Martha Stewart has persevered through personal problems, evolving tastes and even jail time. What has remained present, though, is her ability to make money. Ditto for Beyonce, the Kardashian family and other strategic celebrities that stay in the limelight.
Work with what you got
As I talk about in my book The Ultimate Bite-Sized Entrepreneur, Stewart's secret isn't in making more resources, but in maximizing the resources she has:
We once [listed] all of our media platforms and traced how the little pansy flower had been covered in each one: Our magazine featured cupcakes decorated with sugared pansies; on television, I demonstrated how to apply pressed pansies onto paper, creating lovely stationary; on my daily radio show, I explained to listeners that the word pansy stands for thought and remembrance; the syndicated newspaper column described how to press and dry pansies...
Her team researches once thing, then they bring it to different audiences in different ways. The beauty is that most of the folks reading the magazine aren't tuning into the television show or the radio show, and so on. You don't need to reinvent the wheel ever time.
Appear everywhere at once
This is also why Stewart, the Kardasians and other public figures seems to be everywhere: They do something once and build content across audiences.
For instance, Beyonce performed once at Coachella last year and:
- Earned millions by the concert venue
- Recorded the event and paid well for a Netflix special
- Released a live album and now getting residuals for the Homecoming LP
One action, many results.
Similarly, Kylie Jenner may have a launch party for a makeup line with a party sponsored by a major radio station, which will cover it live, recorded on the E! Entertainment reality show, which pays her well, and packaged as a business case study for an online teaching platform, which gives her royalties.
It's not just the money, though: Notice how they take one step - make one effort - and have it multiply across different platforms. Even Beyonce can only appear at one place at once.
By making the most of your content, you give the illusion that you are everywhere, and that in itself is a money-making power.
You already have enough to make more
Lastly, maximizing what you have helps your money make money. In Beyonce's case, she got the fast money from Coachella for the event, the next money from Netflix for the following special, and the long-term, passive income from music platforms for her live album. She's covered all the bases.
Better yet, people who attended Coachella or who watch the Netflix special are more likely to buy the album, adding money into her coffers well after she got off the stage last summer.
This applies to us non-Beyonces, too. I've taken a similar approach to my work: I do a well-paying keynote and Q & A (fast money), which becomes a discussion point for platforms like this column (next money) and modified or recorded for my physical and audiobooks (long-term, passive income). I also have a one-on-one coaching practice, and nearly all my clients come from meeting me through the keynote, the writing or the books.
Economists call it a virtuous cycle: Your successful delivering ends up reinforcing the success of your next opportunity. How could your actions today be reinforcing your money tomorrow?