How Your Small Business Can Thrive No Matter What Shape the Economy is In
If you have a small business or you are looking to start a small business, then you need to read about this important factor for longevity no matter what the market conditions are.
By diversifying your business, just like an investor, you can reap the benefits and fend off a bad market.
Read on to find out how you can build yourself a 50-legged stool of success.
Most business owner put all of their eggs in one basket and then watch the business like a hawk.
However, you can be the most diligent business owner and still lose everything you have worked for if the market stops buying what you have to sell.
So how can you stop it? What is your insurance policy that will keep you afloat even if part of your industry has totally failed? You can stop it by creating multiple streams of income for your business.
If you have just one product, one service, or one business idea, you are essentially creating a three-legged stool.
If one leg disappears (customer, product line, or entire store) then you have lost the business.
The stool falls.
However, if you create a 10-legged stool, or a 50-legged stool, you can have many legs kicked out from under you and you can still keep selling.
Look around at your business.
Where can you add additional line extensions? Where can you add more products or invest in another business that will compliment your current business.
Maybe you are a printing company and you open a trade show giveaway business.
Maybe you are a motivational speaker and you also write books about the same ideas.
Perhaps you are a plumber and you also have a service that does bathroom and kitchen remodeling.
Your extended business ideas do not always have to be unrelated to your current business, they just need to bring in income from other sources.
Ideally, you will want your business to bring in multiple sources of revenue and have multiple sources for customers at the same time.
This way if a few, or even many of the sources disappear, you will still have the core business that will weather the storm.
As you add multiple streams of income do not spread yourself too thin either.
If you can manage these streams from the same core group of people that you employ and use them very wisely, you can make a very efficient profit machine that can easily switch gears if one part of the business is falling behind.
By diversifying your business, just like an investor, you can reap the benefits and fend off a bad market.
Read on to find out how you can build yourself a 50-legged stool of success.
Most business owner put all of their eggs in one basket and then watch the business like a hawk.
However, you can be the most diligent business owner and still lose everything you have worked for if the market stops buying what you have to sell.
So how can you stop it? What is your insurance policy that will keep you afloat even if part of your industry has totally failed? You can stop it by creating multiple streams of income for your business.
If you have just one product, one service, or one business idea, you are essentially creating a three-legged stool.
If one leg disappears (customer, product line, or entire store) then you have lost the business.
The stool falls.
However, if you create a 10-legged stool, or a 50-legged stool, you can have many legs kicked out from under you and you can still keep selling.
Look around at your business.
Where can you add additional line extensions? Where can you add more products or invest in another business that will compliment your current business.
Maybe you are a printing company and you open a trade show giveaway business.
Maybe you are a motivational speaker and you also write books about the same ideas.
Perhaps you are a plumber and you also have a service that does bathroom and kitchen remodeling.
Your extended business ideas do not always have to be unrelated to your current business, they just need to bring in income from other sources.
Ideally, you will want your business to bring in multiple sources of revenue and have multiple sources for customers at the same time.
This way if a few, or even many of the sources disappear, you will still have the core business that will weather the storm.
As you add multiple streams of income do not spread yourself too thin either.
If you can manage these streams from the same core group of people that you employ and use them very wisely, you can make a very efficient profit machine that can easily switch gears if one part of the business is falling behind.
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