How can you make sure to be protected whatever happens and have real peace of mind?
Because of the rampant coronavirus, many people are forced to realize that their financial situation is hanging by a thread…
What can you and what should you do to make sure that this doesn't happen to you in the event of a new crisis?
More importantly, what should you do RIGHT NOW to make sure that you come out of this crisis on top?
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There are different schools of thought, right? If there’s something that you might have been told that you shouldn't do, we're basically here to figure out if you should do it or not.
OK, so here's the thing. So when you're just starting out, the hardest thing is to focus. Because there's so many opportunities and you're running left and right, trying one percent of this, five percent of that, you know, 10 percent of this and all that kind of stuff. And eventually nothing actually works because you you're not focused.
So the general consensus is for you to focus on one thing, just do one thing, do it well and it's going to work. OK, now, I do agree with this. This statement is true up until a certain point. OK, what do I mean?
What I mean is indeed when you're just starting out, if you are wishy washy and jumping from one shiny object to the other, you know, nothing is going to get done, that's for sure. And you're not going to be successful in what you're trying to do.
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OK, I want you to focus on one thing in the beginning and you're going to see success. Then at that point, what do you do?
So this is where there are two schools of thought.
Some people will tell you, dude, if ain't broke, don't fix it, stay on it and just do this. Don't get side-tracked with anything. So I do agree with that up until a certain point. So what is the point?
The point is, if you start getting side-tracked before you hit the point where the business can sustain itself and doesn't necessarily need you, then yeah, there is a risk that the first one will go down in. The second one is not going to work. OK, so from that perspective, yes.
But there is a point, for example, where you brought the business to a certain point where it is growing. It doesn't necessarily need your intervention or as much work. And this is what I'm doing right now.
This is what I've experienced. What I'm experiencing right now is that once you have this, I really suggest you start building at least one other source of income.
I've already told you that many times. One is a very, very dangerous number. OK if you have one client, and then the client is gone. That's it. If you have one income source, the client is gone. That's it. The income source is gone.
So it is good to have a second income stream. OK, but what people get wrong is the timing. They're trying to do it while they're still working on the first one, not to the point where they can step away from it and distance themselves.
So what I really, really suggest you do is you get to that point where your business is self-sustainable, doesn't necessarily need you, and then you start working on at least one other income stream.
OK, when I say at least, I mean you will build the second one, you build it to a level where, well, it doesn't necessarily need you, everything is set up, then you're going to build another one and another one and stuff. So it means that you're going to focus on one thing at a time, even though you will have different income streams.
It's not like you're dividing your attention on five at a time. You build one to a certain point, you build another one and stuff like this, OK, because again, you know, stuff happens when business is you know, it's up and down. Something bad will happen. Then you’re screwed.