As a founder, diversifying your revenue streams has quickly turned into a non-negotiable for the health and longevity of your business. Between the Covid-19 pandemic, recent economic downturns, and general ebbs and flows of market fluctuations, the journey of an entrepreneur is far too unpredictable to not be exploring all potential channels for profit earning.
Diversification also allows you to test out different business models and strategies, identify the most profitable ones for your business, grow your customer base, and manage your cash flow better—while reducing the risk of losing all your revenue in case of an unexpected downturn.
If you’ve been considering how to mix up your business’ revenue streams but aren’t sure where to start, here are the nine signs female entrepreneurs say helped them figure it out.