When I began establishing my online businesses, I made the right decision to not stick with only one business, but to create and invest into multiple types of businesses. I am hearing from other business owners regarding the ongoing challenges they are struggling with to keep their businesses going during rough times. Businesses affected in recent times include Asian restaurant businesses, Chinatowns, grocery stores, hair and nail salons, massage parlors, fitness gyms, and more. This is not good news for small local businesses or any businesses that rely on customer services or physical store presence.
Running a business to stay profitable is hard enough, but keeping the business alive and preventing bankruptcy is another goal for business owners. This is why I select automation, minimize overhead costs, and online businesses that will allow me to flexibly work remotely. I do not want to be stuck inside the job everyday. I would rather aim for businesses that can market and sell, even when I am not physically working on them.
Currently, I am grateful that I do not just sell fashion accessories or physical products. My online grocery business is doing well because people are still buying organic food products, Non-GMOs, vegan/vegetarian, gluten-free, and similar items. I think people need to expand their opportunities by diversifying their types of businesses. There are many business avenues that they haven’t explored yet. Yes, while I am dealing with FOREX/foreign exchange currencies, I also do have my eyes on banking interest rates, the real estate markets, and some digital/crypto currencies. You will eventually find out what kind of investor that you will become.
What I am saying is do not limit your options or strategies. For example, if you started five business and three of them failed, at least two of them are still moving. If I created ten businesses and five of them failed, then at least half of them are still driving. Failure is not an option. It’s ok to fail because you will learn greater from those experiences. Just remember that you do have other options if anything should fail in life.