In this video I continue with my story on the subject of diversifying income streams.
I tell how we went on to build a solid diversified business with residual income only to then again be tempted by immediate gratification and short term thinking.
If you have not read my first two posts on this subject please read them to understand the context of the story.
What is Diversification? – Part 2
I tell my story now for a couple of reasons.
1) to illustrate why I believe diversification is so important and secondly I believe we do not have to make our own mistakes we can learn from other peoples “learning experiences”. I hope you can learn from mine.
In my next and final post in this series I will explain how I came to understand the importance of multiple sources of income, as well as the importance of leverage and residual income. Whether you are a traditional business owner, network or internet marketer or employee this is important.
Please leave me your comments below. I love to hear what you think. Please also share this post with your Twitter and FB friends by clicking on the share buttons. I appreciate you telling others.
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{ 14 comments… read them below or add one }
Sue,
I thank you for sharing your story! You have so much knowledge and experience that we can learn from! Personally I’m into learning from others, if I can learn from your experiences then maybe I can avoid some of the pain.
I can only imagine what it must have been like for you, having so much and because of outside forces that you had no control over have it taken away! Adversity comes in all shapes and sizes!
Linda
Linda G. Cox recently posted..Fresh News Woo Theme is My Favorite
Thanks for the comment Linda.
Years later I can look back without emotion and see the events as they happened. At the time I could not as it was so emotional. It also took a lot of years to let go of blame and resentment and anger (just to name a few) at the ATO (Australian Taxation Office). We had meetings with them and had been marketing we thought with their blessing. We were naive.
My step son told me one day I would right a book about it. Blogging is a start LOL.
Sue
Thank you Sue for sharing your story. Losing a second wildly successful business effectively overnight must have been devastating for you and we can certainly learn some valuable lessons from your experiences.
For me the most important take-away from your story is the fact that there are circumstances beyond our control that can affect our business to devastating effect. We should never lose sight of that fact and think about the potential vulnerabilities of our business at every level. Once again, the importance of diversification comes into play.
Louise
Louise Steiner@Social Media Marketing Strategies recently posted..Does Your Blog Resemble A Ghost Town? How To Turn Your Blog Into A Busy Hub!
Thanks for your comment Louise. It was devastating and has taken me many years to get over the various levels of emotion to be able to rationally look at what happened.
I think anyone going into business needs to really think about the things that can go wrong and have a plan if they do happen. I used to think that was negative but now I think it is good business practice.
Sue
Well, that is sure a nice thing and your advice is worth considering. I have a good feeling that it will have a significant impact not only to the improvement of my knowledge, but more importantly, to the success of my business.
Mark Errol recently posted..Residential Security
Mark I do hope this information helps your business. Thanks for commenting.
Sue
Its good to learn new ideas on how to improve our business, I haven’t seen the first part of this but will surely find time to read it.
Brenda White recently posted..ייעוץ זוגי
Thanks for the comment Brenda. I hope you can make the time to go through the rest of the series.
Sue
Hi Sue, Just went through all of your series and I learn so much from it. Thanks and keep spreading knowledge to young marketers like me.
Brenda White recently posted..The Importance of Inventory Management
Thanks for your comment Brenda. I will continue to pass on my knowledge.
Sue
Hi Sue.
This is bitter facts and I am sure that many have heard, seen and faces such type of situations but never LEARNED from it and thus this makes them LOOSE it all.
As I have taken this point seriously right from my childhood days that what mistakes my elder do that I have not to repeat it my life whenever I face such same situation and thus due to this I have win over many failure in my life before they enter in my life.
Meg@Bathroom Light recently posted..Lighting & Electrical
Hi Meg
It seems like you were very wise from a young age. Many young people do not take the lessons their elders experience so good on you.
Thanks for commenting.
Sue
You really make it appear really easy with your presentation but I in finding this topic to be actually one thing that I feel I would never understand. It sort of feels too complex and very wide for me. I’m taking a look forward in your next submit, I will try to get the hang of it!
Thanks for your comment Gertrude. If you have any questions on the topic please ask and I will do my best to help.
Sue