Feisty Enterprise Tip #7: Look For Multiple Income Streams to Survive the First Eighteen Months

If you think of yourself as an enterprise zone rather than just one business type then it makes perfect sense to make enough money by whatever legal means to survive. This often means having many ways of earning money whilst your main business develops a customer base and a successful trading format.

You need as much help as you can get from family and friends to maximise the number of hours you can make money in each week. Then look for additional income streams. For example: online and offline trading opportunities (different product ranges if necessary); Sunday markets; fairs; trading globally; part time jobs; contract work; freelancing and so forth.

I know that I’m controversial in saying this but from what I’ve seen and experienced you stand a much better chance of hanging in there if you don’t have ‘all your eggs in one basket’. With so many online trading platforms, globally too, there is absolutely no reason why you should only have one income stream or business.

You can have products, services and customers in different sectors. You can have your own enterprise alongside distributorships and franchises. You can be employed and self-employed at the same time

Be prepared for one of these additional income streams to become your main income stream. It often happens that your first business, product or service doesn’t work out as you expected but a better opportunity comes along or another product or service sells better. If you think of yourself as an enterprise zone then changing your main business, product or service is fine – you’re prepared to be flexible.

The people that fail are the ones that over commit to their first business idea because they think it is a failure if it doesn’t work. Being in business is the success – it doesn’t matter which ideas, formats, products and services are the ones that work. Consider yourself an enterprise zone and go for multiple income streams – you’ll learn a lot and it’ll help you to make ends meet in the tough, first eighteen months.

For more from Soculitherz come back every weekend or purchase the Kindle book ‘Freedom From Bosses Forever‘ by Tony Robinson OBE (with Soculitherz) from Amazon.

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