First Step in Making Sure Your New Business Will Make You Wealthy

July 2, 2017




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The First Step in Making Sure Your New Business Will Make You Wealthy

 

What’s the profit potential of your new business?

Another way to state this would be: What’s the most money you could ever hope to make from your business idea?




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You probably have one of two mind sets when you approach this question…

On the one hand, you may desire that a single business idea will make you wealthy. Consequently, you’re only interested in business ideas that have huge potential for profit.

This approach is quite restrictive because it often requires total financial commitment to an untested idea. But if this approach is you, then you’ll want to make sure your business idea will net at least enough for you to live on, with lots of room for growth.

For instance, you’d probably not want to get into the vintage roller skate business because it has such limited appeal.

On the other hand, you might plan to start a number of mini-businesses that require very little of your time, but generate low to modest profits. Combine all these streams of income and you’ve got yourself a river of money flowing into your bank account each and every month!

(You can learn more about this wealth-building technique by listening to Robert G. Allen’s Multiple Streams of Income audio program, available through Nightingale Conant.)

I, personally, favor this latter approach. It allows me to take small steps toward financial independence rather than forcing me to take one giant leap toward a destination I cannot guarantee will be there.

In the end, you must evaluate the profit potential of your business in light of your overall business strategy. If you plan to operate only a single business, then you’d better make sure it generates enough money for you to live on, and preferably far more than that. If it’s one of many businesses you plan to operate, then just ensure that the business will turn a profit.

Next up: How the Cash Flow of Your Business Can Either Make You or Break You and What to Do About It




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