Writer and entrepreneur Dave Schools has revealed the rules of doing business of a millionaire who operates 10 businesses while sailing around the world with his family. His businesses include a skateboard and BMX shop, a consulting practice, a network of pawnshops, a musical instruments shop, an Internet sales business, a real estate development and management firm, a marine products online store, a firearms shop, a standup paddleboards shop, and a visual displays store. Here are the basic business ideas that he shared with Dave.
Multiple Sources of Income
“If I had only one of my 10 businesses, everything would not have looked so impressive. I would have a simple life, I would earn as much as I would have enough to feed a small family, and no more. Stable income — although small and not allowing to lead a luxurious life, but quite sufficient. This is also a good option for life, and it is very simple.
All young startuppers dream of making a lot of money, being at the top and being known by everyone. Only a few people know about my companies. However, they are focused on a specific customer who is offered quality service over and over again.
Lead several small, profitable and original enterprises in your niche and get a multi-million dollar diversified a portfolio.”
“If possible, do business alone. The more partners you have, the more you have to share, defend your point of view, and make efforts to follow the plan. Business partnerships are too important these days. You’d better learn how to do everything by yourself, look for a new niche in which you can develop further, and hire the right people.”
Be Careful When Hiring
My employees are transferable between business lines. Each employee is multi-skilled. The girl behind the counter is doing social media marketing online in between customers checking out.
Each business has a manager with a bank card. Each manager is trained in the same principles of the ISO 9000 and is given full control of their business. Through a tight incentive plan, I make sure that if the business does well, they do well. If they want to order the hottest, new products to sell in their shop, they have to sell enough to fill up the bank account, to purchase the inventory.
I look for people who are independent and responsible, who take complete ownership of their business. This allows me to travel the way I do, because I know my employees are working hard for themselves.
Oh, and we have parties OFTEN. We casually share ideas about what marketing tactics are working in one business that may work in another, we have performance awards, and we do fun things together.
Explore the Market
“My whole business is focused on local consumers. No megalopolises like San Francisco, Paris or New York. According to my observations, small markets are 2-3 years behind large ones. Everything that is already sold in large cities has not yet reached smaller cities. But wait a couple of years, and your goods will be snapped up like hot cakes there. Your task is to understand what the market needs, and then to open a store and start selling this product.”
What is a Successful Business?
“All my companies share a common goal, it is simple: To provide customers with quality products, quality service and additional services. Running a successful business does not mean changing the world. This means meeting the demand criteria (no matter how much) and regularly delivering the goods. Sell something. If this is a product, then let it be a quality product at an affordable price, which, on the one hand, will suit the buyer, and, on the other hand, help your business develop further. If this is a service, then you should be well versed in what you provide; it must be something new and unique — at least in your market.”