Why diversification can save your business, your sanity and your peace of mind. Today we are going to explore what you need to avoid at any cost when building your new life.
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Yesterday we spoke about the five people closest to you and how you need to choose them wisely, because they do influence a lot your decisions, who you are as a person and your self-esteem right.
And I wanted to add something to it is that once you find these people and let's say you decide to work with someone and start a business because you know again we talked about do you want to go solo or do you want to go with someone you know having a partnership and stuff if you decide to do it?
I have one piece of advice for you. Make sure that the success of your company is not dependent on that other person. So basically make sure that this. This person's presence is an added bonus but it's optional. If you have a business where the only reason why the business runs is some other person then you don't have a business. You have a ticking time bomb.
It will be a relationship where you need to be on top of your game every day because you don't want to get in trouble and you don't want to fallout or anything because otherwise when that person is gone and so is your business!
And that's the last thing you want. You want peace of mind and you want a business that you can work on for ever. So I'm telling you that because I made the mistake in the past several times. Of course you need to find people have the skills that you don't have.
But at the same time you need to be careful that whatever skills they have is not the main reason why the business exists. So the core competence of your business needs to be yours and not someone else.
Secondly don't be dependent on one client like I was before. So this client was terrorizing me. It was emotional terrorism. I couldn't sleep anymore. It was crazy. So I hated that account manager but you know I hated the dude but I had to be nice to him. Oh how was it going in the house family and stuff? I didn't care but you know I had I had to pretend right.
And then afterwards don't be dependent on one traffic source you know like for example I see a lot of people do it like dependent on Facebook. You're like “Oh man my business is working so well. I'm sending Facebook ads” and what happens? Bam, you get slapped by Facebook. They shut down your account. You have no idea why they shut down the damn account.
And then that's your business gone. I met so many people at this stage. And you know similar things happen with Google. I had my Facebook account shut down as well. But the good thing with me was that I didn't care. I didn't need Facebook. I still don't need Facebook.
Safety In Numbers! Diversification Will save you
So let's say for example you have an income source that is bringing you 50 percent of your money and you see about 50 percent that you can spread over other income sources. So you can have 10 income sources are bringing you know 5 percent 5 percent 4 percent, etc. And at the end of the day you have 50 percent from the big income source and then the rest is from the odd ones.
So if something bad happens to the big one you know obviously you're not going to celebrate. You know you're not going to throw that big party to celebrate. Invite your friends and stuff, but at least you still have those 50 percent left to get you back on your feet.
You can you can still work on other income sources to bring you the 50 percent. The remaining 50 percent. OK it doesn't have to be just one. You can have you know 10 other income sources that bring you money and by the end of the day it's 50 percent of your income.
And if the big one, you know something happens then and you lose it, at least you still have 50 percent that you're getting from other sources and it gives you a little bit of time to fix the situation and get back on track. All right. So that’s the main message I wanted to give you.