Why Multiple Income Streams Are Essential For Every Business In Order To Build An Empire

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Brand Voice   Forbes Monaco Staff

Why Multiple Income Streams Are Essential For Every Business In Order To Build An Empire

We often hear the saying that the average millionaire has 7 income streams, but why build multiple income streams for just yourself and not your business? Every business should have multiple incomes

streams to survive tough times for when one revenue stream is slower for certain products or services, you can still weather the struggles and outgoings and protect your company’s future. 

We sat down with Aaron Sansoni aka “ Mr. Empire”, who has built an empire spanning multiple industries with 50 investments under him and over 55 Million net worth. Currently, Aaron is the chairman of Sansoni Management overseeing two Venture Capital firms as well as his charity, the Aaron Sansoni Foundation, and Aaron Sansoni Group—his education company. Aaron brings something unique which is the fact that he has taken his experience and results such as his nomination for Australian of the Year in 2017 to selling over 45,000 copies of his best selling book “Think Like,” and used his success to help people all over the world by dedicating time to teaching others about how to build multiple businesses with multiple income streams in each business; what he calls “building an Empire”. 

Aaron’s flagship business education program is known as “Empire Mastery” and is centered on helping others build their own Empires. With his own investment interests in over 22 sectors (and growing), few are as uniquely experienced to advise individuals across a range of fields at building an empire. Since starting to educate others 16 years ago, Aaron has taught over 500,000 students from 132 countries and amassed thousands of success stories and testimonials. 

Here’s Mr. Empires' advice for those wanting to build their very own empire: 

1. Build Multiple Income Streams In Each Business 

Fail to generate profit for long enough, and your venture will go under; this is perhaps the greatest axiom of business. Business owners big and small know this to be true, so most of them invest all their resources into their main income streams, month after month, hoping that either the good times will last or the rough patch will end. In either scenario, they have no choice but to ride it out. That’s the difference between business owners and Empire Builders; while the former has built one or two wells, the latter has learned how to tap into many. 

Most business owners focus on their mainstay income streams; face-to-face sales, online sales, and maybe phone sales. This failure to think laterally stifles business growth. Learning how to expand your income streams is critical to business success and is at the core of Empire Mastery. Potential income streams are innumerable, from recurring income, royalties, arbitrage, endorsements, partnerships, wholesale, and dozens more, and can increase the net profit of every business almost instantly. 

2. Think Leverage 

You need to think about starting a business or buying one as more than just about the money you could make; businesses can create leverage. Think about what else you could do with the brand name, the data in the business, the intellectual property, the supply chain, the team, the exposure, and the partnerships established.

When getting into a business ask yourself, “what does this add to my empire now and in the future?” You’ll start to unlock the opportunities in every deal and become what Aaron likes to call a ‘short term player and a long term thinker’. Developing what he calls the ‘Empire Mindset’ will enable you to think not just big, but to think broad. 

3. Learn Deal Mastery 

The art of deal-making when partnering and buying into businesses is pivotal. From buying businesses with no cash down to pure profit partnership deals, how good you are at making deals will have a major effect on the outcome. 

If you want to be a great deal maker you need to start by understanding what drives and influences the person you’re trying to make the deal with. You can’t influence someone until you already know what influences them. You’ve also got to find out how to make the deal work for everyone because great deals can form long-term relationships. Most people see business deals as simple price negotiations, but Empire Builders learn there are literally hundreds of ways to create a deal other than the traditional ways they teach in business school. It all depends on how willing you are to learn the secrets to building your own empire.

 

The content in this article is brand produced.

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Brand Voice   Forbes Monaco Staff