I strongly encourage diversification…if you know me, you know this… with that being said, you have to earn it first.
By diversification, the idea is to get multiple forms of business going and get the cash flowing in. This is awesome…like I said, I encourage this… but I also said… Earn it.
You’ve got to earn the right to spread that dough out… You’ve got to bring in that cheddar you want to throw around. It’s just that simple.
Okay… maybe it’s not that simple… the idea is that you need more than steady cash flow. You need substantial reliable steady cash flow with longevity. The money needs to be coming in and it needs to be significant. The idea is that you must have enough money coming to pay the bills and then some.
You need to get paid! This refers to you… your person… So many get their business going and put everything back into the business to keep it afloat and then try to make ends meet elsewhere… this is not the plan. Make sure you are getting paid. You must survive or how will your business survive without you… Next, you have a business that needs you attention and needs an influx of revenue to keep it running… no matter what kind of business it is that you are running, it needs money.
Okay… so, take care of yourself, your business, and then you need a significant additional revenue coming in that is flex cash… money you can afford to throw around a bit. I say that very loosely because no money is money that can be thrown around if you have any intentions of being wealthy. We will get into that another day… You want to be rich, think rich. For today, we will focus on keeping your eye on the prize.
You need to generate a substantial bank roll so you can keep your business growing bigger and bigger… give it a little time and when you’ve got it to develop into a sustainable business as well as the cash cow you desire it to be, we’ll talk about diversification. For now, focus on what you’ve got and give your all to it!
Get Cocky and Get There.
beingcoreybayless 