How to Diversify Revenue & Operationalize to Grow a $Multi-Million Business with Elisa Camahort Page, founder BlogHer Inc.
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🍵 Here's Your Weekly Tea
“Go Fast. Break Things.” I’m sure you’ve heard this. We live in a microwave culture. We want things instantly. But here’s the thing about instant - it’s never that good. The startup space emulates this mentality. An analysis was done on when startups scale. Fun Fact: On average, it takes a company 49 months to start scaling. They found that startups that scale too early, fail. In addition, startups that scale fast are no more likely to succeed than their slower scaling counterparts. For most early-stage companies, scale shouldn’t be the focal point. Experimenting should be. The problem early-stage companies face when obsessing about scale results in a failure to experiment in pursuit of finding silver bullets. I’ll save you time - there are no silver bullets in the startup game. What worked for someone else, may not work for you. So stop obsessing over scale and get out there and experiment.
Let's get into your weekly briefing!
💸 HERE'S YOUR TRACTION BRIEFING
Founder: Elisa Camahort Page | Company: BlogHer Inc. | Location: San Jose, CA
Receipts: Elisa is an OG influencer, way before influencers were a thing. By productizing her business and diversifying her revenue streams, she was able to build a media company, raise $20M and exit.
Here's your traction playbook...
How To Grow Your Revenue
Diversify, Diversify, Diversify: Did you know diversifying your revenue streams is a great way to minimize business risk? Finding creative and innovative ways to serve your existing customers means that you can give them what they want and need while not depending on one revenue source. For Elisa and BlogHer, that meant launching a web community, hosting conferences, starting a publishing network and so much more. Learn how they were able to scale their business using this strategy here.
How To Successfully Productize Your Services
What Do Your Customers Actually Want?: "These were all products that served our business, and served our customer and served our brand." - Elisa Camahort Page. What is the secret to successful productization? Finding out what your customers really want and finding different ways to provide them with services/products that will serve them. That involves deep research, speaking to them and actively listening. A good product solves a pain in a repeatable way. Get down in the ground and find out what your customers are saying and what they want.
How To Find The Right Investors
Look for Passionate Money: Find investors who believe in you and what you're doing. Investors who are aligned with your company's vision and mission. Your business will definitely pivot and change with the seasons, but your investors need to have faith in your leadership ability to navigate through those changes. You need investors who are willing to weather the changes with you.
Support Elisa in Scaling Impact: Find out more about what Elisa and The Cru does here.
TRACTION TOOLS: How to get it done...
Time Management for Founders: Learn how to successfully manage your time so you can do more. Join us here.
Diversify Your Revenue Streams: Too many eggs in one basket? Learn how to diversify your revenue streams here.
Productize Your Consulting Service: Get the ultimate guide here.
Increase Revenues By 30%: Find out here how Susan Perlman increased revenues by 30% for her company.
Create an Operational Model That Works: Learn how to create a business model with accurate operating costs here.
Productize To 8-Figures: Gloria Hwang scaled a passion project to an 8-figure productized business. Learn here.
JOIN THE COMMUNITY: Join our community membership waitlist here.