How could success possibly ruin my business? Well… as humans, we seem to experience increased motivation when faced with urgency, uncertainty and/or failure (or at least I do). Why is this? And does it mean we only work well under pressure?
Becoming Settled
When you have your own business, or are running someone else’s, you need to be aware of the quicksand that can pull you down.
You see, if I said to you, you have to have X amount in sales by the end of the month or I’m closing your doors, you’re probably going to bust your butt getting those sales. And if you’re saying, “Nah, I don’t do well under pressure” then entrepreneurship/management isn’t for you.
BUT… If you’re rocking it and your monthly retainers are giving you a nice pillow, then that urgency can start to slip. And slip it will, unless you develop a smart business-led mind. You never know when catastrophe can hit – just look at the market bust we’re still trying to climb out of.
A company may have to down-size, cut budgets, etc. Or maybe you have an off month and it causes a client to jump ship. My point is you never know when things are going to shake, so make sure the hunger for new business never dies.
Lucky Number 7
Along with keeping the hunger for new business comes another way to secure some sanity – multiple income streams.
When I was younger, my mentor told me to develop 7 different income streams, and to never leave all your eggs in one basket. So it’s something that has been a goal for a while and will come to fruition in the near future.
If you own a business (1 income stream) and that business has to fold, then what? If you have 7 different income streams and one has to fold, then you still have 6 others to keep you afloat. Is this a sure plan for success? Not at all – but it will help you to develop an open mind and break out of the silo’d thinking that we’ve all been taught is the way to success.
What are your thoughts? Do you have any experiences you can share to help guide others who are lost? The floor is open 
Your Friend,
Troy Claus
“To do more for the world than the world does for you, that is success.” – Henry Ford.
image: Jen-the-Librarian
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Ignite Your Passion
Troy, I gotta tell you man, I think this post was a little incomplete. How could you not mention your 7 streams brother?? C'mon man, do tell....don't hide it all in. ;-)
Personally, I'm working hard for the big 7. In fact, I can see a time when the number will be much greater, as it seems that making money passively becomes easier and easier the more you do it.
Love the new look to the blog my friend.
Marcus
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LikeMarcus_Sheridan Man! I am peeved that I missed this comment!! Cheers Marcus. I agree, it does become easier to develop them as time goes on, as long as we make sure the time allotted to manage them doesn't chew up your entire day. My next big adventure is FINALLY coming to reality. I had this idea of creating this amazing online resource but knew it would be difficult do pull it off solo, so I sourced some amazing people/talent threw the idea their way and now we have a solid team in place. Really excited to launch this :)
Cheers,
Troy
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LikeThis is such a true post Troy. I learned over the course of this past year that developing multiple income streams is very important. I was reading a book called Becoming A Millionaire By 30 that described that specific concept that you spoke of by not having your eggs in one basket which is true. I know the one issue I ran into was how to develop and consistently grow seven different income streams though.
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LikeJusticewordlaw Hey Justice, Cheers bud!
I was also faced with the same challenge, especially since we have a full service agency in operation. I found the best way to build those income streams is to have them somewhat automated. I don't mean auto tweeting...etc, I mean streams like investing, selling ad space...etc, things with smaller time investments needed.
Cheers,
Troy
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LikeTroyClaus yeah I understand what your talking about that does make sense to have those set and ready.
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LikeAs a freelance web designer, if I don't work, I don't get paid. This isn't normally a problem but recently I had to be hospitalized and couldn't work for a bit, then it was a problem. Fortunately, I'm on the mend and I've been thinking of diversifying a bit more. Thanks for the extra push to do just that!
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LikeWeissDesigns Sorry to hear that, and happy to hear you're on the road to recovery. It's people like you who can experience that fear, plan out a new strategy and move forward to teach others why it's important to plan ahead. All the best!
Cheers,
Troy
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LikeWhere the heck did you find that photo?! Cat Crap lip balm? GROSS!! The best, and worst, thing that happened to me, as a business owner was October 2008. I'm still working hard to replace the income we lost when the economy tanked, but I've also become extremely adaptable and innovative. I LOVE the idea of seven different income streams. That's something I'll be thinking about in the coming weeks. Very, very good advice!
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Likeginidietrich You mean you've never tried Cat Crap lip Balm? lol.
Glad you liked the post Gini. I think it really hits you when you're faced with adversity, extreme failure and/or your livelihood. Wake up calls are great, as long as you can take key learning points from them and adjust your mindset to counter them if they try to creep back.
Cheers!
P.S- Any cool income streams coming in the near future? ;)
Troy
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LikeTroyClaus I have about 16,000 ideas, but only four or five of them are income streams, outside of Arment Dietrich. And you know about one of them!
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LikeThanks John,
I like your perspective here, 7 clients equals 7 income streams. The purpose of this post was really to encourage people to look outside their comfort zones and to explore different ways to make additional income. The mindset of "Get a job, stay there for 30 years and retire" are over (at least I see it that way)
Cheers,
Troy
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LikeLove the lip balm, it almost beats Bag Balm.
I don't look at a one business aas one income stream. I look at clients as incomes streams, so I think your mentor was right, have 7 clients and you have 7 income streams.
You can also look at it as having 7 services or products which target different needs in the market and again you have 7 income streams. But one business.
Alternatively we could all go and get a job for a firm and then we would have 1 income stream :)
Well of course I would have to keep my side hustle so maybe 2 :)
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