Want to learn more on how to expand your professional portfolio and open the door to more opportunities? Here are some helpful tips for diversifying your business as an entrepreneur.
Diversification is essential for long-term success because it helps you handle the ebbs and flows of the business cycle. I experienced the brunt force of the downturn in 2008 as an owner of Big Sky Enterprises, a construction company, which was my only business at the time. Between 2008-2009, we went an entire year with ZERO revenue! Even worse, we weren’t prepared for it with sufficient savings.
We were one month away from bankruptcy until we landed two shovel-ready projects out of nowhere. PTL! What a lesson this experience taught me.
Fast forward to 2016; Big Sky was doing well. I was saving more, investing more in the market, and opening up other companies, some of which I closed because they didn’t deliver the ROI for the time required. Then I started a company in the logistics industry, Global Post Auditing Solutions, with my brother and a friend of ours. Our partner was an expert in the space of post-auditing freight payments but never owned a business.
It was the perfect match for all parties involved.
I was able to live off of Big Sky while reinvesting into Global. This allowed us to build the Global team, which I knew would pay dividends in the long term. Each year our revenues increased, and in the third year, we were starting to reap the rewards of our investment.
Then entered Covid, and companies were divided into essential and non-essential. Big Sky was impacted once again because we had multiple non-essential projects. But the good news for us this time around was that Global was experiencing its best year to date, which allowed me to shift my income to Global and not Big Sky to keep our team intact. This example is why diversification is critical.
My newest venture, MikeRegina.io, which I started a few years ago, allows me to diversify my portfolio once again. Another industry. Virtual. In-person. Digital products.
The opportunities are endless. How are you going to diversify your portfolio today?
Now, Go Forth and Conquer!