Small Business Bytes: Diversification Strategies

When one stream of income slows down, how do you keep your business moving forward? For a lot of entrepreneurs, the answer is diversification.In this Small Business Byte on This is Small Business, host Andrea Marquez unpacks how building multiple revenue streams can help you reduce risk and keep growing without spreading yourself too thin. You’ll hear how Blake Shook of Desert Creek Honey diversified within beekeeping to weather unpredictable harvests, how Angus Willows of Kangaroo Hanger started a side hustle to fund his invention, and how Zoya Biglary of Fysh Foods leaned into content creation to keep her mission alive. Plus, professor Dr. Matt Rutherford shares why diversification can be a smart way to ride out the ups and downs of entrepreneurship.And quick update: we’re going biweekly for a little while as we put together the next season of This is Small Business — there’s a lot of exciting stuff coming your way!In the meantime, what’s one new revenue stream you’ll try? Share it with us in a Spotify comment, Apple Podcasts review, or email it to us at [email protected]. Doing that will not only hold you accountable but could also inspire another entrepreneur to take their next big step.Sources:If you want to hear Dr. Matt Rutherford discuss risk and diversification, listen to his episode here: Redefining Risk: A New Way to Make Bold MovesIf you want to know more about Desert Creek Honey, listen to Blake Shook’s story here: FromBee Stings to Big Wins: How One Teen Turned a Backyard Hive into a Thriving Business - This is Small BusinessIf you want to know more about Kangaroo Hanger, listen to Angus Willows’s story here: How a Serial Entrepreneur Launched a Business from His Dorm Room - This is Small BusinessIf you want to know more about Fysh Foods, listen to Zoya Biglary’s story here: How Zoya Biglary Became the Internet’s Fruit Peeler to Fund her Business - This is Small Business