I remember walking a fellow entrepreneur through the paces of creating her own possibility list and it was anything but comfortable, especially as she was facing financial ruin and was in desperate need of cash.
At the time, we called it an “options list” and later revised it because she found the name a little too constraining. And, understandably, she had some negative feelings attached to it.
It was then created newly as possibility list, and it has stayed that way ever since. Whether I’m creating one for myself or others, we refer to it as a “possibility list.”
Anyway, despite the initial discomfort, I committed to helping her create her list and action the steps.
Your possibility list details every action you could possibly take to restore your financial integrity, and because it’s indiscriminate, it includes things you wouldn’t necessarily do under normal circumstances. But in a worst-case scenario, you might.
Your possibility list indiscriminately details every action you could possibly take to restore your financial integrity. Click To TweetI pointed my friend in the direction of:
- Credit cards
- Lines of credit
- Business funding
- Business loans
- Hard money loans
- Angel investing
- Venture capital
- Crowdfunding
- Grants
- Savings
- Collecting cans and bottles
- Selling household items (including her car)
And from there, the list started to grow. We were off to the races.
(That’s a key point as well – you want to keep adding ideas to your list as they come to you.)
There were items she especially didn’t want to action, including selling her car (which, from my perspective, was an opportunity to instantly add $6,500 to $7,000 to her cash balance).
But that’s okay, because, except in extenuating circumstances, you will never have to action “bottom of the list” items. It’s been my experience that by the time you’ve considered and actioned a few, you will have made some serious headway in your financial life.
Only once have I had to resort to “drastic” measures, and although selling my house wasn’t all candy bars and gumdrops, in the grand scheme of things, it’s exactly what I needed to do to usher in the next phase of my life.
It can’t hurt to start developing your rainy-day possibility list now. You may never need to put it to use, but just the act of adding to it can put your mind at ease. And, in less-than-ideal circumstances, it will be there waiting for you, ready to be utilized.
As for my friend, she managed to survive with my help and a little extra support from her family. Eventually, she was able to relocate her business to a new city, and although her path hasn’t been without challenge, she continues to find inventive and creative ways of drawing revenue from her business.
Quick reminder – you can now get The Music Entrepreneur Code – 2022 Edition (just in time for the holidays). Don’t get left behind – be the first to get my latest work into your hands!
