Diversify to Protect Your Business from Risk

One of the most important lessons I learned the hard way is the importance of diversifying your income streams and customer base. Trust me, you don’t want to put all your eggs in one basket.

Reflect today: Is your business overly dependent on one income source or location?

Here’s why diversification is crucial for business survival:

Avoid Over-Reliance on One Source
Years ago, I learned this lesson the hard way. My education company relied on one government funding stream and a single geographical location. When the government made one decision in 2014, I lost $2.7 million and 21 employees—in a single day.

Spread Your Risk
Today, I focus on having a global customer base across multiple industries and currencies. By diversifying your income streams and customer base, you protect your business from sudden changes or downturns in a single industry or location. 🌍

Build a Resilient Business
Remember: Diversifying your business isn’t just about growth—it’s about survival. Don’t let one income source or market control your entire business.

Want to learn how to diversify your business and build a strong, resilient company? Join Legends Lab and I’ll guide you through the steps:
https://sarahcordiner.com/legends

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