In the previous discussion of IDEAS TO START-UP A BUSINESS [PART – 1 ] we found out what business is, resources, and self-industrialization. This time we shall channel our own industries into monetization.
As we look at another twin brother of self-industry that is multi-industry.
Multi-industry is just a brother-to-sister self-industry. Why this definition?
Multi-industry and self-industry are both industries but in opposite direction. While the self-industry basis on a single person, the multi-industry basis on multiple people.
Let us dive into the ocean of multi-industry to cluster what entails this kind of industry.
As the name suggests, multi represents multitude therefore multi-industry is business of two or more proprietors or shareholders or managers.
Thus, it is set by people of the same or related self-industries to achieve a common vision. In this industry, those who form it already know their own industry that is what they can do, what they have to do, and others.
As the self-industry associates with sole proprietorship the multi-industry associates with a partnership. In the partnership, each industry presents its resources for consolidated production.
Each industry presents resources such as; skills, strength, machines, among others. How to start a multi-industry is a big deal but we shall conquer in a few words below.
As I told you before a multi-industry is formed… there should be two or more self-industries. Each self-industry should possess related or relevant qualities before they can merge.
If their qualities have no common direction then it is better to dissolve the union as soon as possible. There is a wisdom statement that goes
“birds of same feathers flock together”
In the same meaning, multi-industry is formed by a group of people with similar or interrelated activities, characteristics, or structures.
Each and every self-industry has its own resources and production therefore, when it merges with other self-industry they become one but something changes in their resources or productions.
A common mission and vision of two or more industries allow them to form a multi-industry business. For instance, an artistic industry that has a mission and vision in graphics qualifies to merge with the printing industry which has a mission and vision in graphics as well.
Now, the pivot is graphics though their principal activities might differ. Again, it is accentuated that a multi-industry is just like a real-life friendship in which share responsibility, coalition governance, and mutual assistance are assured.
After starting your own self-industry, search for those industries in the same directions with your own and join provided you want to move faster, expand and explore your business from a single room to many rooms
Do not forget this proper saying
“two heads are better than one”.
Sometimes, one industry cannot carry a heavy load unless it is supported by other industries that is the need to seek for multi-industry business.
This form of business can be known as amalgamated, consolidated, incorporated or fused business of inter self-industries. To sustain your self-industry, you have to seek for multi-industry business.
Let us as quickly shift to the channeling of a business into monetization.
No one is wrong to say business is about profit-making. But the reality is that business does not deal with the acquisition of money solely. It does with both acquisition and consumption of money to and fro in business.
To set your business as an income generator, you have to direct it towards where income is located attract them like a magnet and magnetic substances.
This is easily done through a study in the available markets as you produce what they want, need, wish, or like. If care is not taken, you might miss your vision therefore make sure your production is in balance with your vision and the market.
Improvement, advancement, and upgrades are the best means to strengthen your capability to earn more income as a business.
As you wish your business to reach a target income you ought to wish your business to reach a target standard.
Set a standard for your business, within which scope of qualitative and quantitative do you want the business to reach?
In terms of inputs and outputs bases. Production-wise, there more you recruit employees the more you are likely to produce. This is a proportional chart that affects your income as well.
To know in detail what and how to expand your business to attract more income either in self-industry or multi-industry, do not relax on your empty searching.
Kindly search for HOW TO GROW A BUSINESS which has two main momentums- Expansion and Presentation. This article will really teach you how to go about it.
You can also search for other related articles from the author on www.twenevetor.com