Entrepreneurs are ever changing animals. They evolve along with the innovations of the times.
Personally I’m always asking what else we can be doing to create, generate and expand.
If you have a Cash Machine that is creating cash flow it’s time to start thinking what else you can be doing to make more money.
Should you build on your current business or should you think about creating another Cash Machine?
For some it’s easy to become complacent but that can get dangerous. If your Cash Machine is generating an income but seems to be at a plateau it’s time to shake things up a bit. Start thinking about how you can expand from here. Is there another product or service you can add to your business? Is there a specific niche you’ve recognized you can fill? What’s new?
You might be in the position to start a new venture if your current Cash Machine is running smoothly (for the most part) and you’ve been able to hire a good reliable team. If the team is keeping the wheels turning it’s time to add to your portfolio.
My strategy is to Replicate and Duplicate — and not just once.
That might give some people a jolt. You might be asking, “Why should I open a new business if the one I have is making money?” The answer to that is simple; you want to have multiple streams of income. Broaden your horizons. You already know you can do it! If you’re following my strategies you’ve learned to create a simple and concise plan by modeling your idea after a successful company. Why not do it again?
Successful entrepreneurs often own several different businesses. How do they do it? They have a team. Having a good team means you have time to find out what else you can be doing to add to your bottom line. Remember your team is there to support you. Let them do it.
It’s important to be in continuous creation mode. Always ask yourself what you can do to grow, not only as a person, but as an entrepreneur. It’s ok to have your fingers in a few different pies. In fact it’s the best way to reach your financial freedom day. And isn’t that the ultimate goal?
Letting go and moving on to something different can be a hard transition for some. Most entrepreneurs look at their business like it’s their baby/child. That’s natural and that’s how it should be but don’t let that hold you back from expanding your “family”!
This choice to either expand or duplicate and replicate can be a tricky one, so do your research. If you think you need to be doing something more with your current business, then get it done so you can move on with more ventures. If you’re ready to take another plunge do it now. Don’t wait. This is the fun part!
P.S. I want to hear from you! Leave your comments below…