Multiple Streams Of Income: How To Recession Proof Your Business
Well I hope you had a nice holiday weekend, I know I sure did.
In fact I drove out to Detroit, Michigan with my family to spend time with my wife’s sister and brother-in-law and their little ones.
Now I’m sure you’ve probably heard the horror stories about how bad Detroit is hurting and I got to see this first hand.
Obviously the economy hit Detroit hard and the fact the auto industry is in the toilet doesn’t help matters either.
You see, what happened in Detroit could happen in your business unless you learn from these mistakes. My mentor, Craig Garber (To learn more about Craig take a meander over to www.CraigGarber.com) likes to call these lessons “tuition” because they usually come with a price tag. Luckily, this lesson did not cost me a dime but it did open my eyes for sure.
What happened is Detroit put all their eggs in one basket, the auto industry. Once the auto industry went belly up so did the other businesses in Detroit that helped support the auto industry.
Auto plants and supporting businesses had to let their workforce go so now you have a huge population of folks who cant’ afford to spend money at malls, restaurants and other small businesses, make sense?
This just goes to show you how important multiple streams of income are to you and your business.
For example, in addition to my coaching and consulting business, I also have several niche websites that make a little a money each month. These websites range from pet products, indoor and outdoor games and wine. I also set up a few holiday specific websites around Halloween, Valentines Day and Christmas. I also build and flip websites for profit. This way if my consulting business drys up I can fall back on my niche website business or my virtual real estate business.
So start thinking about how you can start adding some additional streams of income to your business.
Your bottom line will thank you!
Now get busy, Bill Parlaman
P.S. If you’re not quite sure how to do this I will share some additional examples with you in my upcoming blog posts!
