I know it says in every book I read or every website I go to that you should not start 2 businesses at the same time. You should focus on one so that you can pay your full attention to that one business and put all your energy in to it. Taking on two businesses at once, especially when it's the beginning for both of them, can be very risky and often lead to failure. I think I'm in a different situation though and would like some feedback.
As some of you already know, I just started a an Invention Company. My partner and I have many ideas for products and we have already started with the easiest one, which also happens to be the one I've been dying to get started on for years. It's something that will be very useful in my current field (painting). We already have a prototype, logo for the produce, packaging ideas, manufacturers in place and spoken to patent lawyers. We are also currently building a small website for the product.
The one problem is that once I get the drawings and the prototype to the manufacturer, there's a long waiting period before anything else gets done. We do have other ideas we can get started on. We can start building prototypes (we actually have 2 more built) and we can start working on packaging, logos and websites for those products. But from what I hear, the manufacturing process can take several months.
In the meantime, we have an idea for something else. Something I think can turn out to be pretty big but I think the timing will be critical. It's a website that sells a product (not one we invented), but it would have to be ready by at least spring of next year. Any later and it might not work. There are websites out there but we know we can do it much bigger and much better. These other sites don't even compare to what we plan on doing and we can't find any sites that are similar. It would probably take us about a month or two of hard work to gather all the info we need to get working on the site then the rest will be putting it all together and marketing. I would say the whole process might take 4 or 5 months.
Like I said before, I know it's very risky to start two businesses simultaneously, but does anyone think this situation is different? Should I take the risk or should I stick with my one project that I already started? Any feedback would help. Thanks.
P.S.- For anyone interested, I will soon start a thread for my Journey through the invention process. I will update it as often as possible since it is such a long process. :fastlane:
As some of you already know, I just started a an Invention Company. My partner and I have many ideas for products and we have already started with the easiest one, which also happens to be the one I've been dying to get started on for years. It's something that will be very useful in my current field (painting). We already have a prototype, logo for the produce, packaging ideas, manufacturers in place and spoken to patent lawyers. We are also currently building a small website for the product.
The one problem is that once I get the drawings and the prototype to the manufacturer, there's a long waiting period before anything else gets done. We do have other ideas we can get started on. We can start building prototypes (we actually have 2 more built) and we can start working on packaging, logos and websites for those products. But from what I hear, the manufacturing process can take several months.
In the meantime, we have an idea for something else. Something I think can turn out to be pretty big but I think the timing will be critical. It's a website that sells a product (not one we invented), but it would have to be ready by at least spring of next year. Any later and it might not work. There are websites out there but we know we can do it much bigger and much better. These other sites don't even compare to what we plan on doing and we can't find any sites that are similar. It would probably take us about a month or two of hard work to gather all the info we need to get working on the site then the rest will be putting it all together and marketing. I would say the whole process might take 4 or 5 months.
Like I said before, I know it's very risky to start two businesses simultaneously, but does anyone think this situation is different? Should I take the risk or should I stick with my one project that I already started? Any feedback would help. Thanks.
P.S.- For anyone interested, I will soon start a thread for my Journey through the invention process. I will update it as often as possible since it is such a long process. :fastlane:
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