918. Seizing The Perfect Business Moment To Start Your Next Business Venture
The Kelly Roach Show
Kelly Roach
4.9 • 964 Ratings
🗓️ 29 May 2023
⏱️ 19 minutes
🧾️ Download transcript
Summary
In this episode of The Kelly Roach Show, Kelly determines the opportune business moment to embark on a new business or venture.
Effectively managing multiple businesses requires a strategic approach that involves seizing industry opportunities, ensuring a stable cash flow, and embodying reliable leadership. It's crucial to avoid solely relying on personal involvement when starting a business and instead concentrate on aligning your business with your existing audience and using your industry knowledge. While success takes time, building a strong foundation is essential.
Also in this episode:
- Systems and predictability in your business
- Why you should look for an industry with a natural overlap
- The downside of doing it the right way
- Do not start a new business because you're struggling
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Transcript
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| 0:00.0 | Welcome to the Kelly Roach Show, the place for no fluff easy to implement 20 minute or |
| 0:10.8 | less business and leadership lessons to help you build a sustainable business that scales. |
| 0:17.6 | Lead with integrity and create a lasting legacy. |
| 0:21.6 | I'm Kelly Roach, former NFL cheerleader and Fortune 500 executive turned 8 figure entrepreneur. |
| 0:28.1 | Let's get started. |
| 0:30.0 | Welcome back. |
| 0:30.8 | This is an Ask Kelly episode of the Kelly Roach Show and I'm so happy to be here with you. |
| 0:35.8 | I have gotten several questions from you all recently about how to know when it's time to |
| 0:42.2 | start a new business, when it's time to start a new line of business. |
| 0:46.9 | How to know whether you have hit the law of diminishing return in your current primary business, |
| 0:53.5 | and if it makes sense to start something new. |
| 0:56.4 | I'm going to share with you today six key criteria that you should really think deeply about |
| 1:02.8 | if you're considering adding a new line of business or opening up a new secondary or third company. |
| 1:10.7 | Most of you know this, but I have five companies currently. |
| 1:14.6 | I have open companies and I have closed one of my companies. |
| 1:18.4 | I have expanded my companies and I've acquired a company so I'm able to share with you |
| 1:24.5 | from several different perspectives, the pros and cons and the things to really think about in |
| 1:29.4 | this realm. |
| 1:30.4 | So, the first thing that I really want you to think about if you're considering starting something new |
| 1:35.6 | is the cash confidence and the stability of your sales system in your primary business. |
| 1:43.5 | A lot of people think, oh, I'm struggling with sales over here. |
| 1:47.6 | Let me go start this other business over here because we need to generate more cash and this |
... |
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