It was during a back-to-back deskside media tour here in NYC smack in the middle of an epic snowstorm, as we rushed to appointments with top tier publishers of magazines like People, Elle, Fitness, Glamour, Cosmopolitan and Women’s Health magazines that Ottmar, one of my all-time favorite clients, told me “I think you should start figuring out how to make money while you sleep.” He claimed that was the smartest advice he ever got from his father.
It sounds so easy, doesn’t it? Sure, just make some money while you sleep, you know, sell something on line or invest in the right stocks and bonds or braver yet, try to run more than one business at a time. Hah! fancy me, a serial entrepreneur.
Before you even start thinking about starting a new business, your own company or a second brand, understand that there are some right (read: smart) and wrong ways to expand your entrepreneurial profile.
I was interviewed for the May issue of Inc. Magazine about how to start up and manage more than one business at a time. I learned an awful lot about what not to do and finally figured out how to grow faster and easier. If you are running off on your second venture take a moment to read some wise advice here, Just Because Elon Musk Is Doing It All, It Doesn’t Mean That You Should Too.
The takeaway – do what you know, expand on your strengths and don’t try to make money in an industry that you know nothing about.