Be not afraid of moving slowly. Be very afraid of standing still.
Injury and illness are two times in a business owner’s life where you come to really appreciate the benefits of having multiple streams of income, some of which are passive and set up to continue with or without you. Of course, the mix you decide upon for your business will be as unique as you are.
The most important thing, I think, is knowing the percentage of revenue each stream contributes to your bottom line and how long it will continue to produce income for you with no attention or marketing on your part following a setback. I can share that, in my case, it took almost three years for revenue to erode completely to $0. I was pretty pleased about that. But then, my injuries were so serious I was out another two years beyond that. Very tough years, I might add.
Now comes a slow, arduous rebuild to previous revenue levels. Much has changed in the digital landscape, that’s for sure. However, I’m hoping to accomplish the next set of goals in three years or less. Additionally, I’m going to see what can be done to extend the maintenance-free life of existing streams. Maybe I’ll find a way for certain ones to be able to remain self-sustaining for 5 years or more.
It’s definitely something I’m going to think deeply about.
When was the last time you reviewed all your revenue streams and their requirements to keep producing? What might you be able to do to extend their current usefulness for generating cashflow with no assistance or direction from you? Are there things you could be doing now to make it possible for others to step in and carry on in your absence with the same (or better) results than you could produce yourself?
These are the types of questions you should be asking. And you won’t find the answers unless you’re willing to dig deep into the numbers. Numbers always tell a story. Make sure you know yours inside out. You’ll be called upon to defend that story should you ever have to fight your own personal injury or disability battle. Not that I want you to have to experience the harm the insurance process can do to a business.
But because you need to know. No one will ever care more about your business than you do.
More next time. Until then, remember to LOVE YOUR WORK, whatever it may be.
PS I hope you’ll find the new RAISING THE BAR series inspiring. If so, please share this post with friends and followers. You never know what burdens others are carrying or how much their load might be made lighter by doing so. ♥♥♥
ABOUT RAISING THE BAR:
Raising The Bar is a new series for the SMARTSTART community that has been taking shape in my head for most of the time I’ve spent working to recover from catastrophic brain, spinal cord and psychological injuries resulting from a near fatal accident in 2009. Success, whether it’s in rehab, business, relationships, or life, hinges on our ability to master this simple formula: Belief (B) + Attitude (A) = Response (R).
I’m excited to be sharing it with you now as a next step in my injury recovery. Consider this your invitation to join me on a grand adventure. Oh, the places we will go! Including all the places that scare us most. For that is where the greatest opportunities for joy and happiness — the true measures of success — reside!