The strain on businesses trying to survive the pandemic cannot be understated. Yet, somehow, many entrepreneurs are managing to adapt in a way that has actually grown their bottom line.
I caught up with a handful of female founders to dive into how they’ve managed to grow their revenue during such a tumultuous time. Here is their advice:
1. Embrace new media
Lori Kranczer
"I never thought I would launch a podcast because I assumed I would need to hire a professional to make it a reality."
Lori Kranczer, founder of Everyday Planned Giving, mentors entrepreneurs who impact their communities through philanthropy. Moved by their causes and personal journeys, she launched her podcast to share their stories with others.
“I worked with my intern to get it out there. It's a bit on the fly, but we like the charm and informality of it. In fact, the casual format has encouraged deep conversations with women that extend past the work they do.”
It’s a win-win. These motivational stories both inspire her listeners and provide natural networking opportunities that have been very good for business.
2. Focus your expertise
Kristen Anderson
Doing “less” sounds counterproductive, but Kristen Anderson's success tells a different story. She chose to concentrate her fashion design business, KRSTN NDRSN, on swimwear, lingerie, and activewear - which meant saying no to everything else.
“Instead of spreading myself across ALL different categories of apparel brands and trying to do a little bit of everything, I've turned down projects that are outside my zone of expertise.”
Anderson recommends that founders focus on their passion and become the expert.
“Saying NO to projects that don't feel like forward progress has allowed me to say YES to the work that lights me up (and that also brings in more revenue)!”
3. Be open-minded about alternative sources of revenue
Janet Alexandersson
Janet Alexandersson, collaboration negotiator and founder of On Your Terms, explains how a gem of creative advice and an open mind led to an innovative way to bring in new revenue:
“A mentor of mine pointed out that keeping my IP ‘internal only’ would limit both my impact and my bottom line. I learned to monetize the by-products of my business by creating templates, resources, and frameworks available for purchase.”
Initially, this felt like a risky move; but Alexandersson’s boldness yielded immediate results:
“The first documents that I put on the market almost tripled my revenue that year. Since then, I have seen a significant increase for every resource I have turned into a product.”
Alexandersson notes how a shift in her thinking on change led to success:
“I think we are conditioned to see change as incremental and linear. Instead, we should see it as unlimited and ask ourselves: What would be the most bold and lateral move I can make when it comes to my revenue?”
4. Trust your instincts
Rebekah Miel
Rebekah Miel is no stranger to risk or to the rewards of trusting her instincts. The founder and creative director of Miel Design Studio goes with her gut – especially when something feels “not quite right” with a client relationship.
“I started saying no to clients that weren’t the perfect fit. It can be scary to say no to work, but it meant that I had time in my calendar to devote to ideal clients when they showed up. It took a while to trust the process, but those perfect clients always show up at just the right time.
“Trust your gut. You know when a potential client is a good fit and when you should walk away. When you are truly invested in the work and you are being fairly compensated, that is where the magic happens.”
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.