Intro and an opinion: in business is better monogamy or is it better to try new (potentially) more profitable things?

[max-power]

Hi, quick intro, red the millionaire fast lane probably 8 years ago, and I'm re-reading now since I consider it one of the best book on the topic. I'm sure I'll read it with new eyes.

I started my business 11 years ago, in a couple of years I was happy with what I was making (2k a month) and decided to stop working, enjoy the almost passive income and enjoy my life. Did a lot of adventures, crazy stuff, of course minding the budget.

Then 3 years ago I decided I didn't want to live on a budget anymore, started working more, and honestly I'm enjoying the work. I'm probably working 30-40 hours a week now, and moved to a 3k wage (even though I was mostly playing, the business kept growing slowly) to a 10-13k a month wage (the best way in my particular case to get money out of my business is to give me a wage, I own 100% of the business).

So I'd say things are going well, business is making about 30-40% profit (which I send partly to myself as a wage and reinvest a bit) and it's growing at about 30% a year (in revenue).

This said, I'm happy with where I am, but I'd like to raise the bar. So set a higher financial goal.

I'm curious about what you think, here are the 2 options I thought for myself in my situation (maybe more which i didn't think about):
1. go all in with monogamy. 100% focus on my actual business (which by the way is web hosting) and try to grow it faster
- the problems: not that easy to accelerate growth for what I've seen. I'm quite known in the WordPress community already, ads are off the plate because of high costs and low sell price. I have a few ideas I want to test to get more clients, not idea how they will. turn out. Also in this kind of business the more you grow the more management you have (more sysadmin to manage, more servers, ecc) as opposed to a SAAS where you don't give as much support (as long as things work well) and usually adding more clients doesn't cost that much once everything is operational.

2. get someone (one of the guys working for me would be perfect for this) to manage 95% of the business (I'd still have to do a few things but not much) and start to focus on creating a new business with (maybe??) higher potential
- the problems: at the moment I have a profitable business, and if I give more work to one of my guys, I'll have to give him 2k more, so it will be less profitable. Also starting something new it's always a jump in the dark. It could come out as amazingly great, or I may have to fail 20 times for 2 years before finding something that works the way I'd like

I'm sure I'll get great insights from your replies, maybe even getting some questions will point me in the right direction.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[heavy_industry]

A combination of 1 and 2:

Hire as many people as you need in order to free up your time. Use the free time to grow this business: find more clients or raise the prices. There are many other services that you could sell to go along with your web hosting.

Also starting something new it's always a jump in the dark. It could come out as amazingly great, or I may have to fail 20 times for 2 years before finding something that works the way I'd like

It's the other way around.

• Money chasers search for things that work, hoping to make a quick buck.
• Entrepreneurs are searching for things that don't work, are fixing them, and then selling the solution to the market.