The following is a summary of suggestions from a successful gentleman who operates 10 businesses whilst travelling the world with his young family:
1. Multiple Revenue Streams.
A typical small business isn’t usually that impressive but when its profits are multiplied by ten, you’ve got a diversified, multi-million dollar portfolio.
2. Do Not Partner.
If you can help it, *do not partner with anyone.* The more partners you have, the more you have to split the pie. The more partners you have, the more you have to fight for your point of view. The more partners you have, the more time it will take to execute anything. Co-founding is overrated.
Learn the skills yourself, bootstrap, and then hire the right people.
3. Study the Market.
If your locality is small, you may be way behind the larger markets; whatever is selling in the big cities, will not be selling in ours at the same time. But give it two to three years and it will be selling like hotcakes.
Find out what this is, and be the first to open a shop in your small market.
4. *Be Careful* Who You Hire.
Look for people who are independent and responsible, who can take complete ownership of their work. Hire people who require little or no supervision; people who are not afraid to suggest solutions and ideas; people who think on their feet and thrive on getting the work done.
5. Sell something.
If it’s a product, make sure its quality is superb, then sell it at a fair price, and make sure the breakeven point is doable for you as the business owner. If it’s a service, make sure there is added value. Carve out a niche.
[Credit: Dave Schools – Runaway Millionaire author. Columnist at Inc.com]