Once upon a time, I was talking to my droogie Doberman Dan when he told me about how his merchant account was suddenly shut down out of the blue.
And, no reason whatsoever.
(His track record was “hounds tooth” clean.)
Someone in ye olde bureaucracy decided he was high risk.
And that was it.
They shut his azz down!
Then, they shut his back up merchant account down, too!
Luckily, he has a back up of his back up and was okay.
But this sort of thing can happen to anyone.
So since then I’ve been kinda paranoid about it.
After all, you can’t control the merchant account peoples’ decisions. But, you CAN control your income streams so that all your income doesn’t come from one source. “One” being the most dangerous number in business as Dan Kennedy (who knows a thing or two about this stuff) likes to say.
So, how can you diversify your income streams?
Have several irons in the fire.
And, have them all generating income (big or small) from difference sources.
Like, for example:
* Your own merchant account
* Client work
* JV’s (they collect money and pay you)
* Investment income
* Royalties from books, products, etc you license to others to sell
* Etc, etc etc.
See how that works?
So if one income stream goes down, you don’t feel it.
You have the others still going strong.
Anyway, wise growl of advice from Doberman Dan.
And guess what?
Today I decided to hand the rusted Ben Settle Show microphone to Doberman Dan to guest host my show (we did a “swap” — I hosted his show last month, and he hosted mine today).
Anyway, here’s where to listen in on Dan’s growls of wisdom: