take these classes on their own time, and Phoebe doesn't have to be there. That means less exchanging TIME for dollars, and more making money while we sleep!
There are also digital products, which we will re-focus on for the 2nd half of the year. At the beginning of 2020 we launched our Manifest money Worksheet, a 6 page worksheet that includes budgeting, planning, and mantras to help make that money. This is an evergreen product. Meaning when someone purchasing the product it gets sent to them automatically, and I don’t have to do anything after the product is made except continuing to market the product to keep our community engaged.
Take a breath, you don’t have to go from 3 streams to 10 overnight, but especially in this uncertain climate, we want to take the time to think about how we can bring in more cash in unique and creative ways!
But here’s the thing, diversifying your revenue is going to make your business stronger. Right? We had no idea Covid was coming. We had worked out our craft fair model for 2 ½ years and it was pretty solid. We have projected revenue this year of being twice as strong as last year, by adding a new city to our agenda. But alas, this year was beyond our control. By having different revenue streams you can focus on each income at different times depending on the circumstance. And truly, the proof is this year 100%.
For more insight make sure you listen to the whole episode!
You can follow Phoebe's personal journey @phoebesherman