Banks are going by the wayside.

Your home equity is plummeting and the guys responsible for this mess are now trying “fix” it by sticking their nose where it doesn’t belong.

You can’t turn on the TV without hearing doom and gloom.

So how do you protect yourself, your family and your business against all of this.

I’ve been lucky to have been in the financial services industry for quiet some time now. And I’ve always taught people to do, what most people know, but still don’t do it.

And that is – DON’T put all your eggs in one basket. If you drop it, they all break.

But you see this goes way beyond the scope of investments. This is a philosophy to live by and apply in business as well.

Robert Kiyosaki was one of my favorites with his Rich Dad Book series, because he taught the fundamental truth about the mindset of an entrepreneur.

Until, he in one of his later books, he wrote that mutual funds and the stock market are not the place to be in and diversification is really diworsification. That you should invest in real estate instead (all those poor people that listened to him), and that if you invest in the stock market it shouldn’t be
through diversified professional management.

Well financial stocks were the darlings of Wall Street for many years. Last year Fortune magazine named AIG as the stock to own for the future and that it’s the premier financial services company, that has already dominated the industry and is poised to continue so in the future. H-mmm.

Alright is not a financial blog, but my point is this. No matter how much you love a stock, you shouldn’t solely invest in it. If you own a stock of a company that went under (like so many financials have and will continue in the weeks and months to come), but it’s part of a portfolio, you reduce your risk.

In other words the more diversified you are, the lower the risk. It’s not about getting the best return, it’s about lowering your risk as much as possible, while shooting for a better return.

What about your income?

How many sources of income do you have?

How many different marketing strategies are you utilizing?

If you only have one, what’s gonna happen to your business if it stops for reasons beyond your control.

Case in point. The Do Not Call List.

How many companies were relying on outbound telemarketers drumming up leads through cold calls. So the government in it’s brilliancy comes up with a Do Not Call List, and people eagerly get on it, and overnight how many companies were devastated?

So just like with stocks, real estate and other forms of investments you want to diversify, the same is true with your marketing.

To protect yourself, you need multiply sources of income and multiple marketing strategies.

If one stops you got others working for you.

This is simple isn’t it. So simple they don’t teach you this even the finest educational institutions.

Oh no, you should specialize and stick with what you know.

A few years ago I was trying to recruit mortgage and real estate professionals to work with me and be able to offer other financial services to their clients.

These goofballs told me that they’re making good money with what they’re doing and why bother with insurances and investments? H-mm

I don’t think I need to expand on this one.

So what can you do today to create more income streams and add more marketing strategies?

Look at your marketing right now, are doing everything you can?

Are you utilizing the internet to its maximum capacity as a lead generation and conversion mechanism?

Have you structured a marketing funnel with multiple back end products and add-ons?

How about finding key joint venture partners to help each other grow your businesses with products and services that compliment each other and provide more value to the consumer?

Finally a shred of hope in this era of doom and gloom.

By the way did you catch the last sentence?

Provide more value.

You see those that find multiple ways to provide more value to more and more people, make more and more money.

And when you begin to understand this and make it a part of your mentality, doors of opportunity swing open.

I was on a field trip with my daughter today, only 3 dads including me were there (and 2 of us are business owners), and I was talking with another dad who happens to run a local dealership that his family owns. And so I asked him out of curiosity, how’s this whole “credit crisis” effecting him.

And his reply was, I don’t watch the news, we’re selling cars, and haven’t seen a drop in sales (we’re in Michigan, with supposedly the worst economy in the country.) As a matter of fact he says, I’m short of sales people and have been for the last 18 months and can’t find anybody.

What?

Unemployment is rising and he can’t find anyone? How absurd is that?

It’s all in your thinking.

I know several people who lost their “good” corporate jobs and complaining there are no jobs out there. And when I tell them to go into sales and marketing, they say “Oh no, I can’t do that, I’m a professional”

Let me say it again, it’s all in your thinking.

Because I’ve been fortunate to understand diversification and apply it to my business, I don’t sweat over any one of my income streams and marketing methods stopping, because I got more.

But I had to train myself to think that way. And all the successful people that I’ve ever come across think a certain way.

This is where most people go, “I already know this, tell me something new, something I don’t know…”

Do they? Do they really know it?

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