3 Ways to Create Multiple (Big) Streams of Income
Elon Musk is one of the best world’s richest businessmen. How did he do it? He was involved with multiple businesses that broke new ground, such as PayPal, SpaceX, and Tesla. The same is true for Oprah, who started creating multiple income streams like Weight Watchers, True Food Kitchen, and Oatly, and Richard Branson, who has started over 400 businesses.
Some business owners are happy to start one company, grow it, sell it, and then return to a life of ease, but other business owners want to do more. They might want to improve the world or keep busy and grow their businesses. If you want to make a lot of money like some of the best businesses of all time, here are three things you can do:
1. Build more than one business at a time:
A business owner with many ideas might find it tempting to start many companies. But when business owners face reality, they often find that running a single business is hard enough. There are ways to start multiple businesses and still make enough money to keep going.
The first rule is that you can’t run a lot of businesses on your own. You require friends.
Second, don’t start more than one business at the same time. Start one, focus on it until it pays off, make it self-sufficient, and then use the money you made from that to start the next one.
Third, look for ways to connect your businesses and create benefits so each can grow faster and make more money.
2. Invest in businesses that already exist:
Warren Buffett didn’t start his businesses but bought them. You might be able to use the same plan. Remember that a purchase’s success depends on who and what the company buys.
The answer to “who” is simple: the company’s employees now. People could either love or hate the business. Both things, good and bad, are just as likely to happen. They might stay if they like the business, but that could also mean they don’t want you to make any changes, even if they are for the better. If they don’t like the business, they might quit, but they might also have many ideas for improving things.
The question of “what” might be harder to answer. Businesses can run into tax obligations, legal problems, and other problems. Because of this, many purchases don’t involve getting the whole business but rather just parts of it. No matter what you decide, make sure you know a lot about the situation so you know what you’re getting into.
3. Start a business by hiring outside help:
What if you could outsource your entire company? Many business owners hire other people to do things like marketing for them. Milos Safranek, who started Automated Wealth Management Holdings, thinks starting a business is hard. “You must deal with supply chain management, transportation, and buying products, which are always changing. Many business owners and investors say that it makes more sense to outsource the whole thing.
E-commerce stores are one of the easiest businesses to outsource because so much of what they do can be done automatically. The key to being able to
On social media, there are a lot of pieces and “experts” in business who explain how to start multiple sources of income “overnight” or as a “side hustle.” The ideas I discussed above are not ways to get rich quickly or as a side business. These strategies take a lot of time, money, and work, but if you put in a lot of work, you can get a lot out of them. An entrepreneur’s full ability is business automation. Most business owners don’t know about the available automatic tools and systems, so it makes sense for many to focus on their goals, brands, and marketing while outsourcing everything else.
