A multi-passionate entrepreneur is confident in their abilities to multi-task, yet focus when required. They enjoy implementing and scaling many different business models and more than likely has multiple businesses.
Could this be you?
Unfortunately, when you start in business you usually start doing one thing.
When someone asks you what you do, you can easily answer 'I am a business coach.' 'I sell pet products through my online store.' 'I create courses on web design.' 'I sell prints for nurseries on Etsy.'
Simple enough, but what happens when something else takes your attention?
It's not that you want to give up what you are doing, but you can see an opportunity with either another income stream or business model.
Managing multiple income streams that brings in 6 and 7 figures, or multiple businesses that do the same takes skill, but that skill can be learned by anyone OR delegated.
So, when you really want to diverse from your existing business, know that there is a way.
If you can believe it (and see others doing it successfully), then YOU can achieve it too. It's smart to have multiple incomes streams. #MultiPassionateEntrepreneurs
It's time to come out of the corner and BE the amazingly talented Multi-Passionate Entrepreneur that you know you are.
Multiple Income Streams within One Business
There are hundreds of different ways you can make money in your online business. Here's a list of a few to get your creative juices flowing:
- one-on-one services
- group services
- courses & programs
- license your intellectual property
- affiliate income (sell other people's products/services)
- physical products (print on demand or dropshipping)
- monetize YouTube
- brand partnerships
Pick the one that appeals to you the most and find out how to implement it into your business.
There are only so many hours in the day and days in the week and it will soon become apparent that you can't do everything yourself.
This is NOT failure. This is reality.
What are repetitive low skill tasks that you can outsource?
Or perhaps your business needs something you don't have the skills for - an updated website, funnels etc.
Your business needs to be profitable enough at this stage to be able to hire someone, whether this is per project, part-time or full-time as a contractor or in-house employee.
When it's time to hire, it's also time to get ORGANIZED.
It's time to start thinking about creating systems for your business rather than keeping everything inside your head and actioning every task through memory.
As a multi-passionate entrepreneur it's even more important to take time to work ON your business and not just inside it.
Your business wants to grow and scale and it's only by working on your business that you'll achieve it.
Thinking Outside the Box of Convention
When your business is profitable you may have an idea on what to do with the profits. Most likely you want to invest them. But invest them in what?
- Your pension
- Stocks & Shares
- Back into your business
These are probably the first things that come to mind but what about another business?
It could be a bricks and mortar business, or an online business with proven cashflow and perhaps with you and your teams skills you could make it even more profitable?
You can be a multi-passionate entrepreneur for many different reasons. It could be because you are interested in lots of different aspects of business or it could be that you want to diverse for a totally different reason...
Growing a Niche Website as a Property Deposit
What if you started a niche website on something you are interested in. Grew it's traffic, content and profitability and then SOLD the website in a few years and used the money as a deposit for a property (or maybe it could buy the property outright?)
Build to Sell Your Business
Start with the end in mind. Just because you start a business because you fell in love with some aspect of it doesn't mean that you have to keep it forever.
You can sell it.
The more monthly profits it brings in, the higher the sale price.
Sounds like common sense to me.
Like the above example, you can sell a business or part of a business in order to finance another aspect of your business. Perhaps you want to buy property or it could be to fund a huge sales push.
Why It's SMART to be a Multi-Passionate Entrepreneur
For one, you are in control (for the most-part) of your own destiny. As you grow your initial business and earn more than your expenses, it's time to invest those profits.
What better than to invest in something you have control over and have fun with.
Imagine having a talented team around you where you can delegate tasks and ideas and they take those tasks and ideas and make them happen.
Yes, you've already created the framework to make this happen and once these frameworks have been created there is no end to what you can make possible.
If you do decide to become a multi passionate entrepreneur, do it with SUCCESS in mind. GO ALL IN. Master that new income stream or business and make it the best you can so that YOU can also become the best you can.