What are the most common mistakes that creators make when diversifying their income streams?

One of the most significant mistakes creators often make when diversifying their income is spreading themselves too thin. It's crucial to start slowly and steadily and then scale your efforts. Scaling without a proper plan can become quite challenging.

I'm definitely guilty of this! I get excited by new ideas and opportunities, so I'll say yes too often and overcommit myself. My solution is to create a "Stop Doing List." I write out everything I'm working on at that moment and evaluate which projects give me energy and which ones take it away. Often, this means evaluating projects not just based on their income but also their potential for impact. From there, I decide what I want to continue to pursue and what legitimately should qualify for the Stop Doing List.

I think the biggest mistakes that creators make is thinking they can do it all. Oftentimes it makes sense to partner with a third party company who knows how to do one thing really well and can let you focus on what you love and do best (like creating videos, writing, etc). It’s the age old cliche - would you like all of a small pie or a slice of a gigantic one. At Jellysmack, this is actually our entire philosophy. The video creators we work with often have expertise on one platform (like YT), but to optimize this content for FB, TikTok, Snap - if would require hiring additional personnel, managing them, QC’ing that content… Why not partner with a reputable company who is great at that one thing? Just do your diligence!

Here are 3 things creators need to consider to select revenue sources- - do I have to create additional content or can earn passive income from a new platform from the existing content - do I need to have additional skills to generate income from a new revenue stream - do I have the bandwidth to consistently manage all the social accounts along with additional income streams

I've certainly fallen into this trap (and, at times, still do). When I started my career, I held a firm belief in 'seizing every opportunity that comes my way because you never know where it may lead.' While there's a lot of value in this approach, and I'd still stay this should be true for anyone starting out. My perspective has evolved as I've gained more experience in the industry. Now, I focus on maximizing efficiency rather than just chasing results – I.e. working smarter, not harder. Evaluate which tasks or platforms bring the most joy, reward, and value, and concentrate the majority of your energy there. The most critical aspect is to establish clear goals and ensure that everything aligns and leads back to those objectives.

If you don't consider your audience's needs and preferences, you're more likely to create products and services that are irrelevant, low-quality, or overpriced. This can damage your reputation, trust, and loyalty with your audience. Once you have some ideas for new products or services, validate them with a small group of loyal fans or customers. This will help you to see if your ideas are viable and if your audience is interested in them.

Maintaining a strong connection with your audience is paramount. Don't underestimate the value of feedback from your viewers; it's like a compass guiding you toward creating content that resonates with them. By actively engaging with your audience, listening to their suggestions, and incorporating their feedback into your content strategy, you not only demonstrate that you care about their preferences but also build a loyal and supportive community around your content. This bond with your audience can be the driving force behind your success in the creator economy.

Don't ignore your audience - involve them! Whenever we have a new idea for a product or workshop, we love to validate that idea with a quick social media post: "Hey small business owner! I'm thinking of making a [fill-in-the-blank] - interested?" This validates the idea AND creates a list of prospects who have raised their hand and want to hear more! Survey your audience with your content, and let them tell you what their pain points are, what they want you to make, and even how much they'd be willing to pay! That way you can find out who your buyers are even before you start building - and sell directly to them once you build it!

Consistently working on building your personal brand is crucial in the creator economy. Craft content that not only entertains but also educates and inspires your audience. Make it memorable and impactful so that your viewers not only enjoy it but also remember it long after they've seen it. Building your brand is a continuous process of refining your content style, maintaining authenticity, and staying true to your values. Over time, this commitment to your personal brand can lead to greater recognition, trust, and opportunities in the creator economy.

When you have a clear and consistent brand identity, voice, and message, you are more likely to attract and retain your ideal audience. This is because your audience knows what to expect from you and they feel connected to your brand. When you have a clear and consistent brand identity, voice, and message, you are more likely to be successful in diversifying your income streams. This is because your audience is more likely to buy your products and services, and they are also more likely to promote your work to their friends and followers

Managing and diversifying your income sources is essential, but it's equally crucial to keep meticulous records of your earnings and expenses. Consider seeking the assistance of a legal firm or financial advisor who can help you navigate the legal and financial aspects of your income diversification efforts. This can protect you from potential legal risks and ensure that you're managing your finances effectively in the ever-evolving landscape of the creator economy.

Yes! Data driven decisions are paramount in making informed choices. And giving enough time for the data to accrue meaningfully is equally as important. The results after 3 days versus 2 weeks vs 60 days can tell vastly different stories.

You're absolutely right. Learning from both your own mistakes and the experiences of others is a valuable way to continually improve and become the best version of yourself. It allows you to identify areas where you may be lacking and make informed decisions for personal and professional growth.

Creating a few high-value resources is always going to be more worthwhile than having a ton of income streams. Try out a few things that interest you and see what works. Spending time developing an income stream that doesn't interest you is not worth your time.

1. Lack of Research: Failing to research potential income streams can lead to wasted time and resources. 2. Inconsistency: Inconsistent posting or product quality can erode audience trust. 3. Poor Financial Planning: Without a budget or cost analysis, creators may spend more than they earn. 4. Lack of Transparency: Not being upfront about sponsored content risks losing audience trust. 5. Over-Reliance on a Single Stream: Putting too much weight on one income source undermines the benefits of diversification. Being cognizant of these pitfalls can guide creators in making smarter choices while diversifying their income.

Another big thing: don't pivot too early. Sometimes when mind blowing results don't happen in days, we get frustrated and shift gears, but most things take consistent effort over time to work. Give it 3, even 6 months of consistent action before you go crazy and pivot.