When COVID-19 shut down their events business, Campaigns & Elections avoided temporary solutions like webinars. Instead, they focused on building a durable membership model that would thrive after live events returned. This ensured they emerged from the crisis with a larger, more diversified business.
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To remain sustainable, the local media outlet combines direct ad sales, branded content, merchandise (coupon passports), and a Patreon membership. This multi-pronged approach provides stability and avoids over-reliance on a single, often volatile, revenue stream like programmatic advertising.
Relying solely on a time-for-money service model is precarious, as a personal crisis can halt all income. Entrepreneurs in service industries should conceptualize passive income streams from day one, even before implementation. This builds resilience and provides options when they can no longer trade time for money.
During the COVID crisis, with revenue at zero, Accel Events pivoted to virtual events by selling a product that didn't exist yet. They created mockups, sold with the confidence they could build it, and then developed features only after customers signed up. This rapid, customer-funded development saved the company.
When COVID halted in-person events, Campaigns & Elections pivoted by creating a membership and making virtual events a members-only perk. This successfully reframed the offering from a low-value ticket purchase to an exclusive benefit of belonging, driving rapid membership growth.
Front Office Sports intentionally diversified from 90% reliance on newsletters to a healthier model where newsletters, social media, and events each contribute significantly (roughly 30%, 30%, and 20%). This balanced, multi-pillar revenue strategy makes the business more resilient, scalable, and valuable.
During COVID-19, 2U Laundry's delivery service struggled while its physical laundromats thrived as essential businesses. This crisis-induced data revealed the laundromat was the "unlock for everything." It forced a pivot to franchising, which solved capital and scaling constraints, leading to immense growth.
When COVID-19 invalidated its revenue plan, Nextdoor's GM used a pre-existing worst-case scenario to pivot the product strategy. The focus shifted from subscriptions to features that provided immediate cash flow to local businesses (e.g., gift cards), enabling a quick, board-aligned response to the crisis.
Relying on one signature offer or income stream is a high-risk strategy. A more sustainable approach is building a portfolio business with multiple, smaller streams—like a course, a membership, and affiliate income. This ecosystem creates stability, allowing the business to weather storms and reducing pressure on any single component.
Marketing agency Marketex developed a digital product for a public speaker to reach audiences who couldn't attend live events. When COVID-19 canceled all in-person speaking, this pre-existing digital offering became an immediate, seamless pivot, demonstrating that expanding market reach can double as a powerful contingency plan.
Businesses should operate in a constant state of "offense"—innovating, seeking new clients, and exploring new services. Being forced into offense because of a defensive situation (like losing a major client) is far less effective and more stressful than proactive growth.
