Shaz discusses the importance of creating a second or additional source of income. He highlights the dangers of relying solely on one income stream, whether it be from a business or employment.

Shaz emphasises the need to diversify risk and shares the potential pitfalls of being overly reliant on one key employee or client. He then delves into the strategy of buying a business to create a second income, without using any of your own money. 

KEY TAKEAWAYS

• Relying on one source of income in a business is risky, as any disruption or loss can have a significant impact on the business's stability and profitability.
• Diversifying sources of income is important to mitigate risks and create a more stable financial situation. This can be achieved through investments, buying additional businesses, or creating passive income streams.
• When buying a business, it is possible to negotiate deferred payments with the seller, allowing you to acquire the business without using your own money upfront.
• Due diligence is crucial when buying a business to ensure that the financial and legal aspects are accurately represented and to avoid any unforeseen liabilities or costs.
• Scaling up your business by acquiring multiple businesses in the same sector can lead to increased profitability and cash flow, allowing for further expansion and financial stability.

BEST MOMENTS

"The number one in business is the most dangerous number." 

"When you have one big client or customer, then your independence is at risk." 

"Increasing the income in one business doesn't always help people create more wealth because most people spend it." 

"The answer, I believe to some extent, is to create additional sources of income." 

"You now have a business. You now need to be thinking about how do I now scale up?" 

VALUABLE RESOURCES

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Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.