Transcript of my newsletter from 26th October.
About three or four months ago I had a series of conversations with a friend of mine. He’s a captain with Cathay Pacific, Hong Kong’s flagship airline.
We talked about the dire straits the airline industry is in, his worries, and the need for him to develop a skill, or to use an existing skill, to start a side hustle in case of the worst happening.
Well, last week the worst happened: Cathay Pacific announced 8,500 redundancies and the closing of its regional airline, Cathay Dragon.
Luckily for my friend, he wasn’t among the 8,500. But his salary was slashed by 40% and a lot of his benefits were terminated.
My friend is very musical and, as a result of our conversations back in the Summer, he had already started working on an audio book for kids that covers the instruments of the orchestra.
He hasn’t published it yet, but it’s making good progress. And I will be able to help him with marketing and promoting it online once it’s ready.
Hi plan ‘B’ is now his plan ‘B-and-a-half’, and will soon be his ‘equal plan A’ as he runs it alongside his responsibilities as a Cathay captain. Eventually it may even become his Plan A.
The reason I tell that story is because he is nudging 50 and has been a pilot all his career. The job market for pilots is terrible right now, as a result of the decimation of the airline industry through this year.
Without another skill, my friend would have been in serious trouble, had he been one of the 8,500, and had not started working on a Plan B.
As it is, his 40% pay cut gives him a breathing space in which to get his Plan B ready to roll.
There are many reasons people start solo businesses (I’ll tell my story another time!), but here are the experiences of some others:
The construction engineer
This is an interesting interview with a construction engineer who worked mostly on construction sites and, initially, hadn’t even considered the idea of going solo.
In the second part of the interview he describes how he came to start his business.
The restaurant manager
This story goes through the experience of a restaurant manager who decided to turn to writing and the lessons he learned along the way:
Lady Boss Collective
An interview with Michelle Calcagni, who founded Lady Boss Collective in 2017.
Lady Boss Collective is an organisation that provides a support network for women solopreneurs, encouraging small groups, who meet online and off-line, to share conversation, support and ideas.
A podcast: productivity hacks for solopreneurs
This is a 13-minute podcast (there’s a transcript if you prefer) in which Sarah Morgan describes her early times as a solopreneur web designer and how she’s pared those frantic days down to much more sensible 5-hour days:
This is another song that we used to do regularly in one of the bands I played in during the 80’s:
OK, have a great week!
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Owner – WealthyDragon