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I came across this brilliant statement and I quote:
You see other people making a lot of money doing something. You think you will do that and make a lot of money like them. You take a high risk to do that. You stop doing what generates profit consistently. Now you rely on that and don't have any other sources of income. If that becomes a failure, you will lose a lot. You should not stop doing something that's already successful and you are making money consistently.
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This is the problem most people face when it comes to doing business. They leave what's working for them to dabble in uncertainty which they end up losing money over. I want to believe that business isn't for everyone. The first thing to be done is to find what works for you. Most people are not business savvy. Some people thrive better when they work for others while some double their money better when they invest in other people's businesses rather than running one for themselves but you would see everyone wanting the CEO tag and they embark on what they have no idea about.
Another class of people are those who know that business is for them and they have painstakingly gone through several processes to grow their business and they have achieved that. They have what's working for them and it's giving them the returns that they need but due to greed and lack of patience, they move into another phase of business while stopping what used to work for them. They call it growth and I call it foolishness.
I am not against those who want to expand or grow another line of business but I am against those who close down what's working for them to start chasing after uncertainty. You can grow both businesses if you have the capacity for it and if you can't grow both at once, that's a huge indication for you that you haven't built the capacity yet and the resources to thrive both at the same time isn't there. It calls for patience but most people would rather leave what's working for them to start chasing the wind.
Every business would go through a phase where things would slow down a bit. Most people don't have the patience to navigate that season of life and would rather leave a market they know, the customers they know to start building on something else rather than build another aspect of the business on the sideline and a low scale first. Once one thing has hit a snag for a time frame, they jump ship into another line of business they feel is making the waves at that time forgetting that every business has its season.
Consistency is important in growing your business and most people don't study the market before going into a particular line of business. They noticed the textile industry is moving, they jump on it and the next minute they noticed the food business is thriving, they hop on it. A lot of people wonder why they keep losing money without understanding that jumping from one line of business to another instead of creating a niche for themselves is what's ruining them.
This is why it's okay to be convinced about a particular line of business before dabbing into it. Draw up a 5 year plan that you would stick to and the first year is always the hardest because you are just getting introduced to the market. It would take a while before you gain the trust of others from what they have been used to, to convince them to pick you over that. Once that trust has been built through good service delivery and consistency, leverage on the goodwill to introduce other things you want to go into but never stop that which is working for you and making the money for you. Leaving it would be detrimental to your growth as a person and your business.
Imagine selling clothes today and you have been known for it. You completely closed that out due to one issue or the other and you confused your customers by going into drycleaning. No one wants to associate with someone who doesn't have a clear direction. You can be selling the clothes and have a dry cleaning service on the sideline to introduce them to when they come around. You can have the same customers for both or different customers for both but never leave what's working for you or what you have been known with for something yet untested.
Cheers.
Gingered Up! ❣️