1359: [Part 2] 5 Different Options by Jillian Johnsrud on Growing a Business & How to be an Entrepreneur

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[00:00:53] This is Optimal Work Daily Episode 1359 Five Different Options Part 2 by Jillian Johnsrud of JillianJonesrud.com And my name is Dan and I'm your host and narrator here on OWD. And if you listened yesterday, you know that we're finishing up a longer post

[00:01:10] that we read the first half of. So be sure to check out Episode 1358 first if you haven't done that already. If you have, then you're ready for part two. So let's do it as we optimize your life. Five Different Options Part 2 by Jillian Johnsrud of JillianJonesrud.com

[00:01:30] Plan B. Save up six months expenses. Build up the business alongside your regular job until it cash flows six months expenses. Adding in at two months if the business isn't on target, rent out a guest bedroom which will extend the six month savings to eight months.

[00:01:46] At four months, if the business is still a little slow on growth, take on a part time job in a similar field. In this case, maybe a nursery. This would help build up the savings for the winter. If that doesn't work out as hoped, Plan C kicks in.

[00:02:00] Plan C. Save up six months of expenses. Build up the business alongside your regular job until it cash flows six months expenses. At two months, if the business isn't on target, rent out a guest bedroom which will extend the six month savings to eight months. At four months,

[00:02:15] if the business is still a little slow on growth, take on a part time job in a similar field. In this case, maybe a nursery. Adding in, come fall, take a part time contract job in an old career that could cover the expenses

[00:02:28] with the help of renting out the room. Maybe that doesn't seem possible or the contract job doesn't come through. So Plan D goes in a different direction. Plan D. Save up six months expenses. Build up the business alongside your regular job until it cash flows six months expenses.

[00:02:45] At two months, if the business isn't on target, rent out a guest bedroom which will extend the six month savings to eight months. At four months, if the business is still a little slow on growth, take on a part time job in a similar field.

[00:02:57] In this case, maybe the nursery. Come winter, you decide to go back to your career full time for two years to rebuild your savings while continuing to work part time on your business and hopefully get it closer to covering 50% of your needed income.

[00:03:11] Of course, you can also map out plans E, F, G and H. Resilient plans are created by combining multiple options into various sequences of events with lots of fail safes. You never want just one plan that you blindly follow

[00:03:25] until the story ends with, and then I was homeless. At each stage, you can set goals and benchmarks to let you know if you're on track to continue with that version of the plan or if it's time to pivot to another plan or change up your option sequence.

[00:03:38] You might give yourself six months of time and resources to follow plan A and then at the end, you re-examine and pivot. Flexible thinking and creating resilient plans are crucial because two factors are at play. One, you will gain new information as you go along.

[00:03:54] Once you are actually taking action on your plan, you'll learn some new things. In the planning phase, it's a lot of educated guesses and hypotheticals, which is fine, but you need to make space for things to change based on what you were learning about yourself, the job market,

[00:04:08] growth projections or other factors. Maybe you planned a six month RV trip, but in the process of experimenting or at the start of the trip, you realize you hate driving an RV. It's time to pivot that plan. And two, outside situations will change.

[00:04:24] I've met so many people who were planning a travel-filled mini retirement set to embark in 2020. Turns out the pandemic had other ideas for lots of far flung travel plans. So they needed to pivot. Some worked an extra year and some bought a camper or RV

[00:04:38] and spent time exploring the great outdoors. Things outside of your control will happen. Some things you never saw coming. But if you have these flexible resilient plans in place, you will be mentally and emotionally more prepared to make a big pivot. And sometimes things work out even better

[00:04:54] than any of your plans could have factored in. When we took our year long mini retirement, I didn't have any grand plans for starting a whole new professional chapter of my life. I had written down our list of 100 plus goals for the time off.

[00:05:07] One of those things was something to do with writing. I had tinkered with the hobby of occasionally writing in my twenties. It had been a few years since I had any sort of writing habit and I was interested in starting to explore the hobby again.

[00:05:20] There was no scenario that in a few years my work and stories would be in major news publications or that I would have a blog and a podcast, a coaching business or be writing books. Yet here we are. So while you're planning out all these scenarios

[00:05:34] and options, create a little space for things to go better than you can imagine right now. The amount of times people talk about their mini retirements and say, it went better than I could have even imagined is 10 times more than I hear it was a disaster.

[00:05:49] It's good to prepare for disaster but create some space for magic as well. You just listened to part two of the post titled five different options by Jillian Johnsrud of jillianjohnsrud.com. Thank you again to Jillian for this terrific post which we read in two parts for you.

[00:06:10] And you may have liked the sound of some of her coaching ideas that were mentioned in this article. Well, if you wanna be coached by her know that she looks at your big long-term goals and dreams. Jillian will help you confront the challenges

[00:06:22] that have held you back in the past and find solutions. She examines all the details of your current situation then works together with you to plot out a plan breaking big goals into small actionable steps and habits. She specializes in financial independence or FI planning with career transitions

[00:06:39] and creating or scaling service-based businesses. And if you go to her site you can find out even more about her coaching practices and how to apply for a spot if you're interested. Again, that is jillianjohnsrud.com Jillian with a J and John's root is spelled J-O-H-N-S-R-U-D.

[00:06:57] But that's gonna wrap up our episode and this two-parters, so hope you enjoyed it and I'll see you right back here tomorrow where your optimal life awaits.