Nov
7
Combining Your Businesses
November 7, 2009 | Leave a Comment
Many very successful, rich people make a lot of money through multiple streams of income. For instance, they may own a business and a lot of rental properties; they may own a huge business and lots of rental properties. While this is very good and these people can become very rich, they can still yet break through to another level.
If you want to advance a step further, you’ll need to combine your sources of income. Why? Before we can answer this question, we must look at timetable for growing these fortunes from the beginning.
Compare these income streams to snowballs. In the beginning, there was nothing but snow. The business owner had to pack, with his hands, the snow into a ball shape. He proceeded then to push the ball on the ground so that it would pick up snow as it rolled. It required his effort to push it every step of the way. Slowly, though, the snowball would pick up momentum, and soon it would be rolling by itself.
When it rolls on its own, it still requires attention from the owners, for they still have to steer the ball and make sure it does not go off course.
This is a problem when there are two balls; you cannot give both your full attention. Thus, if your real estate business is taking off, you cannot focus on the business, and vice versa. You will need to sell one of them off and put the money into the other so that you can fully focus on the other. Instead of running into this problem, you could have combined the two sources earlier on.
Ray Kroc, the founder of McDonalds, was a genius who did this. Many people do not realize that he owned two companies, a restaurant business and a real estate business. Many who own real estate will buy a piece of property, and a tenant will pay that person for the use of their property. However, what Ray Kroc did, as a part of his franchising, was have the tenant pay for the property and pay him rent.
He could acquire property for free that paid him, because he combined his snowballs. Now, any work he does will build both his restaurant and his real estate business.
If you have multiple snowballs, so to speak, you must combine them. Focus your efforts.
Cody Scholberg, a recognized expert on finance, writes about how to make money and ways to make money with MLMs.
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