Page 2 of 3 FirstFirst 123 LastLast
Results 11 to 20 of 24
  1. Collapse Details
    Quote Originally Posted by Taru View Post
    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.
    this is one of the best advice on this thread. Investing in the stock market is like owning part of the company - BUT although this doesn't require much work from your side, you need to increase your financial knowledge as well as learn some fundamental and technical analysis so you will be able to fully understand where you are investing, why and when to stop. Good luck.


    Share on facebook


    Reply With Quote
     

  2. Collapse Details
    If the other two businesses take less time than the first, you're already on the right track. You can try taking care of certain aspects of all 3 companies at the same time. Let's discuss accounting. Already paying someone to do your taxes and other money related tasks for the first business? Pass the taxes from the two new businesses to the same person also. You already know how he or she works and they do the same with you, thus, less time spent worrying about the issue. It also helps if the new business you start is at lest somewhat tangential with the first. This helps you work on both at the same time in certain situations.


    Share on facebook


    Reply With Quote
     

  3. Collapse Details
    Since your current business is doing well at the moment, try creating another business that can compliment or relate to your current business so you can easily promote using your current business.

    Utilize the success you have with your current business by using that as a means of promotion. You can easily get the word out for your new business if you already have loyal clients/customers in your current one. Another plus is that if your new business relates to your current business, then you already have some prior knowledge about the new business that you're getting into.

    Good luck!


    Share on facebook


    Reply With Quote
     

  4. Collapse Details
    Quote Originally Posted by AlvinsGiftsDis View Post
    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.
    Excellent idea in general. In this unbelievably wacky economy, even more so.

    Quote Originally Posted by AlvinsGiftsDis View Post
    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?
    This will sound like I'm joking, but I'm not: be willing to put in insane hours. I have a "day job" that is pretty much Mon—Sat, then the side gigs happen around those hours. Being committed to that reality is the only way I've been able to keep focus on the different projects.

    Beyond that, I've found deeply analyzing nearly every process and seeing how technology can make said faster, cheaper, and more reliable cuts down the workload.


    Share on facebook


    "The business of America is business."—Calvin Coolidge
    Reply With Quote
     

  5. Collapse Details
    Maybe start a website and try get your business online. Or diversify by selling new products and creating an online presence.


    Share on facebook


    Reply With Quote
     

  6. Collapse Details
    It all depends on the type of business that you want to venture into. If the other two businesses can be incorporated into one and be ran by under different departments, then am sure it will save you more time and cost of hiring new labor.


    Share on facebook


    Reply With Quote
     

  7. Collapse Details
    I agree with all the advice that you got from the experts. I would like to start a internet business but not
    internet marketing can you think of another business that I can start right away?


    Share on facebook


    Reply With Quote
     

  8. Collapse Details
    Try not to do too much. This might seem obvious but I'm very serious. You shouldn't jepordise one of your businesses because you have too much on your plate. I hope you take my advice into consideration.


    Share on facebook


    Reply With Quote
     

  9. Collapse Details
    It's always good to diversify your income. You've made the right and best choice OP. That being said, make sure you don't diversify too early (or too late obviously). You want to become very comfortable operating your initial business to the point that you've become an expert at it that you can simply monitor it from afar and let is run on its own. Only when that's established should you think about diversifying.


    Share on facebook


    Reply With Quote
     

  10. Collapse Details
    #20
    Join Date
    Mar 2014
    Location
    Pretoria, South Africa
    Posts
    31
    Going into business with people that you can trust is the number one issue. You will need a good accountant that can keep an eye on the financial performance of the businesses. Make sure that everything is in writing, signed and copied. Your time management will have to be good as well as your priorities.


    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
  •