Bulletproof your career with some insurance
Lock up multiple streams of income
There’s no longer a chance you will leave the company at which you’re currently working; the only question is when. With the U.S. Bureau of Labor Statistics reporting the average tenure of employees is only four years, this means you’ll be fired, pushed out or jump ship on your own multiple times in your career.
If you’re a full-time entrepreneur, your tenure is much the same, with the Small Business Administration reporting the average small-business lifespan also is not much more than four years.
The idea of one job or business supporting you and your family for life is no longer viable. So, with all the fluctuation in your career, how do you maintain consistent income and, more importantly, generate money during the periods you’re unemployed?
I strongly believe your best career insurance is to build multiple streams of income. Not being beholden to one source of income gives you true financial independence. Multiple streams of income also provide other benefits: allowing you to make new connections with people, offering you creative outlets to build new skills and allowing you to explore life goals.
How do you create those streams? I’ve built 10 myself, and here are my top three suggestions:
❚ Focus on becoming an influencer or thought leader within your industry: With the power of audience-building through social media, this sin- gle step is now possible for anyone with an internet connection. In short, identify the core skills possessed by the current batch of thought leaders and influencers in your industry and focus your energy on developing those same skills. Also, seek to hone a set of unique adjacent skills not possessed by many of the current leaders in your space. For example, as I build my thought-leadership positioning as a business columnist, writing is obviously a core skill I must cultivate. However, many of my writing contemporaries shy away from public speaking, which is a unique adjacent skill I’ve also been honing for years.
Last, you have to be diligent about making your skills known within your industry – this is where leveraging social media is important. With a set of core skills, unique adjacent skills, and industrywide recognition, you’re on the path to becoming a thought leader or influencer. This positioning is ideal for launching multiple income streams because we now live in an information age where products such as books, consulting and public speaking are lucrative.
❚ Launch one source at a time: A major issue I’ve observed is people attempting to start multiple income sources at once, which is impossible even for big businesses. Just like how the most successful businesses launch one product at a time, I suggest rolling out your income streams the same way. The key is to focus on one stream until it actually generates income. If for example, you’re launching a book, don’t simultaneously start your consulting service. Instead, focus your energy on establishing and promoting your book so that it’s returning regular income. This takes time. You must be patient. It has taken me 10 years to get to 10 consistent sources of income.
❚ Make your income sources interdependent: This was a game-changer for me. The best income sources are the ones that can exist independent of each other; if one goes bust, it won’t damage the others. You also want your sources positioned so that if one succeeds, it will increase the success of others. The combination of authoring books and public speaking is a great example of this premise.
My belief in multiple income sources has become a personal mantra. I believe if you incorporate this philosophy, you’ll feel more financially free than at any point in your life.
Paul C. Brunson, the host of USA TODAY’s video series “Uncommon Drive,” is a serial en- trepreneur with three exits and a pioneering matchmaker (yes, he is the real-life “Hitch”). He also is building a school in Jamaica. Follow him on LinkedIn or Instagram for behind the scenes footage and insights from his interviews and travels.
The views and opinions expressed in this column are the author’s and do not necessarily reflect those of USA TODAY.