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Have you been considering starting a second business? This video is for you!
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If you’re in the Multiply stage of the 3 M Framework (Make, Manage, Multiply), then it’s time for you to consider acquiring or starting a new business. What you need to do now is figure out what that business should be. People often jump on the first opportunity that comes up, but DON’T DO THAT! Instead, follow these steps to be sure you’re making the right decision:
1. Ask yourself if this business is worth your time. It will take a lot of time, especially at the beginning, so know that you’ll have less time for your current business and judge accordingly.
2. Evaluate if this new business will amplify your existing business.
3. Find an operator for this business. If you hire from the top down then you’re saving yourself a lot of work; the new operator will do the rest of the hiring for you. There are 2 kinds of operators: organization-driven operators and sales-driven operators. Since you’re building something new, you want a sales-driven operator.
4. Accept that if you can’t focus huge amounts of your time and energy on growing this new business right off the bat, then you’re not ready to start it.
Starting a new business is a great opportunity and is a part of the 3 M Framework for a reason. So, now that you know if it’s the right step for you or not, roll up your sleeves and get to work!