Warning: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in ..../includes/class_bbcode.php on line 2968
Diversifying your income
 
Page 1 of 3 123 LastLast
Results 1 to 10 of 24
  1. Collapse Details
    Diversifying your income
    I currently own a fairly successful business that generates a decent income, but I am looking into diversifying my income by owning 2 more businesses that does not require as much attention as my first business. I'm looking for imput and even suggestions on how to manage multi-businesses. If you own more than one business can you share some secrets on your success?

    Thanks in Advance,

    AL


    Share on facebook


    Reply With Quote
     

  2. Collapse Details
    I run two distinct businesses under one umbrella company. One company is in manufacturing, the other is website development. They are both sole proprietorships, and all the bookkeeping is done under the name of the parent company. Before embarking on this, check with your local bylaws and tax regulations. Your accountant wil be able toset this up for you so it is done properly.


    Share on facebook


    Reply With Quote
     

  3. Collapse Details
    The real secret to success here is not to try to tackle the entire endeavor yourself. With your attention divided between to businesses, you will not be able to maintain your current business as well allowing for it's appropriate growth and expansion. Likewise, if you attempt to focus entirely on your current business, and try to have your second basically "maintain itself" will cause the surefire failure of your new business. My advice? Hire someone to manage your second business for you. Pay them modestly, so they stay happy. Make sure their goals and your own are in a line, and make sure they understand not only the business itself, but the world of business management as well.


    Share on facebook


    Reply With Quote
     

  4. Collapse Details
    Well, what are you business now? Some can work really well together, like AliceT said, having an umbrella company. But also, like AlecD said, having one other person you completely trust to help start the other business would be a great idea. Have control of it, but having someone else to take care of the day to day stuff will free you up to make sure your other businesses don't suffer once the new one gets off the ground. Don't overwhelm yourself.


    Share on facebook


    Reply With Quote
     

  5. Collapse Details
    You should go into similar business niches that do not require much attention or can be manned by a few to one personnel only. Depending on your business, you could try to branch out with much smaller investments. On the other hand you could go invest in another business or corporation like in the forms of stocks, bonds and other things which could boost your income by partnering or just by investing in other companies.


    Share on facebook


    Reply With Quote
     

  6. Collapse Details
    Not keeping all of the eggs in the same basket is really smart! If you have the money, will and time, you should to it. It's possible, it's more than possible.

    My dad owns a coffee bar and a wood-processing business, both working well. He actually tied them together in few ways. For example, he discusses jobs and orders in the bar, and mentions the wood-processing business, and that spikes interest of some people. So you can learn from that. Even if they are completely different niches, same people might use both.


    Share on facebook


    There are no secrets to success. It is the result of preparation, hard work, and learning from failure.

    - Collin Powell
    Reply With Quote
     

  7. Collapse Details
    Why not try starting an online business? You could start by blogging about your hobby and sell products related to it. For example if you like golf, you could start a blog about golfing, sell golfing merchandise on your blog as an affiliate marketer. Since you said you want something that doesn't take up too much time, this could be the solution. Of course, you'd have to work a few years before you start reaping fruits for your work but the good tihng is once the moolah starts coming in. . .you could even sell your offline business to concentrate on internet marketing.


    Share on facebook


    Reply With Quote
     

  8. Collapse Details
    Quote Originally Posted by Rainman View Post
    Why not try starting an online business? You could start by blogging about your hobby and sell products related to it. For example if you like golf, you could start a blog about golfing, sell golfing merchandise on your blog as an affiliate marketer. Since you said you want something that doesn't take up too much time, this could be the solution. Of course, you'd have to work a few years before you start reaping fruits for your work but the good tihng is once the moolah starts coming in. . .you could even sell your offline business to concentrate on internet marketing.
    Definitely agree! An online business is easy as it's flexible. If you want, you can even hire people to write content for you and outsource graphic design etc. Plus the start up costs are negligible compared to other business.


    Share on facebook


    Reply With Quote
     

  9. Collapse Details
    You might want to look into franchising or even just investing a certain percentage of your profits in stocks. Owning stock makes you an investor without needing to worry about management, and franchising is fairly similar to that too but with a bit more necessity for managing, so I'd say both options sounds like a good fit to what you are looking for. I'd advise you to search for ones that are in line with your current business though, just so you don't end up spreading yourself too thin with learning new trades and keeping up with events and news you'd otherwise never have to pay attention to.


    Share on facebook


    Reply With Quote
     

  10. Collapse Details
    I operate a pair of different companies under just one patio umbrella corporation. Just one corporation was in producing, another is web development. They may be both equally sole proprietorship, and also all of the bookkeeping is finished beneath brand from the mother or father corporation. Before entering this particular, consult any local bylaws and also taxes polices. Ones accountant wil find a way toset this particular way up for you personally therefore it is done properly.


    Share on facebook


    Reply With Quote
     

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •