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Creating multiple businesses can provide a real opportunity to create wealth. One business can seem to require all of our attention; however, creating a team and a system allows someone the opportunity have multiple businesses.

It’s about finding others who are passionate about a certain business and helping them to achieve their goals. I have partnered with others by providing the initial capital and other resources to get the business going. While we are equal partners, my initial participation was to launch the business. These individuals are then running the day-to-day operations until such a time as we can hire someone to take their place.

I dedicate an hour or two a month to review and plan with my partners about ways to increase profits. My partners are not disappointed because I may have given them the idea, funded the creation of the business or hired the necessary employees.

Be careful with whom you are investing and how the company functions. I suggest using an attorney to incorporate and create a detailed operating agreement. In all the businesses, I have my accountant do all the bookkeeping and overseeing of the checking accounts. I get one simple report every month that shows the cash flow and expenses.

Take calculated risks when you’re starting a business. Understand what it takes to fully launch it and what is at stake if it doesn’t work. I generally do not dedicate more than $10,000 in starting a business, so my risks are leveraged over a greater number of them.

I had a friend who had a home-based business earning $2,000 a month. The problem was that he was working fifteen to twenty-five hours a week to do it. Today he is beginning to work fewer hours and we are making more money together. He already had a great idea. He had a great business. He just needed a system to take it to the next level.

You can also look for people who have a great idea but who haven’t started their business yet. They, more than anybody, would love to have your help so that they can get their business started. All you need to do is cover the minimal costs to get it going.

Currently, I own nine businesses, however, only personally operate two of them. As the author of a book entitled Breaking the Wealth Code, I believe it will provide you with practical strategies to create wealth in a short amount of time. It will be available in bookstores in February. However you may order a copy by visiting richnowrichforlife.com and sending an email via the contact option.

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