Alright, this is something I have been thinking of. I have built my first business for about 6 months, it's currently projecting 50-60k a year profit. It's SEO for local businesses. At this rate I can make a solid profit, I might invest a day or two a week on the business plus most of it is outsourced. My idea was to get this company maybe around 60k a year consistently with my ideal clients (shouldn't be bard if I limit my biz at this level). I have also noticed 50-60k range is the perfect level for optimal profit per time invested, once the business starts making 100k a year everything changes investment wise.
I wanted to also make a few more small businesses, ideally having a portfolio of about 4 businesses. The second one is a website I am launching in the beauty industry, the third one is a retail ecommerce with a very trendy spin as for the fourth haven't conceptulaized it yet.
With my income goals I'd like 4 microbusinesses in my portfolio at all times that bring in 4-6k a month profit. This would allow me to make 200-300k a year. With intelligent work I could reduce my time concentrations on the businesses and work on their longevity and creating more assets for my portfolio that work in similar ways.
I kind of want to do this because that is the amount of cash I would like to make to live the lifestyle I want as a single guy, and also because I love the fun of creating new projects that are not location based. I get bored of doing the same thing over and over honestly. For me it's not about absolute income, I want good relative income and 200-300k is where I want to be. I also want the freedom to work on new projects, that is where fun comes from for me. Not grinding a way at one business because after time that always becomes lackluster to me.
What are you thoughts on this model, has anyone done something similar??
I wanted to also make a few more small businesses, ideally having a portfolio of about 4 businesses. The second one is a website I am launching in the beauty industry, the third one is a retail ecommerce with a very trendy spin as for the fourth haven't conceptulaized it yet.
With my income goals I'd like 4 microbusinesses in my portfolio at all times that bring in 4-6k a month profit. This would allow me to make 200-300k a year. With intelligent work I could reduce my time concentrations on the businesses and work on their longevity and creating more assets for my portfolio that work in similar ways.
I kind of want to do this because that is the amount of cash I would like to make to live the lifestyle I want as a single guy, and also because I love the fun of creating new projects that are not location based. I get bored of doing the same thing over and over honestly. For me it's not about absolute income, I want good relative income and 200-300k is where I want to be. I also want the freedom to work on new projects, that is where fun comes from for me. Not grinding a way at one business because after time that always becomes lackluster to me.
What are you thoughts on this model, has anyone done something similar??
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