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??
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today