‘Do it now, do it before you need it, because sooner or later you will need it’

Here to help you as always,  if you’re already in the business, and to egg you on if you think you’d like to be in this business,  in this episode Neil talks about how to specialise and diversify to survive successfully in these changing times.

He shares his expertise and experience of developing multiple streams of income to de-risk his life and provides comprehensive advice on how you can do it too.

 

KEY TAKEAWAYS

We live in changing times;

• Technology  and artificial intelligence will make many jobs obsolete.
• Society is changing and people are becoming more insular and passive in their interactions, they are  ‘Spectators on the touchlines of life’.
• Our businesses are affected by the demographic, an aging population and the economic climate, factors over which we have no control.

What are you going to do when your skills are not relevant anymore?

• Have a plan A (what you are doing currently), a plan B and a plan C.
• You must keep learning and upskilling -  it’s all about long term survival.

De-risk your life

• Don’t be ordinary – become exceptional at what you do and then people won’t be able to do without you.
• Minimise your downtime, work as hard as you can throughout the workday.
• Charge top dollar for your services because you are worth it.
• Develop other products around what you do.
• Always search for potential add-ons that you can build upon.
• Multiple skills lower your exposure to risk. Make a decision to divide your time and resources. Begin by allocating 20% of resources to the next project.
• When your first and second streams of income are systemised, you can move to add another income stream.

How to diversify

• Look at what you do currently and how you can generate passive income from these activities such as products and licensing.
• There are always opportunities out there for new businesses, joint ventures, parallel businesses.

Changes

• Stuff happens and your life can change in a heartbeat.
• If you only have one skill, one income stream or the limitations of your own time you are at risk.
• The only certainty we have is that things will change.
• It’s vital to become the master within your own optimised business and diversify looking for other things you can do when you can't do the job you are currently doing.

 

BEST MOMENTS

‘Above all else – give yourself the freedom to choose’

‘I’m passionate about growing your business beyond doing a few guitar lessons’

 ‘Your best protection is to be extremely good at what you do’

 

VALUABLE RESOURCES

The Tutor Podcast

Weird Things Guitarists Do book by Neil Cowmeadow

www.Neilcowmeadow.com

 

ABOUT THE HOST

Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!

 

CONTACT METHOD

[email protected]