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Recession-Proof: Have A Second Income Online

Guest post by: Michael Hume

Article Overview: We all need to take a step back and think about where we are placing our financial bets, and I'm not talking about investments like the stock market. Where are you betting your own ability to generate income? You may have a solid job with a good company, but things change quickly these days, and you never know what will happen in the coming months and years. Do you have other "clients," or are you betting your entire future on how well your company takes care of business - and, by extension, is able to take care of you? Remember, no matter what it says on your business card, you are in business for and by yourself... always have more than one client.

Recession-Proof: Have A Second Income Online

Never Bet Everything On A Single Income Years ago, my best buddy from high school found a way to get into business for himself. It was a typesetting business - something technology has since made obsolete. But at the time, clients paid pretty decent bucks to have type set for various newsletters, brochures, advertisements, and the like. My buddy had a good, going concern - he soon had a new car, a nicer place to live, and he could set his own hours (though he did work like a dog setting most of the type himself, to keep labor costs low). Everything was great for over a year, until my friend succumbed to one fatal mistake: he let his customer list dwindle down to a single, large company which ended up taking all his time and resources. Eventually the customer, whose business was not going well (unbeknownst to my buddy), slow-paid his business to death.

I learned a lot from his mistake. Years later, I had a chance to join a consulting firm which was known for its service to a large, world-class organization. My concern was that the firm had all its eggs in one basket, so I probed the opportunity carefully until I became comfortable that they did have a marketing pipeline and other clients.

The fact is, we all need to take a step back and think about where we are placing our financial bets, and I'm not talking about investments like the stock market. Where are you betting your own ability to generate income? You may have a solid job with a good company, but things change quickly these days, and you never know what will happen in the coming months and years. Do you have other "clients," or are you betting your entire future on how well your company takes care of business - and, by extension, is able to take care of you? Remember, no matter what it says on your business card, you are in business for and by yourself.

Always have more than one client.

The key is figuring out what the right "investment" of your key personal resources - time, energy, attention, and in some cases money - you are able and willing to make. Many times in my career I allowed myself to fall victim to a very bad deal in the market for my time and talents: my "job" paid, say, 90% of what I needed to keep the family going, but took 200% of the personal resources I should have given it. There were several times I would love to have had a business on the side, hedging my bets in the labor market, but just didn't have the slack capacity to do it.

Today it's easier than ever to create a second "customer" for your services. If you have a laptop, a good idea, a little bit of money, and a small amount of time and energy, you can build a solid business to add to your portfolio of revenue sources. Catch on with a good platform, and you might very well be able to quit your job (whether or not you would want to do so) in a surprisingly short amount of time.

At any rate, your financial eggs would be spread among multiple baskets, and you wouldn't have to worry about what killed my typesetting buddy's business. You would be "set."

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Article Tags: internet business, personal responsibility, recession proof, second income



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