NEVER MARRY FOUR WIVES AT ONCE

Mr. Reiro registered his company with J&J Consultancy limited in 2018, venturing into many services.

He registered his company as an investment company and was doing electricals, groceries, and baking. When his wife Monica wanted to start a school, the school would also use the same company.

All four enterprises were opened simultaneously since he had money from the sale of his house. Once the businesses were up and running, Mr. Reiro realized that he was losing his working capital daily. Each business was demanding his time and money, and 3 of the 4 entities were losing money.

Electricals were doing well because Mr. Reiro had knowledge of the industry since he had previously worked there. Nothing seemed to work for him until he was referred to me by his friends.

When l asked him how he registered his company, he told me that he registered an investment company since he wanted to venture into many services to spread risk.

He thought registering several companies would help him spread risk. As l was listening to him, l noticed the problem was with the consultant, who did not advise him accordingly.

Most clients are more interested in the price of registering the company, not the cost associated with wrong or no advice. But that is a story of another day.

I advised him that starting four business ventures simultaneously was like marrying four wives at once when you do not even have previous experience handling relationships; this was treasonous.

Even those in polygamy wait until a certain period has lapsed to marry another wife. Even those who have 50 or 80 wives did not start with four at the same time. Business is like a wife; it demands time and attention.

His businesses suffered from divided attention, and he had also engaged in businesses he did not understand. It was like marrying two wives he was referred to by friends in a bar; it won’t work.

He asked me what he should do, l told him to shut down three of his companies and focus on one business he had more knowledge about, and things started working well for him and his family.

You should avoid making mistakes of venturing into many companies simultaneously. Starting a business requires more attention and care, like a newborn baby. It is ideal for you to expand when the business has now grown to exist on itself.

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