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Working on Multiple Businesses vs Focusing on One.

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DMNinja

Contributor
Read Millionaire Fastlane
Feb 14, 2021
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Hello everyone!
I know it's been a long time since my last post, but I've been busy. Busy reading Unscripted again, busy picking up some niche freelance work for money, busy trying to reflect back to the past when I first read the book, and how my life has changed since then. I've been trying to "Start as if I were to continue" as @Andy Black said in another post and thus, I've been redesigning my life according to that. Frankly though and upon reflection, I've done little to no actionable progress towards progressing my business. But on the flip side, I've been expanding my opportunities in that niche freelance work that I'm doing, which is closely tied to entrepreneurship.

Now to the topic at hand. I've been thinking of starting up two businesses. One revolved around software, and the other one around providing convenience in the automobile domain. Both pass (and Fail the S. Dictat) the C.E.N.T.S. Framework, but those issues can be resolved by restructuring once the businesses can turn a profit. However, I'm curious. What's the better practice? Working on both or focusing on one at a time? They require different timeslots/actions and also skillsets. In theory, both can be done at the same time.

But I concede the fact that in TFF, people leagues ahead of where I am right now can answer these questions with insights I have yet to obtain.
So what are your thoughts? How are you working towards or already achieved your success?

EDIT: I would be remiss not to mention that reading The dog and the nail parable made me think about this all night long. I've got to thank this thread specifically about my bad night's sleep!​
 

Knowledgefactry

Contributor
I've Read UNSCRIPTED
Jan 28, 2021
24
22
15
Hello everyone!
I know it's been a long time since my last post, but I've been busy. Busy reading Unscripted again, busy picking up some niche freelance work for money, busy trying to reflect back to the past when I first read the book, and how my life has changed since then. I've been trying to "Start as if I were to continue" as @Andy Black said in another post and thus, I've been redesigning my life according to that. Frankly though and upon reflection, I've done little to no actionable progress towards progressing my business. But on the flip side, I've been expanding my opportunities in that niche freelance work that I'm doing, which is closely tied to entrepreneurship.

Now to the topic at hand. I've been thinking of starting up two businesses. One revolved around software, and the other one around providing convenience in the automobile domain. Both pass (and Fail the S. Dictat) the C.E.N.T.S. Framework, but those issues can be resolved by restructuring once the businesses can turn a profit. However, I'm curious. What's the better practice? Working on both or focusing on one at a time? They require different timeslots/actions and also skillsets. In theory, both can be done at the same time.

But I concede the fact that in TFF, people leagues ahead of where I am right now can answer these questions with insights I have yet to obtain.
So what are your thoughts? How are you working towards or already achieved your success?

EDIT: I would be remiss not to mention that reading The dog and the nail parable made me think about this all night long. I've got to thank this thread specifically about my bad night's sleep!​
I would read The ONE Thing by Gary Keller. He talks a lot about how anything great is achieved by focusing on one thing at a time until that one thing is deemed automatic. Putting 100% effort into one project will yield better results than 50% effort in two projects, at least until one project is established and you can only focus on the second one.
 

alexkuzmov

Silver Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Sep 20, 2019
738
924
335
Bulgaria
Added to my reading list. Has this book been worth your time? Did you use it to produce measurable increase in your life's quality?
Oh yea, for sure.
This book is pure gold.
The part about time blocking might be its best actionable advise.
Ive certainly applied it to my work and got a serious boost in productivity.
 

alexkuzmov

Silver Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Sep 20, 2019
738
924
335
Bulgaria
Hello everyone!
I know it's been a long time since my last post, but I've been busy. Busy reading Unscripted again, busy picking up some niche freelance work for money, busy trying to reflect back to the past when I first read the book, and how my life has changed since then. I've been trying to "Start as if I were to continue" as @Andy Black said in another post and thus, I've been redesigning my life according to that. Frankly though and upon reflection, I've done little to no actionable progress towards progressing my business. But on the flip side, I've been expanding my opportunities in that niche freelance work that I'm doing, which is closely tied to entrepreneurship.

Now to the topic at hand. I've been thinking of starting up two businesses. One revolved around software, and the other one around providing convenience in the automobile domain. Both pass (and Fail the S. Dictat) the C.E.N.T.S. Framework, but those issues can be resolved by restructuring once the businesses can turn a profit. However, I'm curious. What's the better practice? Working on both or focusing on one at a time? They require different timeslots/actions and also skillsets. In theory, both can be done at the same time.

But I concede the fact that in TFF, people leagues ahead of where I am right now can answer these questions with insights I have yet to obtain.
So what are your thoughts? How are you working towards or already achieved your success?

EDIT: I would be remiss not to mention that reading The dog and the nail parable made me think about this all night long. I've got to thank this thread specifically about my bad night's sleep!​
Focus is better always, but not easily achieved.
Focus on one at a time and youll progress quicker.
Time is finite. If you split your attention you'll find that it takes you more time to do something.
By focusing youll be able to save time.
Easier said than done though...
 

EnergeticPower

PARKED
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jan 23, 2021
6
0
4
As an entrepreneur, you constantly run into the challenge of having too many ideas. The difficult thing about it is which ideas to pursue and which to just write down on a notepad for "later". Nevertheless, I found that in my early days when I thought the best idea would be to build 5 streams of income simultaneously I made a lot less money and found myself being scattered and torn between the different business areas constantly. This led to not only a lot less money but also too much stress. I then switched the model to have only one thing, after I read the "The one thing" several times and after 5 more years my income has quadrupled.
 

S.Y.

Silver Contributor
Read Millionaire Fastlane
Speedway Pass
Oct 4, 2017
366
993
341
Canada
Hello everyone!
I know it's been a long time since my last post, but I've been busy. Busy reading Unscripted again, busy picking up some niche freelance work for money, busy trying to reflect back to the past when I first read the book, and how my life has changed since then. I've been trying to "Start as if I were to continue" as @Andy Black said in another post and thus, I've been redesigning my life according to that. Frankly though and upon reflection, I've done little to no actionable progress towards progressing my business. But on the flip side, I've been expanding my opportunities in that niche freelance work that I'm doing, which is closely tied to entrepreneurship.

Now to the topic at hand. I've been thinking of starting up two businesses. One revolved around software, and the other one around providing convenience in the automobile domain. Both pass (and Fail the S. Dictat) the C.E.N.T.S. Framework, but those issues can be resolved by restructuring once the businesses can turn a profit. However, I'm curious. What's the better practice? Working on both or focusing on one at a time? They require different timeslots/actions and also skillsets. In theory, both can be done at the same time.

But I concede the fact that in TFF, people leagues ahead of where I am right now can answer these questions with insights I have yet to obtain.
So what are your thoughts? How are you working towards or already achieved your success?

EDIT: I would be remiss not to mention that reading The dog and the nail parable made me think about this all night long. I've got to thank this thread specifically about my bad night's sleep!​

Start with one business. See how much time you need to get results.
And then decide if you have room to start a second one.

You might be surprised by how much time you need to get momentum.
 

DMNinja

Contributor
Read Millionaire Fastlane
Feb 14, 2021
82
78
58
Greece/ Cyprus
EDIT: I want to thank everyone for their honest and very intriguing feedback. I took some time to process what you all have posted.

At this point, the following seem to be clear:
  • Focus on one business at a time
  • Focus is much more efficient when applied to one thing at a time
  • "The One Thing" is a book that can be used to produce actionable results
  • From my understanding, the aforementioned book functions more like a manual, and is useful for building a mindset/ changing one's 3B structure.
  • The process won't be fast, but it will be worth it
I will take what I have learned and proceed much more informed. On a related note, did you try to start a business AFTER wrapping up most (if not all) previous responsibilities or before?

Through life experience (29 total, but about 5 that i'd consider mature) I've figured out that having too many things on your plate leads to stress and a slow, subpar work. Since you've read the book (and until i get a copy of it), would YOU be able to answer that question? Would you essentially wrap up loose ends first, down to a manageable level (always subjective) before starting, or start imediately?

MJ has said that "the best book to read is the one that solves the problems right in front of you" (paraphrased, feel free to correct me) and this book is looking up to be just that, so my interest has peaked
 
Last edited:

DMNinja

Contributor
Read Millionaire Fastlane
Feb 14, 2021
82
78
58
Greece/ Cyprus
...
The part about time blocking might be its best actionable advise.
...
Is this part anything like the "time blocks" mentioned in "Atomic Habits" by James Clear? By this point in my life I've formed the impression that people who know what they're talking about arrive in similar conclusions, but through different scopes.
 

alexkuzmov

Silver Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Sep 20, 2019
738
924
335
Bulgaria
Is this part anything like the "time blocks" mentioned in "Atomic Habits" by James Clear? By this point in my life I've formed the impression that people who know what they're talking about arrive in similar conclusions, but through different scopes.
Its the same, yes.
 

EnergeticPower

PARKED
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jan 23, 2021
6
0
4
I would start immediately and leave everything else, every minute you are torn between different business ventures is a waste of time, money, and energy. I know its hard to leave all the other "good ideas" but its worth pursuing.

By the way did you know that most millionairs have made it to the first million by pursuing only one thing and later added all the other streams of incomes
 

Kokaka

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 9, 2019
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75
I can only speak from my small experience but I opend 2 business at the same time.
Best thing I ever did because they are both super synergistic.
One sell and develop machines for clinics and the other is a clinic.
This gave me fantastic feedback both ways. Got data from my clinics in what machines needed improvements, worked and didnt work. This in turn made me work with better machines and got way faster experience and made selling to customers way easier.

I also flirtrd with the idea of opening a bar/resturant but after learning what I have learnt. That would not be a good idea since it would mean learning a new business from scratch.

So I would say it is possible to open 2 business together but make sure they are super synergistic. If not, I believe it will leads to alot if headache's
 

Knowledgefactry

Contributor
I've Read UNSCRIPTED
Jan 28, 2021
24
22
15
Added to my reading list. Has this book been worth your time? Did you use it to produce measurable increase in your life's quality?
Man, Its my favorite book, right up there with Unscripted ! (Sorry MJ). I have read The ONE Thing 3 times, about to start it a 4th once it is returned by a friend I lent it to. It can be read in a week or less and is engaging from start to finish, and is a good book to come back to any time I feel like I have been running around with my head cut off and haven't been as productive as I should have
 

DMNinja

Contributor
Read Millionaire Fastlane
Feb 14, 2021
82
78
58
Greece/ Cyprus
...
So I would say it is possible to open 2 business together but make sure they are super synergistic. If not, I believe it will leads to alot if headache's
Thank you for your insight! In this (potential) case, they're not synergistic at all. Not even on the same field. By this point a mindset pivot is needed, and so I will have to perform one. If you don't mind me asking, what was your thought process in identifying the need for a business in your (specialized) field?

Before embarking into my fastlane journey, I was working in R&D in materials engineering. I had toyed with the idea of constructing a business around supplying lab materials/equipment, but I decided against it, since it would just be a localized business with a small clientele.
Granted, that back then I had significantly more fears and doubts, but still. Your story struck a chord with that particular memory, so I thought to see if you're willing to share any further insights on that.​
 

Kokaka

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 9, 2019
150
106
75
Thank you for your insight! In this (potential) case, they're not synergistic at all. Not even on the same field. By this point a mindset pivot is needed, and so I will have to perform one. If you don't mind me asking, what was your thought process in identifying the need for a business in your (specialized) field?

Before embarking into my fastlane journey, I was working in R&D in materials engineering. I had toyed with the idea of constructing a business around supplying lab materials/equipment, but I decided against it, since it would just be a localized business with a small clientele.
Granted, that back then I had significantly more fears and doubts, but still. Your story struck a chord with that particular memory, so I thought to see if you're willing to share any further insights on that.​
My thoughtprocess was quite easy.
I wanted to open a clinic with a business partner. However we noticed that it was very, very expensive to buy machines new from suppliers. So I looked around and became a suplier myself just to lower the price for my own clinic by about 50%.
Then, I put up some ads and I got some sales quick and because I am working with the machines on a daily basis, the service and expertice I could provide made my customers super happy because I could provide them with everything. From how to start a clinic from scratch because I had done that, how to work best with the machines because thats what I do. To help with marketing because I do marketing myself.
So I can provide way more value than my competitors while keeping the prices the same.

So if I where to open up more than one business, I would try to keep it synergistical.
Like if you were to supply lab/equipment. Maybe open another business that to service, repairs and consultions on the equipment you sell. Or look to open up a lab yourself.
That way, its more or less the same business and you dont have to compleatly learn a new field.

Also lab equipment is easy to scale. Just go online and you can sell to how many countries or states you wish.
Make sure you work with a medical service partner who can service the machines in the areas you want to open so you have that part coverd.
 

Kokaka

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 9, 2019
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Noted for future reference! Thank you for your time! I greatly appreciate it!
No problem.
Actually, to get a better idea of my thought-procces I can give you an example of the 3rd business I want to create and how to get there.
I want to create an online Bikini store by the beginning of next year. It seems not synergistic at all at first but let me explain how I will get it synergistic.

I want to expand my business that sells machines to clinics to also offer usable items. Like everything from paper towels, syringhes, protective gloves etc.
I will use a 3rd part distrubitor and logistics company who stock, ship and administrate the items.
Now I have a system in order to get small products to customers.
When this system is up. I will just create another page (Bikinis), use the same 3rd party logistics company and implement what I learnt from my machine company.

So the systems is the same, only thing that will differ us whats inside the box.
 

DMNinja

Contributor
Read Millionaire Fastlane
Feb 14, 2021
82
78
58
Greece/ Cyprus
Would you consider it more of a tangential business though? You're selling a different product to a different market. The process of setting it up might be similar, but the demographics are completely different. And on that note:

How did you decide it was a good time to start a third business? What's your thought process behind it?
 

Kokaka

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 9, 2019
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106
75
Would you consider it more of a tangential business though? You're selling a different product to a different market. The process of setting it up might be similar, but the demographics are completely different. And on that note:

How did you decide it was a good time to start a third business? What's your thought process behind it?
For me to decide its a good time it needs to check a few boxes.

1st. How similar is the demographic to my current business and do I understand it?
In this case, quite the same since my current businesses caters to beautiful woman who wants to be more beautiful. Because Beauty clinics and sexy bikinis both cater to the same customer It will be easier to work with.

2st. How automatic can I make the system?
So how much work will it take from my part. With the 3rd one I will have a partner who will do all logistics. From selecting, buying and ship to the 3rd party logistics center.
I can also hire a consultant firm who do marketing for me.
The goal is to create a system that maybe make a little less money but will be as much automatic as it can be.

3rd. Timing. I believe the world will enter a traveling spree next year if we manage to beat C0VlD so everything related to travel and warm weather will be in hot demand. Be it suitcases, beach wear, summer toys etc.
So I want to make everything clear before that.

4. Can I afford it.
It will cost money. Can I aford it and loose the money.
 

DMNinja

Contributor
Read Millionaire Fastlane
Feb 14, 2021
82
78
58
Greece/ Cyprus
I didn't consider it that way. I thought it was less synergistic than originally thought. I was under the impression that you were talking about medical equipment. Again, thank you for your time and detailed responses!
 

Kokaka

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 9, 2019
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75
I didn't consider it that way. I thought it was less synergistic than originally thought. I was under the impression that you were talking about medical equipment. Again, thank you for your time and detailed responses!
Thats the thing. You can find synergy in things that seems at different ends at first.
You just have to create systems that you can implement with what you already know. And it will be way easier to have multiple business. Just keep in mind they need to be as much automated as possible
 

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