Alveena Ahmad
Elon Musk is one of the richest businessmen in the world. How did he do it? He was involved with numerous ground-breaking businesses, such as PayPal, SpaceX, and Tesla, rather than simply one. The same is true for Oprah, who started multiple firms like Weight Watchers, True Food Kitchen, and Oatly, and for Richard Branson, who has founded more than 400 businesses.
While some business owners are happy to launch one company, grow it, sell it, and then retire to a life of leisure, other business owners are motivated to do more. Maybe they wish to make the world a better place, or maybe they just enjoy being busy and expanding their enterprises.
Here are three strategies to follow if you’re interested in creating many streams of income like some of the best businesspeople ever have:
1. One at a time, build multiple businesses:
A visionary entrepreneur may find it enticing to launch many firms. But when reality sets in, business owners frequently find that running a single enterprise can be difficult enough. Fortunately, there are strategies for creating many businesses while staying afloat.
The first rule is that you cannot run many enterprises by yourself. You require allies.
Second, avoid launching several enterprises at once. Start one, give it your full attention until it is lucrative, make it self-sufficient, and then use the money you make from it to begin the next venture.
Third, look for ways to integrate your companies and develop synergies so that each may expand more quickly and profitably.
2. Invest in existing businesses:
Instead of founding businesses, Warren Buffett made his money by purchasing them. Could you use the same strategy? Keep in mind that who (and what) is acquired by a company determines whether the purchase is successful.
The answer to the question “who” is simple: the individuals who are now working for the company. These people could adore or despise the business. Both things are equally possible, good or terrible. They might stay if they like the business, but that could also indicate they don’t want you to make any changes, even if they are for the better. If they despise the business, they might quit, but they might also be full of suggestions for how to make things better.
The “what” may be more difficult to define. Tax responsibilities, legal complications, and other issues can arise with businesses. Due to this, a lot of acquisitions just involve buying specific business components rather than the complete company outright. Whatever you decide, make sure you research the situation well so you are aware of what you are entering.
3. Build businesses by outsourcing:
What if you could outsource your entire company? Many business owners outsource certain aspects of their operations, such as marketing. Milos Safranek, the founder of Automated Wealth Management Holdings, thinks that starting a firm nowadays is extremely difficult and competitive. “You’ve got supply chain management, logistics, and product procurement, not to mention that these things change all the time. It makes more sense to completely outsource the operation, according to many business owners and investors.
An e-commerce store is one of the easiest business kinds to outsource because so much of the process can be automated. The secret to realizing
On social media, there are a tonne of articles and “experts” in business who will explain how to start several streams of income “overnight” or as a “side hustle.” The concepts I discussed above are not get-rich-quick schemes or side businesses. These tactics involve a lot of time, money, and effort, but if you put a lot of work into them, the rewards can be substantial. an entrepreneur’s full potential is business automation. The majority of business owners are unaware of the automated systems and tools that are available, therefore for many, it makes sense for them to concentrate on their vision, brands, and marketing while outsourcing everything else.
