We all know (or at least you should) that branding is one of the most essential activities for every business, organization and individual—hey, if it were not for branding, most of our clients would not need us. However, today I’d like to focus in on the need for diversification—and I’m not referencing race, class or culture here. I’m talking about diversifying your business model, creating a foundation that allows for multiple revenue streams and eventual expansion in the marketplace. To withstand economic downturns, waning trends and any other factors that will impact your bottom line, you must learn how to be a “one-man band.”
When I was still attending Northwestern’ s Medill School of Journalism (before making the switch to Communication Studies in NU’s School of Speech), I was a broadcast journalism major with aspirations of stardom. One point that our instructors always drove home was that even though we were “broadcast” majors, we still needed to know how to do more than just look pretty and speak well. Our job was to be journalists first; everything else was secondary and icing on the cake. We learned early on that to be a success you better know how to work a camera, edit, produce and report—all on your own, without any assistance, hence the term: “one-man band.” The same applies to business.
As an entrepreneur, you need to understand all the ways you can diversify and grow your business, while still keeping it consistent and streamlined. It’s not easy; it takes careful planning, detailed strategy and loads of creativity. Think outside the box. But make sure that you understand all of the components that make your brand work. Yes, it is important to have a great team, but you still need to have an innate understanding of everything that is done. After all, it is your name—your brand.
The moral of the story? Create a brand that will grow with you, an overall foundation that will transition as you need it to. Ensure that your company is equipped with wings, able to fly to the next level at any given time. Sometimes you only get one shot. Be ready for growth.
-Jameka S. Whitten is an entrepreneur, burgeoning speaker/media personality, blogger and Owner/CEO of JSW Media Group.
