E-Source Says
Portfolio Diversification
What is portfolio diversification and why does it matter?
Diversify your income and discover financial freedom! A successful business owner turned to career coaching with The Entrepreneur’s Source® to explore an alternative investment opportunity.
As a small-business owner dedicated to helping other entrepreneurs meet their retirement goals, a recent TES client understands the value of business ownership. In his current role, he helps entrepreneurs determine the right time to sell and what steps to take for a successful transaction. He specializes in keeping clients up to date on the mergers and acquisitions market. After getting his feet wet as an entrepreneur, he wanted to launch a second venture to diversify his portfolio and grow his wealth.
“I knew I didn’t want to leave my day job, but I thought it would be pretty cool to have a side gig going as an investor,” he said.
Carolyn Tormey, a Career Ownership Coach™ for TES, connected with her latest client after helping his father explore new opportunities. TES uses an education-based approach to guide people as they explore their options, possibilities, and dreams. Tormey started by helping him define his Income, Lifestyle, Wealth, and Equity™ goals to determine if adding another business to his plate would accomplish his vision.
“My client’s general business experience and sales and networking ability are transferable skills that can be applied to business ownership. It was important that the business would align with his interests. It had to resonate with him,” Tormey said.
New Business Model an Ideal Fit
Initially, her client searched for a business opportunity that was portable or virtual. His partner is a traveling nurse, and the pair spend a great deal of time on the road. He also wanted a business that would provide value to his customers and help people improve their lives, but he knew he didn’t have time to manage day-to-day operations. During the exploration process, he learned it was possible to open a retail establishment as an investment.
NaturalLife takes a holistic approach to health and wellness. The company provides opportunities in the new and dynamic marketplace of all-natural wellness products, including CBD, kratom, and kava. As part of its business model, Natural Life allows entrepreneurs to own a business and leave the management of their location to the corporate team.
“The managed services business model is a unique franchise opportunity that is growing in popularity,” Tormey said. “As part of this model, owners pay a fee for the corporate entity to run the business. I’ve seen a lot of growth and interest in that type of ownership in recent years.”
Natural Life appealed to her client because of its business model and its all-in-one, holistic approach to health management. He admired the company’s transparency and leadership. As more states begin to legalize cannabis, the new market is rapidly expanding. The cannabis market is forecast to reach $83 billion by 2027.
“Natural Life has a high customer retention rate because of the coaching expertise it provides its store employees, who serve as trusted advisors to each location’s clientele,” he said.
His location in Boston, Massachusetts, plans to open its doors by June. He is currently exploring real estate options and gearing up to attend training at the company’s corporate office in Tallahassee, Florida.
Coaching Paves Path Forward
Tormey started her own future as a Career Ownership Coach™ 11 years ago, after taking a break from the workforce to devote her time to family in Connecticut. She was ready to resume her career but was reluctant to take a new corporate role with long hours and a lack of flexibility. Coaching at TES allowed her to use her mentoring and business skills from a home office.
“Coaching allows me to have flexibility, and manage my own hours,” Tormey said. “At the same time, it’s a professional business that helps other people. Coaching really resonates with me. I match people with business possibilities suitable for them.”
Learn More
If you want to reclaim your future as a coach or pursue an opportunity as an entrepreneur, connect with a coach or visit www.entrepreneurssource.com to learn more. To learn more about the benefits of entrepreneurship, check out our guidebook, “Your Career Revolution: Reimagine and Reclaim The Life of Your Dreams.”