A Powerful Reminder.
Sometimes things happen in life that serve as great reminders of things we may have forgotten. For example, you’ve no doubt heard the cliché, “Don’t put all your eggs in one basket.” You probably also subscribe to that philosophy. Because we know it’s easy to get burned when we count on ONE thing too heavily.
In the past, I know I’ve gotten burned.
A few examples of me putting all my eggs in one financial basket include:
- Relying too heavily on other people and their secrets to success to make my business more successful
- Wrapping up nearly all of my retirement strategy in the real estate market
- Relying too much on a financial planner who I didn’t realize had a financial stake in the advice he was sharing
As I shared in my book, none of those scenarios worked out too well. I lost a lot of money, and ended up having to start over on the path to my goals. I thought I’d learned my lesson. In the past few years I thought I was being a lot more strategic and balanced in managing my money and my business. So it caught me a bit off guard this week when something that happened made me realize I was doing it again.
Going in a new business direction.
This year, I have taken my business in a bit of a new direction. And quite honestly, I didn’t have a grand plan. It all happened sort of by accident. In January I set the intention that I wanted to start teaching more and consulting less. In February, I was invited to become an instructor for Udemy, and I began creating online courses.
Talk about a wish fulfilled.
The way things have unfolded over the past eight months have been quite magical. I had a new path to follow and all was going quite well. Until Udemy decided to make some significant changes this past week. Don’t get me wrong, I still love Udemy and I plan to be teaching there for a long time. But it made me realize that I pretty much put all my business (and financial) eggs in the Udemy basket. I realized I didn’t have a strong business strategy that included teaching on Udemy, I merely had a Udemy strategy.
Never rely too heavily on sources you can’t control.
I realized I had placed my entire financial well-being in a third party that I had relatively no control over. BIG MISTAKE! I am thankful for the changes Udemy announced this week because it forced me to step back and evaluate everything. It helped me realize that while the teaching had fallen in my lap, it was now my responsibility to create a solid business strategy for how and where I would teach and share my packaged expertise. It was time to create a plan based on the inspired idea that I chose to follow back in February, so I could be more in charge of my business and financial destiny, and not totally reliant on someone else.
I sat down yesterday and mapped out a plan.
It’s a plan that will help me successfully continue transitioning my business, and my revenue sources, from completely active, to more passive (or at least recurring). A plan that includes Udemy in a big way, but that also includes a variety of other tactics. Now I have a detailed roadmap so I know exactly what I need to do over the coming months to move toward my goal of transforming my business and preparing for my retirement (no, it’s not imminent, but I have a clear plan to get me there).
It’s funny how easy it is to fall back into old habits, even when we’ve been burned and we know they don’t serve us. It happens when we get a little lazy and just do what’s easy. And I know that while it’s important to do what comes easy, that is different than just doing what is easy.
We need to be strategic in our business and financial matters if we want to succeed. We need to decide what we want, and then we need to create a strategy and identify tactics, to achieve it. And that plan should never rely 100% on an outside party. That’s simply too big of a risk.