Business owner who wants to start another business which I have no idea about

[rexleonis]

Hey guys! Found you on Reddit. Heard you were all nice and smart

I'm 40+ years old and own a successful business with a million dollar/year revenue. However profit margins are so small that I don't really make enough money to save for a nice retirement. Worst of all, it looks like AI technology will take away jobs in my industry soon.

I want to create another business completely unrelated to my current business where I see potential growth, however don't know where to start. Can you point me to the right forum where I can ask about which books/sites to read and how to learn in general about this new business?

Much obliged!

 

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[Patrick R]

Hey Rex,

If you look at the top of the forum you'll see a link that says "Buy the Books". Click it. Then get both "The Millionaire Fastlane " and "Unscripted ." Best place to start!

 

[Michael Burgess]

Something else to think about too, is whether or not you should start something unrelated to what you're currently doing - can you add another product, service, or division to add to your current enterprise? That might allow you to keep your focus on what IS currently working (while adding a new income stream), instead of getting caught up in something totally unrelated and letting the first stream dwindle.

 

[Patrick R]

Something else to think about too, is whether or not you should start something unrelated to what you're currently doing - can you add another product, service, or division to add to your current enterprise? That might allow you to keep your focus on what IS currently working (while adding a new income stream), instead of getting caught up in something totally unrelated and letting the first stream dwindle.

Especially if, as you say, your current product margins are so small. Is there a way to increase them or build another product in the same niche with higher margins?

Also for the AI, could you then switch your marketing to "vintage" or "handmade"?

Sent from my SM-G930V using Tapatalk

 

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[TonyStark]

Don't know if you're being facetious, but this is the only forum you want to be on.

 

[Iammelissamoore]

Hey rexleonis, welcome to the forum. With regards to guidance on books @Patrick R made great suggestions, the forum actually was built around the initial book - "The Millionaire Fastlane " and now "Unscripted : Life, Liberty and the Pursuit of Entrepreneurship" these books will, I guarantee you, help you with being unstuck, but more than that, it will assist you in getting to the core of creating a valuable, fail-proof business based on the philosophies discussed, and nope, these books are not - I repeat - not the typical, guru-driven, broken record story we have all read about business, these are raw truths about how businesses work and helps specifically with your situation and other aspects of business challenges we may face along the way.

The author - MJ DeMarco, wrote both books based on his own personal journey of self-made, genuine, astronomical success, with first-hand experience of the failures we commonly make in business and the unforeseen challenges that may creep up; his journey led him to help business people get over the hurdles of business that isn't taught in schools, nor in the typical biz books, by breaking down unthinkable aspects of success which he makes clear is possible to anyone who is willing to work towards it.

This forum is an extension of, and also evidence of the great philosophies highlighted in the books, as members have discussed the processes they've employed in building successful "Fastlane & Unscripted " businesses which allow them the opportunity to live a fulfilling life without the feeling of 'a business that's actually a job'. They are genuine entrepreneurs, creating genuine legacies by creating businesses which bring value to their customers, and, each of them are living-inspirations which guide each of us on the journey daily.

Don't take my word for it though, get your hands on the books (available in hardcopy, softcopy via e-books and of course, there is the audio version too) via the links in the footer of this website (click on the picture of the books). There are many philosophies necessary to understand the basics of escaping that point where you are.

Again, welcome to the forum, I didn't mean to write a "book" in my post here, lol, congratulations on building a successful business and I wish you the best in your future endeavours.

P.S. Makesure you check out other posts on the forum, and makesure you check out the "Gold/Notable" threads, you'll get great inspiration throughout.

 

[rexleonis]

Something else to think about too, is whether or not you should start something unrelated to what you're currently doing - can you add another product, service, or division to add to your current enterprise? That might allow you to keep your focus on what IS currently working (while adding a new income stream), instead of getting caught up in something totally unrelated and letting the first stream dwindle.

That's a good idea, I will keep this in mind. I could certainly add another service to my service business.

Why do you think the first stream could dwindle? Because the second stream demands my 100 % attention?

Don't know if you're being facetious, but this is the only forum you want to be on.

What I meant was a subforum on this forum where I could ask specific questions. Thanks.

 

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