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How many profitable businesses do you own?

  • 1

    Votes: 6 54.5%
  • 2

    Votes: 3 27.3%
  • 3

    Votes: 1 9.1%
  • 4

    Votes: 0 0.0%
  • 5+

    Votes: 1 9.1%

  • Total voters
    11

rc08234

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Hey everyone,

Lately I haven't been very happy with my own business, I am thinking about starting another one. I'll give you some back story to why I'm hesitant.

I'm 26 now, between the ages of like 14 to 22-23 I had shiny object syndrome. Every time I'd start something I would end up leaving it for something "bigger and better." At 23 I started my current business and told myself I will ONLY focus on this, no side hustles, nothing. If it's not 100% about my current business I wouldn't even look at it. I should be profitable here soon, but absolutely dread Mondays. I'm back to the slowlane mentality being extremely excited on Friday so I can take Sat and maybe Sunday off without feeling guilty. I actually relocated my business 1000 miles and moved (In july) so I wouldn't be limited by market capacity.

My theory since 23 is focus on only 1 business and grow it as large as possible. I would rather own 1 business doing 1mil a year than 4 doing 250k each a year. That it would be easier to grow that 1 business exponentially than 4 businesses because I'm more focused and a "master" at it as opposed to being a jack of all trades and a master of none.

I'm interested to hear your guys opinion, and please vote on how many profitable/serious businesses you guys own and run.
 
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AndrewNC

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Right now I have two.

For me - I have one larger vision/purpose and put 100% of my efforts into that (wake people up what is possible for them and ice them the tools and training to remove the obstacles between them and success).

My first business doesn't play into that vision really so I'm looking to sell it. The time I spend on that takes away form my higher purpose.

I am publishing books for my new business.

I have a website selling training courses.

I'm building out somethin new.

All different- but they all play into a vision I have 3 years from today.

If I didn't have the one vision and did multiple businesses - I would set it up so they each grow without me there (employees)
 

Paul David

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I ran two businesses for 10 years up until April of this year. They weren't two completely different in the sense of location etc but in April this year i got rid of the one that was slowlane without potential. It was the best decision i ever made.

I used to wake up on a Monday and think, yes i will definitely work on Business A today, then i'd feel guilty for not spending time on Business B. I even went to the extremes of setting up a timer to dedicate a certain amount of time to each one. Didn't work.

Concentrate on one thing, smash it to bits. If it's not working, ditch it and move on.
 

Ecom man

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Hey everyone,

Lately I haven't been very happy with my own business, I am thinking about starting another one. I'll give you some back story to why I'm hesitant.

I'm 26 now, between the ages of like 14 to 22-23 I had shiny object syndrome. Every time I'd start something I would end up leaving it for something "bigger and better." At 23 I started my current business and told myself I will ONLY focus on this, no side hustles, nothing. If it's not 100% about my current business I wouldn't even look at it. I should be profitable here soon, but absolutely dread Mondays. I'm back to the slowlane mentality being extremely excited on Friday so I can take Sat and maybe Sunday off without feeling guilty. I actually relocated my business 1000 miles and moved (In july) so I wouldn't be limited by market capacity.

My theory since 23 is focus on only 1 business and grow it as large as possible. I would rather own 1 business doing 1mil a year than 4 doing 250k each a year. That it would be easier to grow that 1 business exponentially than 4 businesses because I'm more focused and a "master" at it as opposed to being a jack of all trades and a master of none.

I'm interested to hear your guys opinion, and please vote on how many profitable/serious businesses you guys own and run.

Sounds like you are more working a job than owning the business. 3 years of working for free? No profits at all? Not sounding like a business that I would want to be running either especially if I hated every second of it!

I have 2 businesses currently and both have been profitable since day 1. I will be starting a 3rd after the first of the year. Businesses 1 and 2 are pretty much on autopilot at this point. I can outsource the fulfillment of the products (Ecommerce sites) and make them almost entirely hands free. Most of my time will be spent on building business 3 for the first 6-8 months of next year.
 
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rc08234

Bronze Contributor
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Speedway Pass
Jun 29, 2011
312
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South Jersey
Sounds like you are more working a job than owning the business. 3 years of working for free? No profits at all? Not sounding like a business that I would want to be running either especially if I hated every second of it!

I have 2 businesses currently and both have been profitable since day 1. I will be starting a 3rd after the first of the year. Businesses 1 and 2 are pretty much on autopilot at this point. I can outsource the fulfillment of the products (Ecommerce sites) and make them almost entirely hands free. Most of my time will be spent on building business 3 for the first 6-8 months of next year.

The learning curve was steeping than I thought, followed up with the wrong market. I'm passed the curve and in the right market but I'm just so burnt out by it. It's that tough question, when do you pull the plug? It's in the red now so do I punt it and move onto the next knowing their will be profits within the next year? After I'm profitable do I punt it then after I spent 3 years fine tuning and a shitload of sweat equity?

Thanks for the reply
 

rc08234

Bronze Contributor
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Speedway Pass
Jun 29, 2011
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South Jersey
I ran two businesses for 10 years up until April of this year. They weren't two completely different in the sense of location etc but in April this year i got rid of the one that was slowlane without potential. It was the best decision i ever made.

I used to wake up on a Monday and think, yes i will definitely work on Business A today, then i'd feel guilty for not spending time on Business B. I even went to the extremes of setting up a timer to dedicate a certain amount of time to each one. Didn't work.

Concentrate on one thing, smash it to bits. If it's not working, ditch it and move on.

I agree, I always feel guilty working on something else. Even when I try to take some down time and relax I'm thinking, "well I should be doing....." If I added another biz to the mix my head might pop.
 

Gymjunkie

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I've been at the point of having a business and wanting to start something new for a while too..but any time I add a new project, it makes life more convoluted and more complex. Which just makes me want to work less etc. it sucks.. so 1 business is best. But it has to be the right one I guess. Maybe for a while you'd have to have 2 but both must be making profit while you shift from one to another..
 
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Damage Inc.

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Hey, did you move to South Jersey or from? Looks like we're pretty close by if that's where you live - I'm in the Philly suburbs. To answer your question I have one profitable full time auto parts business and I'm working on creating a home decor product business as a partnership. The majority of my time and focus remains on my existing business, and I've been working on the other as I have time. I don't think it's impossible to run more than one thing as a "solopreneur" as long as you use your time and resources wisely, but I think it helps to have one thing stabilized before starting the next. During the initial creation and hustle stages I think more than one could definitely be a distraction if you're starting from scratch on two totally different projects, at least for me. Obviously once you're in a position to outsource or pay people to run and manage things for you you have a lot more freedom to start new things, but I'm not quite there yet. Hope your business works out.
 
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Ecom man

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The learning curve was steeping than I thought, followed up with the wrong market. I'm passed the curve and in the right market but I'm just so burnt out by it. It's that tough question, when do you pull the plug? It's in the red now so do I punt it and move onto the next knowing their will be profits within the next year? After I'm profitable do I punt it then after I spent 3 years fine tuning and a shitload of sweat equity?

Thanks for the reply
A steep learning curve makes for a great barrier to entry. Honestly only you can answer when to pull the plug. What has to happen to get you profitable? What can you do to make that happen? Are you burnt out because the business is not working or burnt out because there are no profits? If you were profiting $2,000, $3,000+ a day would you still be burnt out on the business or would you be excited to get up in the morning? You might just be burnt out on not making a profit. Only you know the answers and only you can decide if it's time to pull the plug or time to kick it in overdrive and get into the black.
 

rc08234

Bronze Contributor
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Jun 29, 2011
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South Jersey
Hey, did you move to South Jersey or from? Looks like we're pretty close by if that's where you live - I'm in the Philly suburbs. To answer your question I have one profitable full time auto parts business and I'm working on creating a home decor product business as a partnership. The majority of my time and focus remains on my existing business, and I've been working on the other as I have time. I don't think it's impossible to run more than one thing as a "solopreneur" as long as you use your time and resources wisely, but I think it helps to have one thing stabilized before starting the next. During the initial creation and hustle stages I think more than one could definitely be a distraction if you're starting from scratch on two totally different projects, at least for me. Obviously once you're in a position to outsource or pay people to run and manage things for you you have a lot more freedom to start new things, but I'm not quite there yet. Hope your business works out.


I moved from South Jersey to Fla, but will probably be moving back to SJ. What part of PA are you from? I use to do business in Philly
 
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million$$$smile

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I MANAGE multiple businesses.
I say manage because I don't run them by myself, I have a great team that helps me.
I just couldn't do it myself.

I own a B&M retail store that I have 4 full time employees, and 2 part time employees. I started this in 2006 and worked alone 12 hour days, six days a week for the first year, but when it began to really become profitable, I began to hire the help I needed. I currently am working on our processes and procedures to scale this business and open another location. I want to get it done right as I believe this could become a chain of stores. My major concern is to make sure all the processes are in place before pulling the trigger.

I have several niche websites. The first was started in 2000. I didn't know the first thing about ecommerce but I really KNEW my market. I was an expert in my field because I had worked it for the majority of my adult years. I knew if I could find the vehicle to market the products, I would have a decent chance at succeeding. Not guaranteed, but at least possible. Then the internet opened up for anyone to show their wares 24 hours a day, and I jumped on board. The first site grew quickly, and I realized the possibility of opening a second similar niche website which when online in late 2001.
We ship 95% of our products and dropship 5%. Both sites are quite profitable. I quit my j.o.b. in 2003

In 2008 I started a manufacturing business with a partner and a $500 investment. We now have 32 branded products and 24 major dealers throughout the US. This company has the potential to develop into a nationally recognized brand and both of us realize that but our other interests seem to be our priority. We each average only about 5-6 hours weekly on this little project, but it brings in 5 figures every month. Its almost embarrassing.

Lastly, I also sell on Amazon. I have 3500 products that we ship out of our store. I've only begun to utilize FBA in the last 2 months on a couple of products just to see if it would really benefit. We ship out over 100 packages daily on AZ.

So, long story short, I do believe you can have multiple businesses but you've got to have a team to help you run them. There is no way I could do it all myself, nor would I want to. I provide incentives so that as the businesses grow, so does their paycheck. I want to bring my team along for this great ride. And it excites me to see them get excited when they see that monthly bonus. To me, that is what its all about.

I find my time has become more precious and I've turned down some real opportunities that at one time I would have jumped on. I think that is what happens when you have systems in place that continue to churn out enough income to live good.

Its not easy, but it is simple, just keep working your plan, and plan your work.
 

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