Reasons to have multiple businesses

[Augusta]

With the bad economy we have now around the world it is expedient to have different businesses if one can. This act comes with a whole lot of benefits for the entrepreneur. So what are reasons to have multiple businesses

Multiple streams of income

one reason you should have multiple businesses is the need to have different sources of income. You would fare better this way than putting all your eggs in a basket

Financial security

How else would you get financial security if not by making more money. With multiple businesses you would get financial security

Practicalise multiple skills

The truth is that owning numerous businesses offers an opportunity of putting our various skills, experiences, and even knowledge to the test.

Add yours

 

[pinway]

It's like going back to the cliche of "do not put the eggs in one basket". Better to have many options so that when one fails some can succeed.. Several business can also maintain good cash flow.

 

[Starmix]

It is not easy to do multiple businesses. It requires a lot of capital and manpower. There is risk, for me, I prefer one business and make it profitable. I will only expand my business if I have a huge capital. But to those millionaires, they can always build a business empire.

 

[mrki444]

You never know when change will come. I have long term contract in education but new reform is coming and with it I will lose half work hours and salary. From this reason you must have alternative business or skills from other sector.

 

[eLdavis]

Having multiple businesses or as some would call it having multiple sources of income is extremely important. These days the economy is extremely tough, so relying on a single source of income might be hard. Having multiple sources of income gives you more options and in situations where one sector is performing badly you can easily earn from another sector.

 

[Joshua Farrell]

I wouldn't necessarily state having multiple businesses is a good thing. It literally adds more stress on your shoulders than you need, when trying to make sure you are earning a living, and can pay for everything needed to run a business.

The biggest thing I would go for when it comes to multiple income sources, is to take advantage of things that do not take a lot of effort and time to bring in extra income on the side. For example, one could passively run a laundromat or have multiple vending machines in high traffic areas, and still manage to run the main business.

 

[Augusta]

Having multiple businesses or as some would call it having multiple sources of income is extremely important. These days the economy is extremely tough, so relying on a single source of income might be hard. Having multiple sources of income gives you more options and in situations where one sector is performing badly you can easily earn from another sector.

This is my point exactly, the economy is in a turbulent situation and one don't need to have only s source now. it would be better to diversify so that you can make money from different streams

 

[Starmix]

I am not for a multiple businesses. They will ruin my health. There are many workers to monitor and pay without knowledge of their performances. Also it's stressful and being stressed all the time may hamper the good plans already set for the business. There's no peace of mind even if you have trusted personnel to take charge of other things.

 

[Passionate-writer]

I am not for a multiple businesses. They will ruin my health. There are many workers to monitor and pay without knowledge of their performances. Also it's stressful and being stressed all the time may hamper the good plans already set for the business. There's no peace of mind even if you have trusted personnel to take charge of other things.

I think that it is still quite possible for a person to run multiple business. There are many people in my country who run more than one business. It is all about how you manage your business in the right manner. This is a very important thing. You must hire many people who would help you manage your multiple businesses.

 

[freelancermaria]

Having multiple businesses is not an easy feat, but it can help expand your business, reach your financial goals easily, promote innovation, and many other things.

 

[Starmix]

I think that it is still quite possible for a person to run multiple business. There are many people in my country who run more than one business. It is all about how you manage your business in the right manner. This is a very important thing. You must hire many people who would help you manage your multiple businesses.

There are people who can manage many businesses, I can do it too, but I have work. Also, I lack capital. I do not have millions to run many businesses plus I am single and who would inherit my wealth .

 

[Abdulhamid01]

Having several business makes you ahead financially and this also helps you take potential risk in running your business without fear.

 

[Augusta]

Having multiple businesses is not an easy feat, but it can help expand your business, reach your financial goals easily, promote innovation, and many other things.

Exactly it is not easy to run multiple businesses but if you do, you would gain a lot from it . if you have a financial goal one way to achieve it would be having different sources of income through having multiple businesses

 

[Passionate-writer]

There are people who can manage many businesses, I can do it too, but I have work. Also, I lack capital. I do not have millions to run many businesses plus I am single and who would inherit my wealth .

Many people possess the ability to run many different kinds of businesses. This is why they are quite enthusiastic about running many different businesses. However, running many different kinds of businesses require a person to possess the ability to do so. This also includes possessing the experience and skills related to different businesses and products.

 

[Starmix]

Many people possess the ability to run many different kinds of businesses. This is why they are quite enthusiastic about running many different businesses. However, running many different kinds of businesses require a person to possess the ability to do so. This also includes possessing the experience and skills related to different businesses and products.

There is no problem doing multiple businesses if you have a huge capital or shall we say, you are a multi-millionaire. It will be easy to build a business empire if you are wealthy.

 

[SHAHID987]

Now almost all family members are working to meet their combined needs. This is not something which is final but each member is doing more than one job. Same as in business, we need to take command on alternative business too.

 

[Starmix]

In this difficult time, we need more jobs and we are lucky for there are online jobs we can earn during our spare time. Our earning from our offline job is not enough considering the many deductions like tax, retirement program, SSS, and cooperative.

 

[Augusta]

Having multiple businesses allows for income diversification, reduces risks associated with market fluctuations, increases opportunities for innovation and growth, leverages diverse skill sets, provides resilience against economic changes, allows for market exploration, fosters a more adaptable entrepreneurial mindset, and provides an opportunity to capitalize on emerging trends or niches.

Yesh you just have to get your businesses. it would help a lot with diversifing as it should.

 

[Kirubel]

If we can manage having more than one business plans, then it will be perfect and it will help us to increase our financial income and will help us to get good profit from all business that we are earning and also the income source will be more than one and if the one business fail then we can still have another business.

 

[eLdavis]

It's like going back to the cliche of "do not put the eggs in one basket". Better to have many options so that when one fails some can succeed.. Several business can also maintain good cash flow.

That's right the COVID period taught a lot of people this lesson. Most of them who had a single source of income had to start from the beginning again after the lockdown.