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        Another AHBBO Article
        Eggs, Baskets and Multiple Streams of Income

        © 2014 Elena Fawkner

        One of the legacies of 9/11 is that that large sections
        of the U.S. and world economy have taken a body blow. 
        Every day we hear of more and more companies who plan
        to lay off large numbers of workers (or have already) as
        they strive to reposition themselves to ride out what
        the doomsayers predict will shortly become a full-blown
        recession. 

        As much as you can intellectually sympathize with a
        tactic that effectively sacrifices a few for the good of
        the many (i.e., the ultimate survival of the business entity
        and the jobs of all those left behind), if you're the one in
        the firing line it's pretty cold comfort that others will be
        more financially secure as a result of your sacrifice.

        REBELLION AND VULNERABILITY

        It's not unusual for people in such a situation to begin
        to rebel against the idea of having their financial destiny
        in someone else's hands.  Quite right, too.  The response
        of many in this situation is to begin to think about
        working for themselves, to be free of the tyranny of
        being dependent on others for their financial survival.

        Unfortunately, however, the failure rate of new small
        businesses is high and they take time to get up and
        running.  So thinking about and actually starting a new
        business AFTER you've lost your day job is too little,
        too late.

        For this reason, many people start their own business
        part-time, while they're still working full-time.  This
        approach has several advantages, not least of which
        is a financial cushion (i.e., your salary) during the time
        you're building your business.

        The goal of most such business owners is to eventually
        become successful enough to allow them to quit their
        day jobs and work on their own business full-time.  Fair
        enough.

        As recent events have shown, however, no-one is
        immune from financial vulnerability whether you be
        employed in the full-time workforce, a struggling home-
        based entrepreneur running your own small-scale travel
        agency or anything in between.

        SAFE CHOICES

        So how do you know what to choose as your livelihood
        to ensure that you will never again be subject to the
        vagaries of the economy, to ensure that your financial
        future is secure?

        The cold hard truth is that since you don't have a crystal
        ball, you simply don't.  After all, who could possibly have
        foreseen the events of 9/11 (other than the FBI and the
        CIA)?

        Whatever your job, career, business or investment
        strategy, things can take a downturn.  Does that mean
        you have to take a downturn right along with them?
        Well, if all your eggs are in that particular basket, it
        does.  But what if all your eggs are not in that basket
        but only a few of them?  Well then, you simply divert
        the energy you were expending on the basket that's
        gone south into the ones that are still headed north.

        MULTIPLE STREAMS OF INCOME

        Multiple streams of income is the key.  You've probably
        heard of the concept in terms of running an online
        business.  It means don't just sell one product or service
        from your website, sell several so that if one bombs,
        your livelihood doesn't have to.

        Well, you can apply the same approach to your life.
        Who says your only choices are to work full-time in
        paid employment, work full-time in your own business,
        or work full-time in paid employment and part-time in
        your own business?

        Maybe the solution is to do EVERYTHING part-time.

        Let's say you work full-time in paid employment and
        you run an online business in your spare (part-)time. 
        Let's also say that your salary is low enough that, if
        you just had enough time to devote to it, you're pretty
        sure you could ramp up your online business to the
        point that you were generating more profit from every
        hour you devote to it than if you spent that same time
        working in your paid job.

        Now, some would decide that at that point they'd quit
        their day job and just work on their business full-time. 
        That may be a good option.  IF you can be sure that
        your business is going to succeed over the longer term. 
        But it ignores the fact that you don't really know what's
        around the corner and by giving up your day job you've
        also just given up your financial cushion (your
        "insurance" if you will). 

        And if you decide to do away with your business because
        you figure if you devote your time and energy into working
        even harder and longer hours for your employer you'll get
        a promotion and more money, if you lose your job you're
        screwed because you don't have the financial cushion of
        your business as insurance.

        THE "ONE PART-TIME PLUS ONE PART-TIME EQUALS
        ONE FULL-TIME" SOLUTION

        So what's the answer?  Work both your job and
        your business part-time so that, together, they add
        up to full-time.  If (and this is an important "if" if cash
        flow is tight) the extra time you have to devote to your
        business will result in a commensurately greater financial
        return than would working the same hours in your job
        (make sure you run the numbers to be sure this is the case
        - if not, start a more profitable business!) this can be a
        viable option.  Even if it yields the same return (or maybe
        even a little less) it may still be worth considering as sort
        of an insurance policy against being laid off.

        Likewise, an employer that's struggling in a soft economy
        and facing having to lay staff off may well welcome the
        option of converting you to a part-timer with the resultant
        reduction in payroll and overheads.

        Such a situation can be a win-win for all concerned.  (And
        if you're a parent of young children, I hardly need to point
        out the lifestyle advantages and reduction in child care
        costs.)

        THINK PLURAL

        So, if you're still looking for The Answer, your Big Break,
        The One, STOP.  Stop thinking in terms of "ones" and
        start thinking in terms of multiples.  Multiple part-time
        ventures (and don't limit yourself to just one part-time
        job and one part-time business, the best combination for
        you may be two part-time jobs and one part-time business
        - whatever works) which, when added together, bring in
        just as much or more income than your J.O.B. (Just Over
        Broke) and minimize your risk from the vagaries of forces
        and events over which you have no control.

        Just as investment advisers warn investors not to place
        all their eggs in one basket, so too you should avoid
        relying on just one golden goose.  Get a flock of 'em!

        _________________________

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        ** Reprinting of this article is welcome! **
        This article may be freely reproduced provided that: (1) you
        include the following resource box; and (2) you only mail to a
        100% opt-in list.

        Here's the resource box to use if reprinting this article:

        Elena Fawkner is editor of Home-Based Business Online. Best business ideas and opportunities for your home-based or online business.

        Copyright 1998-2017, AHBBO.com. All rights are reserved. Tuesday, 26-Jan-2021 03:08:59 CST

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