Now, when I hear the word diversify, I think mutual funds. I don’t know if there is any other word used so much as diversify in their industry. Diversification is a result of the old saying: “Don’t put all your eggs in one basket.” Now, where might you ask, does diversification fit into business opportunities.
Diversifying your portfolio of businesses, income properties, and websites helps you in a few ways. Some examples are:
- Protection from changing trends
If all your rental properties are located in a town whose workforce depends on a particular industry (for example lumber) and suddenly the demand for that product drops, people may lose jobs and move out of the area. This recently happened to a friend in …
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