The world today is far different than just a few years ago. Pandemic aside, the rapid changes occurring on a global basis are incredible. For many, the onset of the global pandemic led to disaster, failing businesses, and struggling to find a way forward. Yet, for other companies, and entrepreneurs, weathering this storm isn’t as challenging. That’s because they have multiple revenue streams, diversified enough to withstand virtually most types of ups and downs. Series entrepreneur Jonte Wells has worked hard to develop a path that enables him to not just withstand these challenges but to help others do the same.
The Value of Multiple Revenue Streams
Jonte has built several successful companies throughout his career. That includes Greater Purpose Athletics and Greater Purpose Management, the two focuses of his time now. Both revenue streams create opportunities to support each other and enable Jonte to build his success.
Why is this valuable, to have two revenue streams or more? There are several reasons. Jonte states, “I started in the inner city of Chicago with few opportunities to build success. I didn’t have access to supports facilities to support my growth. I knew then that I wanted to do more than just play basketball. I wanted to achieve success as an entrepreneur and then bring that success back to my community to support others.”
Having more than one revenue stream enables that type of aspiration to be possible. The pandemic may cause some businesses to struggle, such as how the restaurant industry was hit hard without access to customers during the pandemic. Yet, for grocers, it was a gold mine, as it was for those able to provide a digital service to their customers.
The same applies to young athletes who want to do well. “You can and should focus on building your skills on the court, but you also have to work on brand management on the side – because that’s going to help you to build more than one way to earn money.”
He continues, “What we are doing with Greater Purpose Management is providing those young superstars with the insights and support they need early on, the services I didn’t have so that they have a better chance of long-term success and growth.”
Jonte, known for his basketball career, and both Greater Purpose Athletics and Greater Purpose Management, is also in real estate. He’s created a successful portfolio of numerous properties and flips houses year-round. In addition to this, he also launched Sugaring NYC, an organic waxing studio.
It is the combination of each of these businesses that have allowed him to build a wealthy empire. Now, he’s empowered by being able to focus on helping others. That’s just what he is doing for athletes looking for a way into this industry.
What’s Holding Back Today’s Entrepreneurs?
Those who wish to open a business face more obstacles today than ever before. They are facing complications related to the pandemic itself, such as fewer routes into traditional business positions. For some, the cost of living and expenses of day-to-day life limit the reach of a potential entrepreneur. Even in a modern world, a person living in inner-city Chicago will find it challenging to find a way out, a way to build on an idea or skill that has true profitability.
With those barriers come others – the lack of access to support systems and mentorships being one. Without direction and support, it becomes difficult for any individual, regardless of where they live, to have a way forward.
Supporting the Young Business Owner
For Jonte Wells, the focus isn’t just on any person who wishes to build a business, but on the young athletes in inner-city Chicago and elsewhere that have skills and talent that they are not able to fully utilize to get them into a stronger future. For example, Jonte himself began his path towards serial entrepreneurship as a young athlete. He didn’t have access to a sports facility or a mentor to help him to get out onto the court and build up skill – and gain recognition for it. Today, he’s known as “the basketball guy” when he visits his clients, all of whom are young athletes who want to build a career in sports or fitness. These individuals come from some of the most challenging backgrounds, but they have skill, inspiration, and talent. His goal is to provide them with a way forward.
The Creation of Greater Purpose Management Hones in On Providing Opportunities
Jonte’s latest business is Greater Purpose Management. It’s designed to support those who need it the most in a positive and motivating manner. It’s not simply about finding a way into the sports world through the NCAA or professional basketball, though. He works directly with young athletes to help them to find their passion and builds their skills to build a brand and image from that point.
He says, “We work with athletes to ensure their on-court performance is the best. Then, we give them the ability to brand themselves so they can not only succeed on the court but also in numerous opportunities off the court.” Having multiple streams of revenue enables these individuals to gain confidence no matter what happens in their future.
He says, “We are very hands-on in our talent management. We treat each person like family, not just at the gym. We support them with what they need from athlete management services to working as a marketing agency to help them to build themselves on social media and digitally, creating opportunities for their future.”
Jonte didn’t have a simple path towards success as a young athlete trying to make his way in Chicago. Yet, he has worked hard to build a business model that provides numerous revenue streams for him, allowing him to not only find success for himself but to be able to give back to the community as well.
Speaking of Greater Purpose Management, Jonte says, “We make sure you’re educated regarding your financial assets, legal rights, and post-career options. We empower you with that knowledge to achieve multiple revenue streams, creating opportunities for your future long after you leave the court.”
Want to Learn More?
The Perfect Investment: RAD Diversified and Income-Producing Farms
Amidst the global lockdown of 2020, Dutch Mendenhall, founder of RADD America, began looking for an alternative to standard residential real-estate investments. So, he turned his analysis to farms and was blown away by the immense potential he saw. After going public in late 2019, RADD America purchased US farmland and made slices of the real estate available at minimum investments of $10,000.
Income-producing farms vs. other real estate asset classes
According to Mendenhall, an apartment complex in today’s US real estate market commands approximately a 4% or 5% cap rate. Farms offer somewhere around a 15% to 20% cap rate.
“When I first began looking at investing in farms, I compared each acre to an apartment or housing unit,” Mendenhall recalls. “The variety that income-producing farms provide is what I really love about them as an opportunity. With one season producing wheat and corn the next, you can double tap — you can raise livestock on top of agriculture. Putting money into the farm only pays off in time. Everything from improving soil to increasing irrigation makes a major impact on potential income, and so much of America’s farmland has fallen into disrepair during the last 20 years.”
When Mendenhall began investing during the early days of the pandemic, sustainable acres of producing farmland sold anywhere from $3,500 to $5,000. Today, he finds that income-producing acres of farmland easily sell for $9,500 to $10,000.
“I’ve seen farmland values almost double during the last couple of years,” Mendenhall says. “Currently, we’re in Tennessee, Arkansas, and Idaho, but we are analyzing land all over America. What reports don’t show is the difference between a properly maintained acre of farmland and an acre that is in disarray. There’s only so much workable farmland on the market today. We’ve hit the tipping point, and now, there’s a scarcity of land for people to buy. If you have the opportunity to purchase amazing agricultural land, you have to pull the trigger quickly.”
Income-producing farms as an asset class
Mendenhall is no stranger to investors. Since 2006, he’s connected them to deals in short sales, wholesaling, residential properties, and storage units, though he admits that every asset class has caused the same excitement as farmland. “At this point, we can’t find enough bargains for our investors,” he says. “They take real pride in their investments and keep asking us for more.”
RADD America takes a true grassroots approach when connecting its investors to farmland. “The farming world is different from any other in real estate,” explains Mendenhall. “We start by having our acquisitions and agricultural teams meet with farmers. When we get ready to brand cattle or plant, all the local farmers come and help. In the same spirit, our teams go out and help the local farmers when it’s their turn to brand and plant. To do it right, you have to build a relationship and a connection that’s quite different than other types of investing.”
RADD America is composed of expert investors and expert farmers. The company offers its investments through fractionalized ownership. In other words, the company purchases one farm and then allows a joint pool of investors to own it together.
“If you don’t have a team that knows how to farm and maximize income, you’re not going to get the best possible return for investors,” warns Mendenhall. “Thankfully, our team isn’t so big for this type of investing that we forget who we are, and we have the economy to scale at a great pace.”
The impact of global competition on income-producing farm investments
RADD America closely monitors global trends. In Mendenhall’s experience, investors win when they move before the market. However, when they move after the market, they lose.
“When Russian first invaded and sparked its war with Ukraine, for example, we kept a close eye on its global impact,” he says. “As one of the largest producers of wheat in the world, we knew that Ukraine — now in the midst of a war — wasn’t going to be able to produce wheat at the same scale, so someone else needs to step in and fill the gap. We’re constantly monitoring what’s happening in the world to stay on top of evolving trends.”
In terms of global competition, Mendenhall is frustrated by foreign entities staking ownership of American farmland and agriculture. In this area, China has positioned itself as the number one threat to the sovereignty of the United States.
“When foreign powers have ownership of agricultural land in the US, it puts us all at risk as Americans,” remarks Mendenhall. “Over the past few years, we’ve seen soil quality erode, closures of meatpacking plants, and numerous fires. The likelihood of nuclear war in this age is very small. The quiet war of buying American agriculture and unsettling the American dollar is the threat we face today.”
Clearly, RADD America has a lot to pay attention to at home and abroad. “We’re monitoring weather patterns and making one-year, three-year, and five-year predictions,” Mendenhall explains. “We’re also paying close attention to interest rates to see where this shifting economy is headed. The up-and-down cycles are faster than they’ve ever been. Monitoring the industry is critical. With expert investors and agricultural specialists from RADD America on your team, farmland can be one of your most promising and rewarding investment opportunities.”
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