Once, I sent an email to my list on "Why being bored can make you millions."
And then a question came in response:
What is the rule of thumb for when you stop “adding”?
I have 2 major revenue streams and am thinking of adding a 3rd which would clearly work too.
But I also need to optimise the other two. (And they can both be pushed harder.)
...but maybe this is foolish?
My reply:
I have two main points, based on seeing MANY entrepreneurs in this situation:
- You're probably not doing enough on marketing
- You don't need that 3rd product to get to $1M
Let me explain...
As a creative entrepreneur, you've most likely got a bias towards making new stuff.
Teaching more.
Doing more.
Producing more.
It's your natural habitat and zone of genius.
And, as a creative entrepreneur, I'd also place a reasonably large bet on the fact that you're not sitting up late at night studying marketing, becoming the best goddam marketer you can.
In fact, it's quite likely that you're completely ignoring marketing.
Brushing it off like some "random" European country. (Ahem)
Trusting that your unique brand and hot takes will be enough to find favour with the algorithm and send you oodles of traffic, avoiding the need to ever have to do any actual -- you know --
marketing
(I'm not saying this is you, dear questioner. It's just that, it wouldn't be a huge shock if it was.)
Learning to become a good marketer is hard. And anathema to creatives.
And yet, once you have products that make money, the entire game is now marketing.
Because the truth is...
(And this is my second point...)
You should be able to get to a million quid a year in revenue with one product + good marketing.
- One product (or product suite)
- One traffic source (two at most)
- + a healthy dose of elbow grease
People always baulk when I say this.
But the truth is, when you come across new businesses that grow fast, you realise just how easy it can be if you have the right combination of factors.
(I did exactly this in year two with my personal brand.)
Anyway...
What's better...
Trying to get three different product lines to a million in a frankenstein way with a handful of duct tape?
Or having one product and really learning your marketing to get that to a million a year?
The answer is obvious.
One business is complex and scrappy, heavy on operations and mental overhead...
The other is as easy as drunk-texting your ex at 2am.
So while I can't give you generic advice for your specific situation...
Be aware of this bias towards product creation at the expense of learning good marketing.
The real elephant in the room to tackle is:
How do I do the difficult thing and really learn marketing?
Master that, and you can write your own ticket.
Namaste,
Olly