Here are three strategies for generating several streams of income. These tactics involve time and effort, but they have considerable income potential.
How did Elon Musk become one of the world’s richest entrepreneurs? He didn’t simply launch one firm; he was involved in multiple game-changing ventures, including PayPal, SpaceX, and Tesla. The same can be said for Richard Branson, who has started over 400 firms, and Oprah, who has founded or acquired significant shares in various companies such as Weight Watchers, True Food Kitchen, and Oatly.
While some entrepreneurs are satisfied with starting a single business, scaling it, selling it, and retiring to a life of leisure, others are compelled to accomplish more. Perhaps they want to make the world a better place, or perhaps they simply want to keep active and build their enterprises.
If you wish to follow in the footsteps of some of the greatest entrepreneurs of all time and generate several streams of income, here are three options:
- Create several businesses, one at a time.
A visionary entrepreneur may find the concept of founding many firms enticing. However, when reality sets in, business owners frequently learn that running a single business is difficult enough. Fortunately, there are ways to establish many businesses while staying afloat. First and foremost, you cannot operate many enterprises on your own. You require collaborators. Second, don’t establish numerous enterprises at once. Start one, focus intently on it until it becomes lucrative, make it into a self-managing entity, and then use your revenues to create the next. Third, discover ways to align your businesses and generate synergies so that each can expand quicker and more efficiently.
- Purchase existing enterprises
Warren Buffett got his money by purchasing businesses rather than starting them. Could you use the same strategy? Remember that the success of any acquisition is dependent on who (and what) comes with the company. The “who” is simple: the people who are currently employed by the company. These folks may like or dislike the company. Neither of these is inherently good or evil. If they like the company, they may stay, but that could also mean they don’t want you to change anything, even if it’s for the better. If they dislike the company, they may leave, but they may also give many suggestions for how to improve things. The question of “what” can be more difficult. Businesses can come with tax requirements, legal entanglements, and other complications. This is why many acquisitions do not include the purchase of the complete organization, but rather an asset buyout in which only the components of the business desired are purchased. Regardless, make sure you do your homework so you know precisely what you’re getting yourself into.
- Outsource construction businesses
Many business owners outsource aspects of their operations, such as marketing, but what if you could outsource the entire operation? “Today, there is so much complexity and competition when it comes to launching a business,” explains Milos Safranek, CEO of Automated Wealth Management Holdings. “You have product sourcing, logistics, and supply chain management to deal with, not to mention that these things are constantly changing.” For many businesses and investors, it makes more sense to completely outsource the operation.” An ecommerce store is one of the easiest types of businesses to outsource because so much of the process can be automated. Business automation is critical to realizing an entrepreneur’s full potential. It’s how you earn money while you sleep, but most entrepreneurs are unaware of the automation systems and tools available – which is why it makes sense for many to focus on vision, brand, and marketing while outsourcing everything else. Many publications and social media “experts” will teach you how to develop many sources of income “overnight” or as a “side hustle.” The concepts I presented above are not get-rich-quick schemes or side hustles. These are time-consuming tactics that necessitate considerable sums of money and work, but the payback can be substantial.