Ian Wiedenman blog

I grew my company ITW Creative Works from a start-up to a thriving creative development agency through strategic business growth and strong client relationships.

Why Diversification is More Than Just a Buzzword in My Business

Why Diversification is More Than Just a Buzzword in My Business
Entrepreneurship Business Strategy Growth and Innovation 9 min read 1 comments

Discover why diversification is crucial for business growth through my journey from Somiibo to an empire of innovative projects.

The Evolution of My Business Journey

When I first dipped my toes into the vast ocean of entrepreneurship, I never imagined the wild ride it would be. It all started with a single project, Somiibo. At that time, it was just me, a laptop, and a dream. Sounds almost cliché, right? But, let me tell you, the journey from a one-man show to managing multiple projects has been nothing short of exhilarating.

Back in the day, Somiibo was my baby. I poured my heart and soul into it, working late nights, surviving on coffee, and the occasional inspirational TED Talk. The learning curve was steep—like climbing Everest steep. There were moments of triumph, like the first time I saw users genuinely engaging with the platform. And, of course, there were those hair-pulling, scream-into-a-pillow moments when nothing seemed to go right. But, hey, that’s all part of the game.

Fast forward a bit, and Somiibo started gaining traction. With some success under my belt, I found myself itching for the next challenge. Enter Slapform.com. I wanted to create something that could simplify web forms for everyone. The idea was simple, yet the execution, not so much. But, I was no longer a rookie. With a bit more experience and a lot more confidence, I tackled Slapform head-on.

Running two projects simultaneously was a juggling act, to say the least. But, it was also incredibly rewarding. I found that diversifying my efforts not only mitigated risks but also opened doors to new opportunities. The lessons learned from one project often provided invaluable insights for the other. Plus, it kept things exciting—no two days were ever the same.

Then came StudyMonkey.ai. By this time, I felt like a seasoned entrepreneur, ready to take on the world. StudyMonkey was born out of a passion for education and a desire to leverage AI to make learning more accessible and engaging. This project was a whole new ballgame, but with the experience from my previous ventures, I was better equipped to handle the challenges.

Looking back, the evolution of my business journey has been a rollercoaster of highs and lows, twists and turns. But, if there’s one thing I’ve learned, it’s that diversification is more than just a buzzword. It’s a strategy that has fueled my growth and kept my entrepreneurial spirit alive. And, as I continue to explore new horizons, I’m excited to see where this journey will take me next.

Diversification: More Than Just a Buzzword

When I first dipped my toes into the world of entrepreneurship with Somiibo, I had no idea that “diversification” would become my mantra. I mean, who knew that spreading your eggs across multiple baskets could be such a game-changer? But as it turns out, diversification is more than just a fancy term tossed around in business school—it’s a lifeline, a safety net, and sometimes, a wild adventure.

You see, sticking to one project can feel like walking a tightrope without a safety net. Sure, it’s exhilarating, but one misstep and you’re toast. Diversifying, on the other hand, is like having a whole circus troupe to catch you if you fall. With Somiibo, Slapform.com, and StudyMonkey.ai, I’ve learned that putting all your energy into a single venture is a risky business. Instead, I’ve spread my wings across various domains, hedging my bets and maximizing the potential for success.

Now, why is diversification so crucial? Let’s break it down. First off, it mitigates risk. If one project hits a rough patch, the others can keep you afloat. It’s like having multiple lifeboats on a ship—you’re not going down with the Titanic just because one lifeboat has a leak. Diversification also opens up new revenue streams, which is fantastic because who doesn’t love a little extra cash flow? Plus, it keeps things interesting. Working on different projects means you’re constantly learning, growing, and staying ahead of the curve.

But let’s be real—diversification isn’t just about survival. It’s about thriving. By juggling multiple projects, I’ve been able to tap into different markets, meet a variety of needs, and, let’s be honest, keep my entrepreneurial spirit from getting bored. Each project brings its own set of challenges and rewards, making my journey as a solopreneur both exciting and fulfilling.

For those wondering how to manage this juggling act, I’ve shared some insights on how I keep innovating across different projects and how I manage multiple projects while still finding time for myself. Trust me, it’s all about balance and a dash of insanity.

If you’re curious about the nitty-gritty of my process, check out the steps I take to build innovative solutions. And for those embarking on a similar path, I’ve shared my tips and tricks for embracing the solopreneur lifestyle. The road is wild, but boy, is it worth every twist and turn.

So, the next time someone tells you to “stick to your lane,” give them a knowing smile and remember that in the world of business, diversification isn’t just a buzzword. It’s your ticket to resilience, innovation, and a whole lot of fun.

How Multiple Projects Fueled My Growth

You know, the journey from starting Somiibo to managing a whole suite of projects has been nothing short of a rollercoaster ride. When I first launched Somiibo, I was just a solopreneur with a big dream and a small budget. Little did I know, this initial venture would set the stage for an empire of innovative projects like Slapform.com and StudyMonkey.ai. Each project, with its unique challenges and triumphs, has fueled my growth in ways I never imagined.

First off, let’s talk about the sheer thrill of launching multiple ventures. It’s like juggling flaming torches while riding a unicycle—exciting, challenging, and yes, sometimes a bit insane. But amidst the chaos, there’s a method to the madness. Each new project has taught me invaluable lessons. For instance, running Somiibo helped me master the art of adaptability, which was crucial when I pivoted to other ventures like Slapform.com.

Then there’s the aspect of diversification itself. By spreading my efforts across multiple projects, I’ve not only mitigated risks but also unlocked new revenue streams. Imagine all your eggs in one basket, and then picture the basket getting stomped on—yikes! Diversification kept my business buoyant, even when one project faced rough waters. It’s like having a safety net made of multiple threads; if one snaps, the others hold you up.

Moreover, managing diverse projects has kept my creativity on a roll. When you’re working on different things, you draw inspiration from one project and apply it to another. This cross-pollination of ideas has been a game-changer. For example, concepts from StudyMonkey.ai often inspire new features in Slapform.com, and vice versa. It’s a beautiful, chaotic symphony of innovation.

Of course, managing multiple ventures isn’t all sunshine and rainbows. There are days when it feels like I’m spinning a hundred plates in the air, and a few are bound to crash. But here’s the kicker—each crash taught me something new. It’s like a never-ending learning curve, and honestly, I wouldn’t have it any other way. The key is to stay organized and keep your sanity intact, which I’ve discussed more in-depth here.

In essence, diving into multiple projects has been the secret sauce to my business growth. It’s not just about having a finger in every pie; it’s about leveraging each venture’s unique strengths to build a robust, resilient business. Plus, it keeps things exciting—who doesn’t love a bit of variety?

So, if you’re toying with the idea of branching out into new projects, go for it! Embrace the chaos, learn from every stumble, and watch your business flourish in ways you never thought possible. Trust me, it’s worth every sleepless night and every ounce of effort.

Conclusion: The Power of Diversification in Business

So, here we are, at the end of this wild ride through the land of diversification. If you’ve stuck with me this far, kudos to you! You’ve probably gathered by now that diversification isn’t just some fancy jargon we throw around to sound smart at business conferences. It’s the secret sauce that has kept my entrepreneurial engine running smoothly and fueled my growth in ways I never imagined.

When I first started with Somiibo, I had no idea where the road would take me. But as I ventured into new territories with projects like Slapform.com and StudyMonkey.ai, I realized that juggling multiple projects isn’t just a way to keep things interesting—it’s a necessity. It’s like spinning plates; the more you master, the more impressive your act becomes. Sure, there’s a risk of breaking a few, but hey, that’s part of the thrill!

Diversifying my business has been akin to planting a garden. Each project is a different plant, needing its own care and attention. Some may bear fruit quickly, while others take their sweet time. But in the end, the variety creates a lush, resilient ecosystem. And let’s be real, who wants a garden with only one type of flower? Boring!

If you’re pondering whether to step out of your comfort zone and try your hand at multiple projects, let me be your cheerleader. It’s not all sunshine and rainbows—there will be thunderstorms and maybe a few tornadoes. But the rewards? They’re worth every bit of the effort. You’ll find yourself learning new skills, meeting incredible people, and discovering strengths you never knew you had.

For those of you who want a deeper dive into my adventures and lessons learned, check out some of my other musings like The Joys and Challenges of Expanding Beyond a Single Project, Why Juggling Multiple Projects Keeps Me Motivated, and The Unexpected Challenges and Rewards of Running Multiple Ventures.

In the end, diversification is more than just a buzzword—it’s a powerful strategy that can transform your business and your life. So, go ahead, spread your wings, and explore new horizons. Trust me, the view from up here is spectacular!


Follow my journey as a solopreneur, and my evolution from launching Somiibo, a single project, to expanding my empire with multiple innovative projects like Slapform.com, StudyMonkey.ai, and more