April 29th, 2013 → 9:24 pm @ beckymccray
“Rule #1: (Plan for Zero) I represented a publisher for trade newspaper advertising. Had been doing it for over 15 years. The money was pretty good and because it was 100 percent commission, I squirreled away a chunk of liquid cash in case the revenue well dried up or I decided to walk away from that business relationship. Good thing I did because within a short six months, both publisher owners passed away and not too many months later, the remaining family members folded the operation. I was planning for zero even though I didn’t call it that. But it’s a small town or big town rule that kept my doors open in the face of some tragic events.
“Rule #3: (Multiply lines of income to diversify risk) Because my business was heavily dependent on the construction industry, sales were becoming more challenging from 2009 onward. In 2011, I began exploring how I could supplement my business with other income streams. Still working on this… all the time. It does take quite a bit of resources and energy! But it’s an effort that is, just now, starting to see some small gains and is completely transforming my business into a multimedia organization. I now have about four income streams and am on the lookout for even more. My only regret is that I didn’t do it sooner! This must be a part of every entrepreneur’s strategic plan.
“Again, congratulations to you on this 1st Anniversary of your book. It’s an important must-read for business owners.”
Heidi Thorne, Editor & Founder
When Heidi reviewed Small Town Rules, she said one of my favorite quotes about it: