Totally off topic today but I feel like sharing this famous German paranoia. In German we have a saying which is called “Existenzangst” and literally means being afraid of loosing your livelihood.
Meaning you are constantly afraid of loosing your job, income, running out of money and ending up on the street. It’s ridiculous but ever since I’ve become an Entrepreneur I have this almost every day.
I admit, I too am scared (or anxious) and worry all the time so I wanted to get to the bottom of this. Am I the only one feeling like this? Let me try to get this off my chest.
What’s the worst that could happen to me today? I am really just typing as I go and put out my thoughts.
I really want to evaluate my very own situation and if you also have these "existence fears” feel free to do the same 🙂
Lets take a look:
- Amazon business tanks (30% of my income)
- Sourcing & Retail business tanks (30% of my income)
- Online courses, workshops, ebooks (20% of my income)
- Coaching, consulting (10% of my income)
- My eCommerce store tanks (10% of my income - just started)
- All podcast & other interviews magically disappear and no one ever hears of me from tomorrow on (no income but leads and subscribers to my blog)
Lets look at it in more detail:
- I am live on 3 Amazon market places and even if one tanks I still have 2. And I am not even live on many other sites that have third party selling (Lazada, Jet, Sears etc.)
- All my satisfied customers and potential leads that I built in over 3 years disappear tomorrow. I have many repeat sourcing clients who are very happy, how likely is it that they all disappear?
- I am currently live in 5 retailers, some re-order every month or so. I am even working on more retail customers.
- I have courses live on 5 platforms. Some with coaching, some without. How likely is it that they all get removed? Especially on my own site…
- No one ever thinks my opinion or expertise counts and doesn’t book coaching with me anymore. I have built a reputation (I hope 🙂 ) for being an expert in my field and I rather provide value than sell something just for the money. Those that really know me well know thats true. So I guess that is very unlikely to happen.
- Just started with 1 eCommerce store (Outdoor & Garden category) and it’s going well so far. eCommerce is the future so even if I loose this I can build another store quickly.
- I gave about 30 podcast interviews, 4 or 5 actual print magazine interviews, 10-15 online blog guest posts, I spoke publicly at conferences and videos are available on that. Even so, I could start all over again and build my reputation from the scratch.
Lets say one of these 30% income streams tanks. I still have 70% of my income and need to find a new way to make up for the missing 30%.
Since I will still have 70% of my income & I’ll actually be in a comfortable situation. And I would just have to increase workload for a few months.
Lets just say all of this happens at once. It is not the end of the world. I still have some savings and my health. While I don’t really like the idea of going back to a job I have over 3 years where I ran multiple business and built income streams from the scratch.
I’ll likely go apply for a job at a retailer's buying office (Amazon, Walmart) here in Hong Kong and on top of my 17 years of retail experience I now have 3 years of running my own business, a best seller book about importing from China and a round of online courses, interviews, public speaking that I can add to my CV. So I am pretty sure that I will find a job again. And that’s really worst case scenario.
Then again lets take another scenario. Let’s just say I lost all my income streams but I still have saved up lets say 50,000US$ from all these ventures. Would I immediately look for a new job? Probably not. Reason being that I have yet to travel the world and see things. Not that I haven’t traveled yet but I haven’t really TRAVELED yet. I mean hiking the Pacific Crest Trail in the US for 6 months, going to Machu Picchu in Peru, living on a beach hut in Brazil for a year and so much more to do. And the best thing is when you travel on a budget or do what’s called “Geo Arbitrage” you don’t need much. Don’t know what that is? Geo Arbitrage is when you live in Thailand (or anywhere else where you have low living costs) for 500$ a month on the beach eating seafood and drink coconut water all day. Obviously if I would have a child, a car, a mortgage etc. things would be different and I’d have to get a job pretty quickly. But again - it’’s not the end of the world.
Think of the time that you worked for yourself as a time out in where you enhanced your own skills, tested your leadership abilities and hopefully had a lot of fun doing it. And you’ve added things to your CV. You didn’t really take time off for 3 years doing nothing, you tried to build something. And that’s worth something when you sit at an interview. I am pretty sure that will get you the job.
But lets not get ahead of myself, I work hard every day so that I can keep doing what I am doing. And I guess you are too 🙂
My message today I guess is that we should all stop worrying so much. It isn’t as bad as it looks like. My second message today and I keep saying this to everyone - DIVERSIFY.
Just by looking at what I wrote I again realized myself how important it is to have different income streams. AND it is another reminder to build even more income streams.
An income stream that is bigger than 30% is actually worrying - unless you make millions anyway 🙂
Back in the day when I worked for the lighting manufacturer one of our biggest clients (a very large DIY store) went belly up. Over 500 stores (thats big for Germany) closed over the next couple of months and suppliers (the company I worked for) weren’t going to see any money anytime soon. That customer made up over 70% of the companies turnover. Thankfully the management saw this coming and invested into hiring sales staff and building more clients. But it was still a big loss for the company. Anyway, just a small story but same principle. Build more income streams and you don’t have to worry all the time.
If you have these fears once in a while sit down and look at what you’ve built already since you joined the entrepreneurial world.
Copy my thought process above and see where you stand. Look at what you have already accomplished. Let me know in the comment section, I am really curios to know if I am the only one feeling this way 🙂
Even if you are just at the beginning and scared of the path in front of you, if you never try you’ll never know and you’ll miss out - I promise 🙂
All the best to us in 2017 and happy sourcing!