Okay, so everyone has heard that they should not put all their eggs in one basket, and that truth is self-evident.
I use it when teaching others the art and science of managing project risk. I also do it in my own online businesses. I learnt this painful lesson when I set up my first business way back in 1992.
I linked up with a great supplier and formed a strong business relationship with that individual from the get-go. We thrived and prospered. Until he changed his business direction leaving me high and dry. It wasn’t his fault and he wasn’t to blame.
These days, I use a business model that is built upon multiple profit centers. Some do better than others, but I love my ‘children’ equally. When one falters, it’s not the end of the road, I just replace them.
My business is now recession proof.
Don’t confuse this with having a ‘Plan B’, that’s not the point here. It is all about having multiple streams of income, they may be small, but together you’ve got yourself a sustainable recession-proof business.
Here’s my most successful part time work from home business that still brings me reliable, regular online income while I’m out and about…Check it out HERE!