5 Keys to Building a Successful Business in the United States: Part 1
If you want to build your dream life, chances are good that you will need to build a business of your own in order to do it. Building a successful business in the United States is not a difficult thing to accomplish, if you know the formula. Once you know that, all you are required to do is plan according to the formula, work hard, and persevere. While I can’t do much to help you with the work itself, I do have the formula to share.
I came up with this winning formula about 5 years ago, after having researched the richest men in US History and their business models. Each of them had the same 5 distinct elements within their business models, more matter the industry, product line, or service. Since implementing these 5 key principals into my plan, my businesses, and my personal wealth, have continued to grow exponentially for me, and incorporating these keys into your business will do the same for you as well.
There are the five key principles to keep in mind as you work towards achieving your entrepreneurial dreams. In this 5 part series, I’ll detail out one of these principals for you each week for the next 5 weeks. Be sure to subscribe to my blog so that you don’t miss anything as it is released.
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1. Income Diversification:
Relying on a single source of income can be risky. Diversifying your income streams can help you weather economic downturns and protect your business from unexpected events. Consider adding new products or services, offering consulting or coaching services, or exploring new markets to expand your revenue streams.
I’m sure you have heard the expression, “don’t put all of your eggs in one basket” This phrase is often referred to with regards to investing all your money or resources in a single venture or investment. This approach may seem tempting, but it poses significant risks to your personal wealth and security. If the investment fails, you risk losing everything. Diversification is essential to manage risks and protect your assets. By spreading your investments across different sectors, industries, and asset classes, you mitigate the impact of any single failure. This strategy helps you safeguard your wealth and ensure that you have a safety net in case of any unexpected event. Therefore, it’s crucial to diversify your investment portfolio and avoid putting all of your eggs in one basket.
The same principal is true regarding your income as well, but this aspect is often overlooked by the average person. According to a recent article posted by CNBC, 64% of Americans reported that they only had one source of income. This is a bad policy, and as stated previously, heightens the risk of losing everything suddenly if the income source ever dries up such as losing your job due to: illness, injury, family issues, getting fired or getting layed-off as examples. That same article illustrates the fact that current inflation rate rates outpacing wage growth to the point that even 48% of 6-figure earners now report that they are living paycheck to paycheck. What is the regular worker supposed to do to compete with numbers like that? Don’t fall into this trap of putting your eggs in one basket. Build a diversified set of income streams into your business model to protect your business growth and your future.
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Check out our other business tool explainer posts from this series so far: