My wife and I had three children very close together. Consequently, when they were little, we ended up buying piles of DVDs to keep them occupied – and us sane – on those long days before pre-school and school.
At the time, the kid’s group our kids loved the most, The Wiggles, made the majority of their income from live shows and then selling millions and millions – and millions – of DVDs. Back then, streaming was a long way off and Hulu was a product all the major film and TV networks invested in, but none of them were really serious, given they didn’t want to interrupt their ridiculously successful business models.
Fast forward ten plus years and we have been blessed with a fourth little one. This time around though, DVDs are nowhere to be seen, and in fact, we don’t even own any device in our house to even play one!
My little girl’s favorite thing to do with me on the days where I drop the other three to school is to go to the local shopping center, buy some hot chips, sit in the shopping trolley, and while she eats them, have me push her past all the kid’s clothes and toys.
This time around, I have noticed how all of the movie and production companies, including The Wiggles, have moved away from DVDs and now into merchandise. You can barely buy a tee-shirt or any item of clothing that isn’t branded with a Disney logo, or one of their products like Frozen. Literally everything is branded, including Lego.
The Wiggles have been very smart in bringing in ‘Emma’, a female dancer and singer, to their formerly all-male band. Now there is Emma-everything for girls and our little one has Emma sunglasses, an Emma dress up suit, Emma clothing, and so on. She even has an Emma swimsuit.
These businesses, had they not pivoted to putting their names on every second toy and piece of clothing, including shoes, would be in a world of pain right now. Instead, they have swung from one income stream to another.
This same lesson applies to you and I too. For many in business, things are moving fast and revenue is changing at the same pace. The income you relied on yesterday may not be there tomorrow. So all you can do is ensure that while you might be enjoying the fruits of success today, that you have a firm eye on tomorrow and the changes that may be coming your way.
Business offers no guarantees. You could be basking in the warm sun today, but shivering and close to hypothermia in five years’ time. So be aware that as a business owner, or manager, a major part of your role is in developing new products and services so that as your market changes, you’re able to navigate this and continue to enjoy the success you’re hopefully enjoying today.
As Christians in business, we can seek God and have him show us new opportunities and income streams so we do not get left behind.
***
Matt Danswan is the CEO of Initiate Media, publishers of Entrepreneur Daily. He also blogs at www.mattdanswan.com and is the author of NOT Business As Usual.
