What are you thoughts on this model, has anyone done something similar??
Oh man, don't get me started on this! I wasted a few years of my life trying to make something like this work. I read this book when I was in my early twenties about having multiple streams of income. In the book, the idea was that you would have several income streams and that they would balance each other (like slow times for one, good times for another), and you could easily switch between income streams since your income wasn't 100% dependent on one income.
Note: There is a BIG difference between having multiple streams of income in your business (like making money from several different products, sales channels, or whatever) and what I am talking about here. Several completely different businesses is a whole different animal, in my book.
Okay, so that's the idea, and it sounds great - in theory. But as difficult as it is to start ONE business, it's so much more difficult (if not impossible) to start a few (or several) at the same time. How do you sell 4 products at once? Executing 4 marketing plans? Designing 4 websites? Answering customer service e-mails for 4 different products? And doing it all at once!? It's enough to make my head spin...lol.
Why? I think you will be shooting yourself in the foot! Don't cripple yourself by spreading all of your energy over different ideas - pick one (and if you HAVE to, two is okay...lol) and go full throttle. Don't limit yourself by saying that you only want to make 300k per year... would you be mad if you made lots more than that? Once you get something excellent, then you will have the time and freedom to experiment with new ideas.
You've shown that you can do it - you said you should see 50-60k in profit from your current work. This is a very good start, since a lot of people never even see that kind of money from their own business. How can you satisfy your urge for new projects WITHIN your current business? That's where I'd focus my energy, if I were you
One other thing that I would be really careful about is to make sure that you are being 100% honest with yourself. Is it that you are truly getting bored with working on one business for a long time, or that you can't really get yourself to focus, so you tend to move on to the next idea. This is a huge trap, and something that HAS to be dealt with ASAP!
I've had so much more success since I learned to tame my mind and focus on just one thing at a time.