341. How to Protect Your Biz When All Your Sales Come from One Place

You have an incredible business, but if you’re relying on one platform or one main stream of revenue, you may find yourself in trouble in the future because we never know what the future will bring! What would you do if your main stream of revenue no longer existed? Or if the platform you rely on went down? Let's discuss how you can protect your business when you don't have control of the platforms you're selling on.

If you’re relying on one platform, it doesn’t matter how established it is, you might find that something happens and suddenly you’re left without your key, or only, revenue stream. For instance, one of our Multi-Stream Machine and Mastermind students had three successful Etsy shops, but she accidentally used a word that was trademarked and Etsy shut down her shops and she had to start from scratch again.

A second example comes from another one of our Multi-Stream Machine students who has her business on Etsy. A customer complained about her bestseller – the one product she built her entire business around – and that product was taken down.

Now, we aren’t saying you should steer clear of Etsy or even move away from the one platform you’re on because this could happen on any platform you don’t own! Amazon could change their terms of service to something that doesn’t work for you at any time. Shopify could crash. Even if you have your own website, it could be hacked. Remember how helpless some people felt when Facebook, Instagram, and WhatsApp all went down at the same time in 2021? 

What’s the best solution to protect yourself and your business? Get. Onto. More. Platforms!

You need to diversify your revenue streams because no one platform is safe. None of us would have predicted a global pandemic would come along and shut down in-person trade shows or close brick-and-mortar stores, right? Here’s how to find more sales platforms, more revenue streams, and the things you have to consider when you use them. 

If this episode resonates with you, we want to help you grow your business, get on more platforms, save time, and make more money! The doors to Multi-Stream Machine are now open for a limited time so be sure to sign up today. We can't wait to see you inside! 

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Resources:

• Doors to Multi-Stream Machine are now open ! It’s the only time it’ll be open for the Spring class of 2022, so sign up now, and make sure you don’t miss out!
• Consistent content is key to getting more people to see and buy your products. If you want to create great content but you don’t know what to say, or you feel too busy, or you just don’t want to be the face of your brand, no worries – because we’ve got you covered with a year’s worth of consistent content that’s sure to resonate with your audience! If you want to see how easy this can be, visit A Year of Content.
• Product Biz Owners at $250k+ yearly revenue: Are you a product business owner that has built your business to a multi-6 figure to multi-million dollar business? If so, The Product Boss Mastermind has limited spots available open for consideration to applicants $250k and above, apply here.
• Check out and shop from hundreds of small businesses from the Small Business Shopping Directory. It’s the go-to directory to discover, support, and shop small businesses all in one place.

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