Here are seven tips on how to spot micro businesses that make sense for you.
Tip #1: Look for businesses where the activity is enjoyable and fulfilling… for you. What can be more important than enjoying a fulfilled, satisfied life? Having multiple businesses stops us from becoming bored or burned out if each is varied and fun. A passion or interest, not the money, is always the starting point we use to find new ways to serve and earn.
Don’t get me wrong, businesses have to be profitable, but a lot of fun and a little profit is better than being miserable just for the sake of more profit. Plus the way life works when you enjoy what you do, the chances of profit are best.
Tip #2: Look for businesses that are compatible and support one another. For example, we have our self publishing business. This has always been our main source of income. Writing is a great way to earn and I love writing. Writers can work where they want, when they desire and keep the process casual. Because I like to be out of doors a lot, in the summer I often work out in the forest.
During the winter, while we are in Florida, I can still work outside at our home.
The writing business has always meshed well with our real estate business. When we find good real estate markets, we are able to invest ourselves plus conduct plus write reports and conduct real estate tours. So over the years we have invested in Swiss, London, Isle of Man, Dominican and Ecuador real estate, written reports about each and conducted real estate tours in each of these countries.
Tip #3: Look for businesses that create tax benefits. Merri and I have loved to travel all over the world. Almost of that travel has been tax deductible.
We have an orange grove in Florida. This is not a good earner right now with citrus greening but one benefit that remains is reduced property tax. The property tax on the acres we have in orange groves is hundreds of dollars instead of many thousands.
Tip #4: Look for businesses in things you know. Since I have been investing in real estate for 50 years, Merri and I are always looking at property. We have a real estate rental business with annual leases and also use airbnb to rent cabins at our farm.
We raise trout which we sell locally in North Carolina. Those cabin rentals are reinforced by our trout business (guests can fish).
Since I love to fish this is really fun and even fishing equipment I buy can be (used in the trout business) tax deductible.
Tip #6: Look for businesses that are easy.
However this micro business is also a natural. We already had a perfect creek and had added a pond.
There is a hatchery nearby where we can buy the trout small and bring them back in large aerated tanks
We dip them into the pond.
The trout weigh about a pound each when we get them.
All we have to do is feed them a bit and they grow quickly which creates the profit.
We gain similar benefits with our ginseng business which is also a natural on the farm.
The environment at our North Carolina is perfect for ginseng and goldenseal to grow.
We began in our back yard, a north facing slope with many hardwood trees.
Starting with a few seeds, the ginseng (and goldenseal) have grown naturally.
Each plant then provides a number of seeds.
Now we have ginseng all around the house and because this is the natural environment it grows without fertilizer or any real effort. Non fertilized ginseng is the most valuable type of ginseng so we get the highest price product by putting in less effort.
When we create businesses with multiple streams of income, we don’t make our luck, but put ourselves in a position that whatever happens, whenever, we have improved our odds of always having enough.
Tip #7: Start small and let everything grow naturally.
We live in an era of global structural change… in economics… in politics and society and in the way we work because technology brings us low cost administration, low cost access to data, low cost communication, and low cost travel, plus the opening of markets beyond logic that rely more on passion and experience than on efficiency and cost.
No matter your age, your health, your education, you can find something you love to do that can create an income. Even if it is small it, go try it. Learn, let the idea evolve and grow.