The BIGG Successs Show
Find Your Fortune Through Promiscuity
Why you shouldn't fall in love with your business, and why the "other" business could pay off bigg time for you! *Also, listen for our free report offer with this show! Read the show summary at biggsuccess.com.
Welcome to the Big Success Show. Today, we'll talk about finding your fortune through promiscuity. The Big Success Show with George and Mary Lynn. Finding your fortune through promiscuity. But what's going on here, Mary Lynn? Are we turning into an adult show with some sort? You know, next thing you know, we'll be on HBO. Yeah, real success. Better say that success carefully when you're talking about that one. And seriously, we've noticed that a lot of people, particularly very successful business people, often have multiple businesses. And this can apply to your career as well, because George, you taught part-time while owning your own business, and there are a lot of people, especially today, who have more than one career. But today, our focus is on starting a second business, and we'll call it the other business. Well, because the other business, to say it as you said at Mary Lynn, has big benefits and, you know, let's just talk about the financial ones. If you have one business, you can draw one's salary. You have two businesses, guess what? You get two salaries. Now, how's that sound, Mary Lynn? Sounds good. Your current business pays for your company car. Why not have two cars? Two expense accounts. Hey, how about two planes? Two planes, boss. Two planes. Well, you know, there's ways to do this that we won't get into here. But another benefit is based on basic financial theory, and that is diversification. So basically, you don't put all of your eggs in one basket, right? Absolutely, Mary Lynn. And you know, one of the things you notice is they say the typical homeowners, the biggest portion of their net worth is all tied up in their home while the typical business person has almost all their assets tied up in one business. If you have one business, you're completely subject to the ups and downs of that business. But with two businesses, one may pull the other one up during a downtime and vice versa. Well, it seems to me that if owning one business is a great way to build wealth, then two would be even better. Absolutely. So, are there any reasons not to do it? Well, of course, you have to look at your specific situation, and here's a question to ask yourself. How much opportunity, by that we mean how much growth do you have with your existing business? If it's still pretty significant, then stick with what you have. Now, see, George, I would think just the opposite on this point, because if you're doing well and you've got extra cash to invest, why wouldn't that be a good time to look into something new? Well, the thing is, Maryland growth often consumes money. And if you still have significant upside with what you're doing, just keep pushing where you are. So, why take on the complication of the other business if what I have now is satisfying me? That's exactly right. You know, we're really borrowing a page here from Big Business. Feed what's growing. That's an evolutionary process, but then as that growth winds down, you've got to get revolutionary. Find the other business. Going up will share how to know that you and your current business are ready for you to move on. Today, we're talking about finding your fortune through promiscuity, why it pays to start a second business. And we just said that if your current business still offers significant growth opportunity, at least equal to what you might find in a second business, stay put, keep growing it. But let's assume that that's not the case. You've taken it as far as you can, it's hit a plateau, it's still a good business, it just doesn't offer the opportunities that you can find elsewhere. And here's what you often find with entrepreneurs, Marylin, it also may mean you're bored. You know, the thrill is just gone and you want to get back to that thrill or the ride that you enjoyed getting your current business where it's at. So there's really two sides to this thing. First your heart and then also your head. Your heart, are you ready to leave your baby and your head is your baby ready for you to leave. And the best technique that I know of to find out whether you're ready and whether your business is ready is to take an extended vacation longer than you've ever taken before. And for some of you big workaholics, this may require some baby steps. If you haven't taken a vacation at all, start with an extended weekend. If you've done that, take a week. If you've taken a week, take two weeks. And you'll find out if you're ready and if your business is ready. See who calls you. What do they call you about? What problems are there in your business today? If you don't get any phone calls, I'd say you're ready to go. That's a good sign. But the worst case is this, you'll end up coming back with the knowledge that you need to get your business ready so that you can move on to your second business. Now, if this subject appeals to you, we've prepared a special report about the biggest mistakes that people make when launching a second business. These are important lessons because it's often the second business that trips people up. Even those who've succeeded wildly the first time out. Our special report is free. Just click on the link on today's blog at BigSuccess.com and that will take you to our email. Just type in second business report in the subject line. That's also where we have a written summary of today's show. And before we go, let's get our big quote for the day. Our quote today comes from Michael Gerber, the author who knows a lot about entrepreneurs. And he said, "The entrepreneur is our visionary, the creator in each of us. We're born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. It is developed, nurtured, and given space to flourish, or is squelched, thwarted without error stimulation and dies." Whew, you said a mouthful. So if you're getting the itch, it may be time to pursue the other business. You make it sound so appealing, Mary Lynn. Next time, we're going to talk about why women can't win. Oh, this has potential to become a very heated discussion. Well then, here's to your big success. [MUSIC] [BLANK_AUDIO]