Building Businesses: Diversity as the key to success for the solo entrepreneur
Over the past decade, I’ve worked with hundreds of solo entrepreneurs, helping them to develop web sites and other marketing systems to assist them in building their businesses.
BUILDING THEIR BUSINESSES is not a typo.
See, as I look back over my client list, I’ve realized that the clients who are still working with me six, seven years later and beyond are those who have built SEVERAL businesses, or at least built several business web sites.
Many people who are getting ready to start a business usually don’t recognize that the key to a successful business is multiple streams of income. While each stream may, in and of itself, not be able to sustain you in the lifestyle to which you’d like to become accustomed, (especially in the beginning) together several small streams of income can add up to a nice balance in your checking account.
For example, one of my most successful clients is currently operating no less than 10 separate “businesses.” She’s spent the past three years building each of these separate businesses. Some are more successful than others, but that doesn’t mean she’s dropped the businesses which are struggling. While a couple of her businesses aren’t doing as well as the others, they still provide enough monthly income to keep her daughter in ipods and PSPs. In addition, the customers from these less profitable businesses frequently become customers of her more profitable businesses.
As a matter of fact, that’s how she’s built her highly successful businesses. She cross sells her customers into other businesses she runs.
So, if you current business isn’t performing up to your expectations, maybe it’s time to start a second complementary business.
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