This week I've been reflecting on the importance of everyone having a Plan B Business - a long-term financial/work plan to insure at some point you will make money in your sleep and have the potential to be financially free.
For those of us with Career ADD, long-term planning is not something we generally consider - too many distractions and for some, just making ends meet to stay afloat gets in the way. However... the cool thing about a Plan B is you can start it and take your time getting there. And with so many opportunities available at very reasonable price points, there is no reason not to get started today. Just start something. Most importantly, your Plan B Business should be doing something that makes you happy, just as in your primary career, and is simple to manage (for obvious reasons).
I started my own Plan B about a year ago. As a Baby Boomer, I finally realized if I'm going to have the life I really want, I'm going to have to build something in addition to my Career Counseling practice. The good news is that it is my business and I can go at my own pace. I am finding the experience to be a never-ending source of skill building, financial surprises, fun and a great social AND business network. It never ceases to amaze me how easy it is and how it works so well with my ADD. Even if you haven't found the perfect career yet, a Plan B business can help you grow in unexpected ways and is a great confidence-builder.
Here are some things to consider for your Plan B:
- Find a residual income opportunity such as network marketing. You may be thinking – “You mean one of those Pyramid schemes." Nothing could be farther from the truth. Pyramids are illegal. You know you are in one if you paid money and received nothing in return such as a product or service. This actually happened to me many years ago, and was disguised as a spiritual program. Being ADD, I jumped in and lost $5,000. I regret that investment to this day. A true Plan B business in a network marketing company will always be legal in all 50 states and very often throughout the world, and will offer great products and services and well thought out compensation plans that make sense.
- Choose something that is pure FUN for you. There are thousands of opportunities out there. Mine happens to be travel so I picked something that fits with my other passion.
- Make sure the investment is low, but has the potential to create an income that will replace the one you have and beyond. Remember retirement should never mean that you live below your current means.
- Commit to whatever amount of part-time hours you can spend per week, but decide how many and when. For us ADDers, we can't really leave it up to when we feel like it or, chances are, it won't get done.
- Be consistent. Use the training available because it could change your life. Many companies offer incredible training from leaders who have transformed their lives, yet started out with very modest means. Training increases your belief in your product or service, which in turn increases confidence in sharing it with others.
- Make sure that it is an opportunity where others benefit from your triumphs and visa versa and are available to help you grow.
- Get an accountability partner who is there to push you when you need it and support you along the way.
- Know and understand thoroughly that the pace you go and the effort you put forth will be reflected in the results. When things are not always going the way you want, and there are definitely going to be ups and downs, as in anything, look to your own actions before “blaming" others for your results. Doing small amounts consistently will reap huge rewards. That is what I love about my Plan B and is in alignment with my ADD “afflictions."
- Love what you do and your Plan B could turn out to be a transformational.
