Multiple Businesses

[Soleo]

I'm curious as to what your take on the following is:

How many of you would pursue multiple sources of income at the same time?

I see many pitfalls to starting multiple businesses at the same time. Let's say for example no more than 2-3 that you are constantly working towards. It involves time to invest in each of them.

I'll give an example since copywriting comes up a bit in discussion.

Would you concentrate on just doing copywriting based on contracts you are receiving or do you venture to own a website you are writing blogs on. You are essentially getting income from two potential sources. I unfortunately don't do any copywriting and focus on other niches, but it was the first example I imagined.

Personally, I think it could be a risky venture but also something that is doable. I'm not planning on doing this at the moment, just curious how many of you have braved running two different companies at the same time. ...and to see what insights you can provide to anyone thinking of doing this.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[AllenCrawley]

https://www.thefastlaneforum.com/community/search/3894188/?q=Diworsification&o=date&c[node]=19

 

[Soleo]

https://www.thefastlaneforum.com/community/search/3894188/?q=Diworsification&o=date&c[node]=19

Thanks! I will be reading through them.

Lesson learned! Use the search bar more often.

 

[sparechange]

i was actually just thinking about this a while ago, if you had multiple small businesses, you could have a living wage with the tiniest profits, and thought about money as a game..example, if you work ft for a living wage (160 hours a month) @ minimum wage for the bare necessities (rent/food)

if you switch your approach to $ ...if you had 5 small business's/niches that netted $300 profit a month you could clear a bare minimum living wage... was a cool thought in my head =)

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Raoul Duke]

https://www.thefastlaneforum.com/community/search/3894188/?q=Diworsification&o=date&c[node]=19

https://foreverjobless.com/entrepreneurial-diworsification/

@snowbank

 

[ZF Lee]

Maybe it's easier to focus on one thing at a time, which will provide enough cash to spread out as wide as we like! I see so many chasing after the 'multiple streams of income' fad, doing stocks here and there, chasing after seminars on real estate, signing up for MLMs (not for the educational experience), only for their financial prospects to fade into Slowlane obscurity. If we do too much at a time, it will eat our time and violate the Commandment of Time.

I spotted such a book actually titled 'multiple streams of income' by Robert G Allen and alarm bells start ringing. While Fastlaners would just take whatever they need, average folks would certainly make a mess of things from the book. I have no intention of being critical, but well, there is a reason why most people think that the rich are to be studied like Martians (via wealth secrets books and development crap).
Really scary! Thanks for bringing this up!

 

[Soleo]

I appreciate everyone's input. I was MIA yesterday. Had a busy day with the family.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[G-Man]

 

[458]

It's extremely difficult without being well capitalized all around. In any startup, cash flow management is extremely important and it's easy to lose your shirt trying to juggle too many ventures at once. Stick to one until you become a jedi master

 

[mayana]

i was actually just thinking about this a while ago, if you had multiple small businesses, you could have a living wage with the tiniest profits, and thought about money as a game..example, if you work ft for a living wage (160 hours a month) @ minimum wage for the bare necessities (rent/food)

if you switch your approach to $ ...if you had 5 small business's/niches that netted $300 profit a month you could clear a bare minimum living wage... was a cool thought in my head =)

This could totally work... if your goal is a bare minimum living wage. When I was like 20 I think I bought a book about how to do something like this. I'm definitely not bashing the idea - it's probably infinitely better than working a crappy fast food job. But most here are looking for more.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[JasonR]

I have always taken the approach of laser focus, and that has always worked well for me.

If you haven't started one successful business, what makes you think you can start three?

I would rather have one business netting me $1m/year, then 10 small businesses netting me $30k a year each.

I'm in the process of selling my business, and I only need to work on it for about 4 hours (I've trained my employee to do the bulk of the work and I outsource the rest). I have still found it hard to focus on a new venture. Inevitably, things come up in every business that requires time (and sometimes money).

Laser focus.

Most people dabble. Most people major in minor things.

Don't be one of those people.