Growing Online Income

Why You Need More Than One Online Business to Become Wealthy

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It only takes a single idea to make a millionaire, but it normally takes an average of seven streams of revenue to sustain substantial wealth. Just as you should know by now that most millionaires drive 10-year-old cars and arent afraid to use coupons, you cant expect to have a single online business catapult you to being rich. Those with online healthcare MBA degrees might be able to pick out good medical companies and choose profitable stocks. If youre a professional contractor you may do good at selling home improvement goods on Amazon. The fact of the matter is that youre going to have to repeat the first success you obtain at least six more times if youre hoping to grow your online income to the point of being a real millionaire.

How to Run Multiple Online Companies

Okay, so on the surface it can seem completely insurmountable to be able to run several online companies. Thats why theres business ventures such as drop shipping, selling digital downloads, and even outsourcing. The first business that you run online is supposed to teach you everything you need to know. After you start generating profits you need to reinvest until youre able to run that company on autopilot. Slowly, there will be enough coming in for you to pick up another business here, and there, and everywhere until youve got an assortment of companies that dont require you to do a lot of hands on work.

Repeating Your Successes

If you have a company that sells t-shirts and youre able to do well with it, you might start looking at running another business in a different industry. Thats actually the wrong way to go. If you have an online MBA and you are great at consulting, dont get into a different line of work. Instead, teach other people how to consult and sell your services to them at a higher markup. You want to keep repeating your successes so that you can create profitable online companies faster and faster with each new venture.

What Do You Do Well?

Before you can launch online businesses that are going to be successful and have a lot of longevity, you have to consider that youre going to be responsible for them for a good bit of time. For instance, an online website that sells coffee might eventually become the number one online vendor for foreign and domestic coffee blends. Selling a company like that would make you rich, but youd do better by nurturing and growing it. So, what do you do well? What kind of company would you want to wake up and run for the next 20 years? This will aid you in building more wealth online.

Choose a business to get started with and then promise yourself that youll stick with it until it is a slam-dunk success. Now, just keep doing the same thing until youre juggling so many businesses that you can afford to hire an outside staff. This plan works, it does grow wealth, and it is sustainable if you focus on what you do the best.

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