OVERVIEW:
Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about how you should approach creating multiple streams of revenue to set yourself up for success as you expand your business.
EPISODE HIGHLIGHTS:
- When you're creating multiple streams of revenue, there are two important factors to consider - timing and sequencing.
- If you pursue multiple streams simultaneously, none will work.
- Avoid pulling yourself into different directions. Focus on your primary business first before trying other ventures.
- Think in a step-wise fashion to improve your odds for success.
- Be sure to have processes, systems and teams in place before expanding into new revenue streams.
- Jason references Elon Musk and how he built his companies through momentum and systemization.
- When adding new streams of revenue, add a passive stream to ensure you're not physically needed so you can concentrate on new ways to expand your business.
- Stay focused on creating a profitable and sustainable business.
- Be conscious of your energy, time and money. These are your top three personal resources.
- The average millionaire has seven streams of income, however, not all of them are active.
3 KEY POINTS:
- Creating multiple streams of revenue is a critical step in entrepreneurship. It requires energy, time and money.
- Focus on your primary business. Build it from the ground up and then invest in different streams of revenue. Find a way to systemize your streams and source passive income.
- Always think in a step-wise fashion. Strategize and use your resources wisely. Be in control of your next steps forward.
TWEETABLE QUOTES:
“Momentum is what will propel you to generating each additional stream of revenue.” - Jason Duprat
“The beauty of entrepreneurship is that everything is in your control.” - Jason Duprat
RESOURCES:
HEA Facebook Group for Digital Businesses:
https://www.facebook.com/groups/HeathcareEntrepreneurAcademy/
HEA Facebook Group for Bricks & Mortar Businesses: https://www.facebook.com/groups/HealthcareEntrepreneurAcademyBrickandMortar/
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