What’s happening in the world reminds me of the old saying about not putting all your eggs into one basket.
I work in the creative field and every day I’m hearing about people losing contracts, clients canceling projects, and people generally not knowing how they’re going to make it through the months ahead.
Proactive measures are always better than reactive ones so now is the time to think about businesses that are sort of polar opposites of one another. It’s the way successful entrepreneurs have always done it. If one business gets hit during a downturn, you have one or more other ‘different’ businesses to keep you afloat.
Say you had a travel connected business but you’d also invested in an online store that sells emergency food supplies. Right now travel related items and business are teetering on the edge but some sites selling these food supplies have a six month wait for orders.
I also saw posts by a couple of people who sell both digital and print items and they said their print sales are at zero but strangely enough the digital sales are up 25% and that’s what’s helping them pay this month’s rent.
One other thing to do, don’t leave it until the next downturn to start your rainy day fund. It’s easier than ever to open a savings account online and even if you open one with just $5, you’ve taken that all important first step to preventing yourself from panicking the next time something bad happens.
So, this week, things to do include, picking two or three polar opposite businesses that you could start and opening that savings account.
Talk again soon and remember to live the life you love.