Oprah, Britney, and Martha on Diversifying Your Business

What do Britney Spears, Oprah Winfrey, and Martha Stewart have in common?
Well, for starters, they’re among the wealthiest women in the world today. And that is due, in large part, to the fact they they’ve all diversified their businesses.
** Oprah Winfrey doesn’t just do her talk show. She’s practically a one-woman empire. She has started television networks, film-production companies, magazines, websites, and now she’s even opened a Leadership Academy for Girls in South Africa.
** Britney Spears is more than a pop music singer, song writer, and dancer. Sure, she’s sold more than 83 million records worldwide. But she has also acted in film and television and landed mega advertising deals with Pepsi and The Onyx Hotel. Plus her perfume line with Elizabeth Arden is into its 5th fragrance, “Believe.”
** There’s more to Martha Stewart than manners. She’s a former stockbroker, caterer, and fashion model turned business magnate, author, editor, and homemaking advocate. She’s the author of several books, holds a popular magazine, and has hosted various television shows. She owns a floral business; product lines at K-mart, Sears, and Macy’s; her own wine label; and even launched a line of houses that carry her name.
So what does this have to do with you? Everything… if you’re a photographer or a travel writer.
By combining travel writing and photography, you’re already diversifying… but I challenge you to take it even further.
Take me, for example. I’m a stock and portrait photographer. But I also make money with music CD covers, and with corporate design. By diversifying and generating several streams of income, I’ve accomplished two things:
** 1) I never get bored or tired with any one thing — it all stays interesting.
** 2) I hedge against the ebb and flow — if one particular income stream is slow, the others can help take up the slack.
One simple way you can combine both travel writing and photography is by bundling photos with your travel story if you’re a writer first. Or, if you’re a photographer first, pen an article to go with your shots.
Travel writer Jennifer Stevens (author of AWAI’s Ultimate Travel Writer’s Program) diversified her talents this way when she included a few photos with an article for an in-flight magazine. The editor paid her for both — and she handily earned about twice the dough for essentially the same amount of work.
Besides combining travel writing and photography to diversify your income, you could also explore different niches within each pursuit.
So instead of writing only travel and only for “travel publications,” think about alumni magazines, military magazines, hobby magazines, and more…
At our upcoming photo workshop in Austin, TX, we’ll be learning about some little-known lucrative niches in photography — such as school photos and church directories.
And I’ve got some insights about what sorts of subjects are selling best in the online stock photo world, as well. That’s something else we’ll explore.
[Editor’s Note: Learn more about how you can turn your pictures into cash in our free online newsletter The Right Way to Travel.  Sign up here today and we’ll send you a new report, Selling Photos for Cash: A Quick-Start Guide, completely FREE.]