As a business owner, you might get the majority of your wealth from running the business as is, but it doesn’t always have to be that way. If you have managed to find some business success, then you will find that can just as much of an asset to your career as anything else. Here are a few opportunities you can spring into from that success.
Write books about it
If you have developed plenty of insight and expertise that others haven’t, then it’s a good idea to put it into words for a couple of reasons. For one, if you don’t use it, you can lose it. Otherwise, however, writers like Fabrizio Van Marciano can show you where you can sell that eBook to turn it into another revenue stream. There are also those entrepreneurs that offer free eBooks that act as conversion funnels for some of the other opportunities we’re going to look at.
Start selling your expertise
Rather than simply selling your expertise on pages, you can help to deliver it to other business owners in person. If you have a method that truly works, you can make a lot of money teaching it to others in a course, just look at Kevin David net worth to see an example of that. Turning your experiences into a course does mean narrowing down a method that will be near-universal or at least broad enough in its practicality that plenty of others can make use of it, as well.
Perhaps you don’t have a methodology or a set discipline that can be easily taught in a course. Perhaps, instead, you simply have a great insight or a sense for a particular part of the business that you can use to pinpoint the causes of issues in other businesses and to recommend the solutions. If that’s the case, then a career as a consultant could be the next step for you. This usually means having expertise in a particular field of business and using it as a lens to help other businesses improve their operations, branding, or other processes.
Use your expertise in other businesses
If you don’t like the idea of work as a consultant working with other business owners, then you might instead want to look at making your money do the work. Some of the most famous entrepreneurs such as Warren Buffet made their wealth by investing in companies, then taking a personal interest in the company, transforming it with their expertise to help the company thrive, which also translated directly into profits for them. This is, of course, a riskier way to make money since you’re putting your own money on the line, but the rewards are also significantly greater.
Your business model might be under threat in the post-COVID world due to any number of changes we’ve seen over the past couple of years. As such, it’s always a good idea to identify the opportunities that can help you shift into the next stage of your career.