How to minimize small business fallout from virus panic


I have a lot of feelings about this coronavirus stuff. This is not the place to expand on that so I’m not going to go into them here, but I will say, it’s already clear that the economy will be negatively affected, probably for a long time, by both the shutdown of business and the public’s changed attitude toward money.

No one knows exactly how this is going to play out- I very much hope that everything calms down soon and we bounce back soon!- but regardless of what happens, this is good information to know.

Experts say if you’re worried about your job, the economy, or you just plain want to make more money, you should do this one thing: Invest in yourself and learn a new skill.

It sounds counter-intuitive, I know. Like you should be saving money if you’re worried about it, not spending it, right? But across the board people who study business and how to be successful, all say the same thing: Learning a new skill is one of the most profitable things you can do.

Why? Because the return on investment is HUGE.

First, staying up to date (or even better, ahead of the game) with the trends and skills in your industry means you have a better chance of keeping your job. It keeps you relevant, not to mention, desired by others in your field.

Next, it literally increases your value. When you learn a new skill, you’re then able to use that skill to help others, which makes you more valuable every time you learn something new. Once you get good at a new skill, you can start charging for it with confidence.

It’s simple math, really:
– If you have one skill, that’s one stream of income.
– If you have three skills, that’s three streams of income…

Let’s frame this in a real-world scenario:
Let’s say you’re a life coach. If you ONLY coach one-on-one clients, you’re only making money from one-on-one appointments. Private clients are revenue stream #1.

Then let’s say you invest in learning how to launch and run a group or membership program. You can help more people at one time, plus add to your 1-on-1 clients. Groups are revenue stream #2. So now you’re making money from BOTH 1-on-1 clients AND groups.

Then let’s say you want to reach MORE people, so you create a downloadable life coaching e-book. You launch that and it becomes revenue stream #3…

By investing in those new skills, you’re tripling your revenue streams.

Does this make sense? Seriously, write me and tell me if you’re following this logic.

The more skills you have, the more ways you can help others (and make money doing it).

Also, once you learn a skill, you have it FOR LIFE. No one can take that knowledge away from you, and chances are, it will help you in a myriad of ways beyond just business.

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