Last fall, I smelled a rat. For those of you following along with my Facebook isolation diary, it’s not that kind of rat (though I’m up to 18 or 19 of them being rested at my feet now, like some proud trophy—ick!).
Rather, something seemed amiss in the business world.
Having taken my business through the Great Recession, it felt eerily similar.
Retainers were drying up. Prospects were opting for project work. And the sales cycle took twice as long as normal.
Of course, I could not have predicted what was actually coming. That shocked pretty much everyone except maybe Bill Gates.
That’s the bad news. The good news is that we all have a way to control our own destinies through what I like to call additional revenue streams—or income diversification.
A friend of mine was telling me that his dad, before he retired, was in the National Guard, was a high school teacher, AND he bought and sold apartment buildings. That’s some serious income diversification.
You can certainly go a similar route, or you can use your intellectual property—the skills in your brain—to protect yourself, your business, or the company for which you work.
For today’s purpose, diversified means that the money you earn in your life or business doesn’t all come from the same place, and you have different streams of income from different kinds of products or services that make up your total income.