A friend of mine was the COO of a company for 13 years. The company was sold 6 months ago and the new owners let him go with only two weeks of severance pay! Those sorry dogs!
Anyhow it got me thinking. It's not only business owners like me who need multiple income streams but everyone needs a diverse occupational portfolio -- as I think of it. so here are my 10 reasons to have alternate income streams.
1. Jobs are no longer secure regardless how big the company is and how lofty your position is within that company.
2. Employers no longer feel a responsibility toward employees and will lay off as a first resort, not a last resort.
3. Your retirement investments are not in one stock, you diversify your investments for better security and income balance. You should do the same with your earning streams for the same reasons.
4. You can never be fired from 100% of your income when they come from multiple sources.
5. You have better control of your financial situation because you make the decisions for each income stream.
6. You have options of which income stream you want to focus on depending on what is doing well at the time. Ride the wave of one while it’s hot and when it’s down you can ride the wave of another income stream.
7. It maintains excitement for work because you have variety. So you are less likely to fall into a rut.
8. You meet different types of people in different jobs providing you greater growth potential and a larger network.
9. You always have options and flexibility.
10. Make sure one of those income streams is from a home based business. You are in complete control of that business.
Showing posts with label business. Show all posts
Showing posts with label business. Show all posts
Wednesday, June 17, 2009
Monday, March 23, 2009
Business as Usual ? Never Again
Nothing will be the same after the recession as it was before the recession. Consumers habits will be different, technology will be different, controls will be different, regulations will be different, and attitudes toward work, money, trust, loyalty, leadership and borrowing will be different.
Are you positioning yourself for a different market place?
I hear many business owners and executives hoping to gut out the recession and emerge on the other side intact, planning on operating their businesses just as it was prior to the credit crunch, and economic disaster we are calling a recession. That would be detrimental to the future of your business, and could even be deadly. You must reposition.
Permission marketing such as through social networking and blogging and building permission email lists are going to replace cold calls and prospecting. Buyers don't want to be bothered with the process, there are too many sales people knocking on their doors, and the buyer just wants to find the expert they can rely upon.
Are you building your permission assets? Are you getting involved in social networks? Are you taking your sales people out of leads groups and putting them into research mindsets for the blog they should be creating?
Consumers are going to be looking for the most knowledgeable people to talk to and work with. They are searching for someone they can trust. The expectation of finding the trusting supplier, retailer, professional is along the lines of hitting the lottery. It doesn't keep people from trying, but their expectations of finding a winner is quite low. How are you positioning yourself to be that "expert"?
These are just a few of the areas businesses should be working diligently to reposition themselves, and out-position the competition. If you thought the gloves were off before the recession in dealing with competitors; you ain't seen nuttin' yet!
Are you positioning yourself for a different market place?
I hear many business owners and executives hoping to gut out the recession and emerge on the other side intact, planning on operating their businesses just as it was prior to the credit crunch, and economic disaster we are calling a recession. That would be detrimental to the future of your business, and could even be deadly. You must reposition.
Permission marketing such as through social networking and blogging and building permission email lists are going to replace cold calls and prospecting. Buyers don't want to be bothered with the process, there are too many sales people knocking on their doors, and the buyer just wants to find the expert they can rely upon.
Are you building your permission assets? Are you getting involved in social networks? Are you taking your sales people out of leads groups and putting them into research mindsets for the blog they should be creating?
Consumers are going to be looking for the most knowledgeable people to talk to and work with. They are searching for someone they can trust. The expectation of finding the trusting supplier, retailer, professional is along the lines of hitting the lottery. It doesn't keep people from trying, but their expectations of finding a winner is quite low. How are you positioning yourself to be that "expert"?
These are just a few of the areas businesses should be working diligently to reposition themselves, and out-position the competition. If you thought the gloves were off before the recession in dealing with competitors; you ain't seen nuttin' yet!
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