1 or 2 Business's?


#1

Fellow entrepreneurs, I would like some feedback from you:

I have 2 niches that I am working on. My main business is centered around my expertise and involves a lot more work and time out into it. My 2nd Business- i am well versed in but mostly plan on outsourcing so it can free up my time. My 1st Business is a lot more time-intensive (right now at least) and the money will likely accrue over time. Ny 2nd business is not as time-intensive since im outsourcing it but will involve time for sales calls. I would like to do both- at the same time but i often hear some experts say to work on one thing at a time.

Has anyone ever worked on 2 businesses at once?


#2

Yes, I have done so in the past and am also doing this right now.


#3

Yes, me.

Your businesses sound similar to mine. Unfortunately, my two businesses have all been hit hard by COVID-19, so they are struggling a lot at the moment.

I’m building a third business at the moment that is a better fit for such times.


#4

How has your experience been? Have you been able to succeed in both? My motto is- if one person has done it, it proves the rule can be broken :smiley:


#5

I would just say that when both of my businesses reached the stage of starting to become profitable at the beginning of the year, they were hit hard by this crisis and have gone back to the days of struggling for the next customer or client.

But well, right now all I can do is to adapt to the market and produce something based on my skillsets and what the market requires at the moment.


#6

Firstly, understand that these “experts” are generally talking to newbies so the idea of focusing on one thing at a time is reasonable so its basically more of a suggestion than a cast iron rule.

Secondly, after rereading your question it appears that you are selling time for money which is really the same as having a job, the only difference being with one employer for 40 hours a week, every week as opposed to you with a number of employers having a call on your hours worked. Consider this, do you work in the business or on it? (If I am wrong here feel free to correct me)

Thirdly, getting back to the “experts”, are they REALLY experts or merely making a living off selling advice and motivation?

To get back to running more than on business at once, can it be done, yes but consider the likely hood of having no friends or social life but the same is equally true if it were only one business


#7

Well, not quite. My first and main Business will require a lot of time upfront but less over time as I built in processes and systems. My 2nd business will also require some work upfront but will be a lot less intensive since VA’s will be doing most of the work. With both Business’s- I will be doing the sales calls which can also take up time until I hire others to do the calls for me which will happen over time. So, yes it will require time upfront but it’s deigned to be a lot less time once I have systems in place (we’re talking a 10 hours a week).

The advice of doing 1 Business at a time seems to be common among people in the Business world. I’ve personally owned business’s in the past but never more than 1 at a time so I wouldn’t know. As for them being experts, I would challenge your assumption on that. I used to think that anyone giving “self help” advice was not legitimate but they are essentially experts at giving advice and they have a Business around it that’s just like any other Business. Therapists also listen and uncover blocks when working with clients but we seem to think they are legitimate because they have some letters after their name and spent a few years in college when in reality, the outcome of giving advice or therapy is just like any other Business- if it gives the clients results, it shouldn’t be treated differently than any other industry.

I super appreciate your feedback on this. It looks like i’ll be spending a lot of time not socializing but its a perfect time to focus right now!