Reasons to have multiple businesses

[Suba]

Personally, of course people will have different reasons for having multiple businesses, but in general it is to diversify their businesses, so that if there is one business that is less profitable it will immediately be covered by another business.

 

[eLdavis]

Personally, of course people will have different reasons for having multiple businesses, but in general it is to diversify their businesses, so that if there is one business that is less profitable it will immediately be covered by another business.

This is the simply truth. It is a lot easier and safer to have multiple sources of income. This would help increase how much more money comes in.

 

[pinway]

That's right the COVID period taught a lot of people this lesson. Most of them who had a single source of income had to start from the beginning again after the lockdown.

Some businesses that closed down during pandemic were not able to recover and they permanently closed. Most of these are service establishments like salon, spas, and some eateries.

 

[Augusta]

Different sources of income
you wouldn't lack money easily
you stay busy and mentally alert
You don't fear about job loss

 

[Kera]

Having multiple businesses would really help to secure your financial life as long as they are thriving.

 

[Kross]

Even if one wants to branch out their existing business into other stratas, it is still okay as long as the money comes from different directions.