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1. Achieving Financial Independence
In the early stages of a new business, it is usually the founder who takes on many tasks themselves. With progress over time, the goal is to delegate secondary tasks so that the executives can focus on the 20% of tasks that will generate 80% of the results to scale the company.
The main objective is to be able to answer yes to the question: “If I were not present, would my company still generate money?” That’s an excellent indication of whether or not you are financially independent.
If you have several sources of income, you will get that much closer to becoming financially independent.
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4. Working From The Comfort Of Your Own Home
With the rise of remote work, there has recently been more debate about what is best: working in an office or from the comfort of your home. This is relative, as both options have their benefits and disadvantages.
No matter your opinion, as your own boss, you will be the one to decide where...
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3. Scaling Faster
You’ve likely heard the expression,“Wealth begets wealth.” Essentially, higher amounts of money and income will attract more money and ROI. Having multiple sources of income will allow you to invest a greater proportion in both your primary company and other new sources of incom...
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2. Greater Stability And Safety
It is important to make sure that your first business is mature and developed enough before you start focusing on an eventual second source of income. However, I believe it is also important for entrepreneurs to always have an ambitious attitude and seek new sources of growth.
Having multip...
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5. Living Your Dream Life
Everyone wants to live their dream life, but not everyone is able to achieve that goal. If you are smart and manage more than one source of income, then you have a real chance of creating the dream life you want. The more time and effort you put into building your sources of income, the greater t...
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Prepare For The Next Disaster: Expand online
In a disaster, a strong online presence can help a business develop new sources of income. “Focus on the online ‘buying journey,’” says Mark Verwoert, founder of digital marketing company Mark’d Agency in the Netherlands.
Even if consumers continue to frequent brick-and-m...
12. Being Busy Instead of Effective
Busy time doesn’t bring you closer to your goals, making you feel anxious and unsettled - maximize the productive time.
Time management tips:
- Apply the Pareto principle. Focus o...
Creating Shared Success Measures
There are three steps in order to ensure progress toward a shared destination:
- Ensure that you have created an actual and shareable objective. Having a well-articulated stretgy will deliver value to the business.
- Define what success means to all of you. By doing so, you will ge...
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