Here’s Proof You Need Multiple Income Streams
Disasters can happen at any time. The floods in Boulder Colorado and the fire that wiped out 50 businesses on the New Jersey boardwalk are proof.
The Colorado floods wiped out homes and businesses, washed out roads, damaged other parts of the area’s infrastructure, killed people and left many others wondering how they are going to make a living or even rebuild so it’s easy to understand why many are having trouble coping with the situation.
Community support is great in that it is helping people cover their immediate needs which are food and shelter.
Finding a new way to make a living when the business you work at is either out of business because of damage, because it doesn’t have water or electric, because the roads leading to the business have been damaged or destroyed or because the products or services offered by that business are low on the list of current priorities is going to be tough.
Any individual that lives in this area that also has an online business has the opportunity to continue generating an income since their business does not completely rely on the local population.
You can never plan for disasters but you can help yourself recover from them quicker by having multiple streams of income and one or more of these income streams must be from a customer base located outside of your local area.
The boardwalk along the Jersey shore is another prime example because the area was hit with two disasters just a few months apart.
In the fall of 2012, super storm Sandy killed people, destroyed property, damaged the area’s infrastructure and put many people out of work for months.
The boardwalk was rebuilt in time for the summer of 2013 but the revenue generated from this season was down 60% from last year because the area has not completely been rebuilt and the look and feel of the boardwalk, businesses and landscape in general is different.
To make matters worse, a fire struck the boardwalk right at the end of the season and this fire, which was pushed along by 30 mile an hour winds, damaged or destroyed 50 businesses and part of the newly rebuilt boardwalk itself.
The people that live and work in the area that rely solely on the income derived from working on or around the boardwalk are once again having to scramble to fill a void that a disaster created.
Do you have an income stream that is separate from your job or the business that you own?
If you answered no to the above question, you may struggle to recover from any disaster that crosses your path.
My next post may help you generate ideas for additional income streams.
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