Do You Have a Plan B?
I’ve learned that as a savvy business owner it’s wise to not put all of your eggs in one basket.
In other words, create multiple streams of income so that when business shifts, you are not caught short.
Many businesses have cycles that vary with the season. For example, for nine years of building my auto transport business, I observed that the price and cost of shipping cars varied from one month to another and from one economic cycle to another.
It was during one of those down cycles that I realized it was wise to start another business, another stream of income.
You know, just in case.
I chose a network marketing opportunity centered on health since that is something I really care about.
Circumstances out of your control
Sometimes in business circumstances happen that are totally out of your control. When that happens, you may find yourself working longer hours for less income and barely getting by.
So what is your Plan B?
How do you “stop putting all your eggs in one basket”? When I chose network marketing for my Plan B I knew it would take work, time and more work. You can probably see yourself in this picture somewhere too, nodding your head in agreement.
I wasn’t prepared for new government regulations or the quadrupling of my bond costs that sabotaged my auto transport business.
But, what I did do right started building Plan B, my network marketing health business. No, it’s not ready to replace my broker income. Yes, I am scared stiff. But, you know what is liberating about this whole situation? I don’t have all my eggs in one basket!
Implementing my own plan B
I get to create my own set of circumstances. That challenge will have me up and out of bed every day, even if I have to set the alarm clock. I’ll be ready to attack the day with a renewed passion for building a business, one person at a time. Heck, who do you know that has a passion like that? Who do you know wants to redefine their success in life with a reason to get out of bed and help others?
I’m not one who is willing to settle. I’ll bet that YOU aren’t either!
So, are you ready to create multiple streams of income and have a reliable and realistic plan B? Come with me; learn with me. I will share anything I can of my experience that might help you along.
Do you have a Plan B yet? Tell me about it in the comments below….even if it’s just a dream, for now, take a step in the right direction.
[contentblock id=1 img=gcb.png]
[contentblock id=2 img=html.png]
I so agree with you Carla, I have been working hard on plan B for a few years now and starting to reap the rewards!! 🙂
Congratulations, Norma on your growing success. It’s been a joy watching and being a part of your journey.
I guess another way to look at it is options. Do you have options? Looking at what you LOVE to do will give you a range of options and mine are many and varied. A grandmother myself I found I have re-invented myself with different options many times and even though a struggle at first, I have loved everyone of them.
Thanks for the post Carla
I feel like a plan b is very important:) I feel like my blog is currently my plan b…i could easily grow it into a business if the economy continues to take a downturn and I get laid off. I am always thinking of my plan b.:) Great post Carla:)
Such great words. One of the more memorable expressions relative to this is that “If You Don’t Have a Plan B, You Don’t Have a Plan” and it’s a great reminder to always have a back-up plan. Thanks for sharing and to such an interesting topic.
I sometimes think I need a Plan B, but I love my Plan A so much!
Having a plan B, C, and D is not neurotic as some might think. It is a visionary at work!
I always have multiple things going as a way to support my family. As the sole supporter, one can’t rely on any one plan. I have B,C,D and more!
I am with Irene. I have Plan A, but with the cycles of the business…. I have Plan B,C,D,and possibly adding an E to fall back on for when Plan A is in transition
This reminds me of something I read the other day that said something on the lines of “If plan A doesn’t work, relax! There are still 25 more letters in the alphabet.” It is a really good idea to have a backup plan in everything, not just business.
This is a great reminder to have a plan B. We often get caught up and don’t think about how important it is to have one.
Wise words!!! Not only am I finishing up plan B, but I’m working on C, D, and E as well. You are so right, for several reasons. One I learned is that different people want different things and if they want to buy from you, then you have just given them a reason to do so and keep coming back for more!!!
We have definitely had these conversations to not have all eggs in one basket. During the holidays from thanksgiving to christmas this is our slowest time. We implemented new programs that only run during these times which gives people incentives to buy from us then.
Having a plan b is more important than ever before. Fewer and fewr companies high people, employ them for 30 years and then provide them with a retirement package for the rest of their lives. It just isn’t practical anymore with the life span increases. The flip side is the over turn in jobs. Businesses closing. Business cutting hours. But, you life expenses are reduced. Having that plan b will help accommodate any surprises with your income stream. I have one myself:)
I do have a plan B, C & more. I have been fortunate enough to invest in multi areas that aren’t related. Keeps me hopping, but I truly enjoy it.
I am living my Plan B. I have been a nurse for 45+ years and now I have a business about which I am passionate. I change peoples lives and in turn my life has changed also. I have more personal satisfaction from what I am doing now than when I was nursing!
I feel lost and insecure without plan B’s. I need them so that I know if anything goes on, I have something else standing by to keep me going. Great post!
As another gramma over 50 here, I completely hear what you are saying! I chose affiliate marketing instead of network marketing, but the idea is the same. Create a passive and residual stream of income to supplement my retirement plan. I applaud you!
We currently don’t have a plan b… if my husband lost his job we would be in a lot of trouble. I am currently looking for a job but not luck right now.
This is so important because in this day and age, nothing is secure!
Thank you for this great post! I think you give great words of wisdom…it’s like diversifying your portfolio!
Very cool and very good outlook I must say
I guess I was waiting to read what is that you’re doing as a new business?
Did I missed something ?
I loved this!.. I was thinking of the same thing too.. Like doing another home based business on the side.. Of course something that I would have the passion of doing.. I been actually researching a lot of other businesses out there.. I love Facebook, that is how I am connecting with people and what they do for work at home and earning a extra income. SO funny that you posted this today.. because I was doing my research.. This must be a sign!.. thank you for sharing!
In these economic times it is absolutely necessary to have a plan B and even a plan C & D. Our plan A for retirement went bye, bye when Washington destroyed the commercial real estate market. Now we are working B, C & D. Scary times but trusting in God to guide our decisions and direct our paths.
I’m always thinking and hoping the plan B idea just arrives, but sometimes life takes it’s time 🙂 thank you!
Excellent blog on being prepared and having alternatives in case you are faced with a situation where you have to change the path you are on. Thanks for sharing!
Very informative post! Plan B is truly essential and it keeps you going when the going gets tough. I am sure you would agree, wouldn’t you?
Totally agree, my friend. We’ve owned a paralegal business for the last 4.5 years, however, I’m building a Plan “C” as well. Great advice, Carla. Words of wisdom.
You’ve give me some things to think about. I love when that happens. thanks.
I think most people working in my field (social media marketing) should have a Plan B. There are months where everything is down and we have to be productive during these months, too. A lot of us are doing freelance writing, as well.
That is exactly my point Simona. Many businesses have seasons where income is lower or higher than normal. Expenses can vary greatly depending on the business, too. When income doesn’t meet or exceed the expenses for an extended period of time, or regulations change mid-stream you must have a back up plan or your choices are limited. Glad to hear you have a Plan B in place.
We always have a Plan B, Plan C and Plan D because things don’t always turn out the way they are supposed to!
Thank you Tina. You are right. Sometimes we are so invested in our business that we overlook or don’t see critical parts of our business that aren’t the way they should be or in our best interest. Wise business owners have a plan in place for times like that.
This is very important because if one business fails you have a back up plan. As a family, my husband and I have a network of sites.
That is awesome Christy that you have choices in place as a family. Kudos to you for being prepared.
I’m not sure I have or want a Plan B! Plan B is “what other ways can I make Plan A work.”
If that works for you Christy good for you. I’ve found in my 20+ years of being in business that things can happen that force us to make choices. Thus Plan B saved my bacon, my home and my sanity.
In our challenging worlds, it pays to have plans B, C, D!
Thank you for the educational article.
Thank you Ernestine. I totally agree that we need a back up plan, just in case.
Working on my Plan B and Plan C
You are a wise business owner Michelle. Having your eye on the market and your finger on the pulse of your customers allows you to make wise choices in business. You are well on your way.
Plan B is not something i want to do!! but i have it ready to go if need be..
Very wise Rob, very wise.
Thanks but everyone needs a backup plan..
I agree, it’s good to have Plan B. I’d have to say that my primary business would be my coffee & supplements while Plan B would be the coaching, although I am promoting both. I’m glad that your Plan B is working out, Carla. Wishing you much success!
You are so right Alexandra. While leading with your passion and building a business events can happen to alter a business owners course. That is what I found after 16 years with one network marketing company…things beyond my control changed. When circumstances beyond my control took a hold of my auto transport brokerage it was either adjust and move on or go get a job. My opinion is all business owners are wise to have a Plan B, just in case.
Not sure what I have is a plan b. Doing live craft fairs has been my primary & now since I cant keep on doing the physical stress of shows, I’m really marketing my online as my plan B.
Roslyn what you have is a beautiful business built around your passion for design and serving others. Consider yourself the proud owner of Plan B my friend.