The Business Mindset: Don’t Put All Your Profit Eggs In One Basket
I know I may have said this before, but it bears repeating. Be open to multiple streams of income and multiple businesses that fit your overall business goals.
You don’t have to put all your profit eggs in one basket. Part of having a business mindset is knowing that you can’t depend on one income stream. For better stability, you need to have several … for as one goes soft, the others will sustain you.
This can mean having several products and services … but it can also mean having several busiensses. Do not be afraid to branch out with a new business or revenue model. The key to being succesful is the ability to adapt to a growing and changing market.
ACTION STEP:
How can you create multiple baskets for you to put your profit eggs in? Are there more related … or even unrelated … products and services you can offer? Is there a new revenue model you can try out? What about an adjunct business you can add to your income mix?
i’m a sudent, and i’m doing a topic which relevant to this topic.i wanna know more clearly about this saying “Don’t put all eggs in one basket”. can somebody give me an example to show off this saying?Thanks very much.
In the context of business, that would be having only one product or product line. If all you sell is one widget and that widget falls out of favor, you can go out of business. This has happened countless times throughout history (although examples elude me at present).