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Can shiny object syndrome be good?

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Idea threads

martinz1995

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Jan 12, 2022
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Hi so I currently operate a wedding photography/videography business, which is doing okay but I am thinking of investing in another business.

Now I know having shiny object syndrome is heavily frowned upon but the wedding photo/video industry is really declining. Marriages are declining and with the rise of smartphones, demand has also decreased a lot.

As a hedge against this, I am considering starting another business, one that isn't super high maintenance such as software (which I have some experience in coming from a software and marketing background) or even a YouTube channel to hedge against the declining market.

After I pay my team, insurance, marketing expenses etc. I'm thinking of putting some of the profits into another business. I know many advocate putting earnings into investments like stocks or even crypto for example but I think another business would yield better ROI (if successful)
Any thoughts or advice on whether this is a good idea?
 
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Rabby

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If the other business flops horribly, will it still have any value? How would it compare to something simple like silver, or real estate?

Not to discourage you... I've done the same thing. But the "other business" might not succeed, so you have to consider whether that's an acceptable outcome given the perceived direction of your current business.

Sometimes the risk on what you're already doing is acceptable because you understand it, and putting the excess into something more stable makes more sense than investing in things you don't understand.

Then again, if you want to try something because you think it's the right thing, limit your risk. That number is different for everyone. But a good guideline is whether it reduces your quality of life. If you can keep living the way you do and still invest in the new thing, it's a plausible choice.

If investing in the new thing restricts your lifestyle and ALSO risks you excess capital, regard it with suspicion.
 

biophase

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I don't think this is shiny object syndrome. If you start this next business, let's say it is a youtube channel and then in 3 months, you decide you don't want to do youtube and move to another, that would be shiny object syndrome.

Right now, you have a rational reason for starting another business. I say you should.
 

BizyDad

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I don't think this is shiny object syndrome. If you start this next business, let's say it is a youtube channel and then in 3 months, you decide you don't want to do youtube and move to another, that would be shiny object syndrome.

Right now, you have a rational reason for starting another business. I say you should.
I second this thinking.

What is the new business? If it's a related field, you might be able to leverage your existing business to boost the new one.
 
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Kevin88660

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Hi so I currently operate a wedding photography/videography business, which is doing okay but I am thinking of investing in another business.

Now I know having shiny object syndrome is heavily frowned upon but the wedding photo/video industry is really declining. Marriages are declining and with the rise of smartphones, demand has also decreased a lot.

As a hedge against this, I am considering starting another business, one that isn't super high maintenance such as software (which I have some experience in coming from a software and marketing background) or even a YouTube channel to hedge against the declining market.

After I pay my team, insurance, marketing expenses etc. I'm thinking of putting some of the profits into another business. I know many advocate putting earnings into investments like stocks or even crypto for example but I think another business would yield better ROI (if successful)
Any thoughts or advice on whether this is a good idea?
You mean people are taking their own wedding photos with smart phones?
 

Sallo

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Jan 15, 2022
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I don't think you're affected by the shiny object syndrome, it's normal to aim for the maximum. So if you recognize a great opportunity based on a real need of the market and you find out how to offer real value, communicate your offer and then meet the demand, why not? Do it.
But don't make the mistake of who is really affected by the syndrome, whose rationality is blurred by the insatiable yearning of money and jumps from an opportunity to another every week just because they failed at the first attempts.

Think of it. Maybe there's a need waiting for fulfillment even in your sector, and since you're an INSIDERS you can work to solve it with a CENTS system right now.

Sallo
 

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