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In Business You Should Never Put Your Eggs in One Basket

October 26, 2018 Comments Off on In Business You Should Never Put Your Eggs in One Basket

This is the best business advice that I could ever give anyone. You always need to spread your eggs around and never have them in one basket and especially not someone else’s basket. This is because in business and in life you never ever know what might happen next.

A good friend of mine owned a nice little shop in town which sold computer equipment and software. He made a good living from the shop and it was well known in town. Soon the shop next door to him became available for sale so he bought it and expanded and started selling video games too. This was great for him as they were really related products and he was making a lot more sales.

He was raking it in and started considering opening another shop across town where he could sell laptops. He eventually found a decent shop where he could expand his empire however on the same day just by coincidence the shop next door to him on the other side was put up for sale. It had been a struggling music shop and would be the perfect size for a dedicated computer store.

My friend thought having 3 types of computing shops next to each other would be perfect and bring in a massive amount of business and he was right. He was making a crazy amount of money for a long time and he put his plans to expand on the other side of town on hold.

This lasted for a year till one day the council received planning permission to turn the whole block that my friends shops were on into giant hotel and casino. Some rich tycoon had bought it all and wanted to convert it. There was literally nothing my friend could do. He didn’t own the shops outright just yet as he was still paying them off so he had no choice but to pack up and his empire was literally gone just like that.

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