Episode 46:It's The Economy, Stupid
How, as an independent business owner, should you handle a shock to the economic (or psychological) system of your country?
In this episode of Make Money Online, we talk about how to secure your business against economic disruption, why you should always be thinking about how your industry will change over the next few years, and why it's important to diversify your income stream from purely consulting to consulting, information (educational) products, coaching, mentoring, etc., in case one stream drys up.
We also discuss about the importance of positioning as a consultant. To survive in a down (or changing) economy, you need to have strong, specific positioning that identifies both the target market and the expensive problem that you solve. Why?
Because in a changing economy, generalists are the first against the wall when the budget is cut.
Thanks for listening. Best recommended with a strong beer or a nice, sippable whiskey.