Your business model might already have some inherent risks built into it because of the choices you've made about how you want to run your business.
For example, maybe you only want to work with high-value retainer clients. Totally valid choice! But it’s inherently riskier than other models where you might have several sources of income.
If you only work with 2 or 3 of those clients at a time, what happens when you lose one of them? That's a pretty big blow to your income all at once.
As long as you recognize that risk, there are many ways to bolster your business to mitigate those scenarios. You could accept that it's a risk and make sure that you're cultivating a waiting list of folks who want to work with you so it's easy to fill that open spot. That's one way.
Or you could start looking at other ways to strengthen the foundations of your income so it's less susceptible to big drops from losing one client.
You could also diversify where your income comes from. Maybe you decide to offer a course or a product or build a tool or write a book so that there is income streaming into your business from more than one source. That way, if something happens to ONE source, it's just a hiccup—not a catastrophe.
We've been talking all about risk and resilience this month. Jacquette Timmons and I talked about the intimate relationship between the two. And I talked to Priya Malani and Luke Frye about the two biggest risks for business owners: cash flow and taxes.
Today, we're shifting a little bit to talk about how to build some more resilience into your business model by using work you've already done—your intellectual property—and turning it into another source of revenue for your business.
JoAnn Holmes is an attorney who helps 7 and 8 figure companies grow recurring revenue through licensing brands, software, and business content. Basically, she helps you take your intellectual property—stuff you've already created—and turn it into an additional source of income for your business. She's the founder of Holmes at Law and the host of the Your Business Ally podcast.
Listen to the full episode to hear:
- Using your intellectual property to pivot & build resilience
- Taking advantage of your IP to diversify your revenue streams
- Identifying different types of IP and how to protect what you’ve created with your business