I can't stop starting new businesses, what to do?

[Milkerz]

I'm 19 and currently own 2 businesses, neither of which have actually had much income yet - because as soon as I start on one and start earning I think "actually, I know a better idea, a less boring idea for more money" and then I start on another project.

I have another big idea in mind, but really don't know what to do. I know that I should continue with at least one of my other businesses full time, and haven't got the funds to consider to employ someone else to run one for me.

Any advice?

[citizen38]

Generally, it is best to focus on one business at a time. If you own two businesses and neither of them are bringing in any income for you, I think it would be best to focus on them before beginning another business.

[tom-knox]

Take a week off from working, pick the one business that above all others is the one that has your interest and makes you money, stick to that for at least 6mths before you change your commitment, as long as you've weighed them all up properly you should stay focused.

If you can't maintain focus on a business concept for long enough to get profitable it's not because you're a serial entrepreneur it's because you're not dedicated enough. Trust me, no offence, but it is a bad sign, and getting a reputation for it will make it harder to attract investment later on.

[Milkerz]

I know I need to stick with one, and I know the one I need to stick with. I don't know what the problem is really, some days I see my business making loads of money, and other days I just think that it isn't going to make anything.

And neither business is profitable yet because I've only just started them both, I'm going to spend £1,500 on newspaper, online ads and leaflets this month which should get me 1.5m views in the month (judging by the newspapers sales as it's on the front page, average site views per month and the amount of leaflets im distributing) and I need 45.5 people to sign up and pay for an annual subscription to break even on the advertisement costs...is that viable?

[PhillM]

It's most likely because you started these businesses for the money and not because you had an idea you were truly passionate about.

[bdunndchi]

I know exactly what you're talking about. I was that way for a long time (and still have to fight that urge). Eventually, you get sick of not seeing anything through to where it starts bringing in money. You can go for years bouncing from one project to next before any of them start showing any returns. You just have to come to that point where you realize it's the right business decision to stick with one idea and see it through. You also have to know when it IS time to move on. If something isn't working, cut your losses. But don't give up on something that could work just because you come up with a new idea.

[Milkerz]

Thanks for the serious response bdunndchi, at least someone knows what I'm going through. Fortunately, I had a bit of local press coverage yesterday and it went quite well with a few signups without paying for any advertising yet so I am now motivated to move on and stick with my businesses!

[mgxsolutions]

Yes, I would focus on the one business and get it to the point where you can afford to work on another one. It is such a tough call because I feel your pain on this one as I am sure that most entrepreneurs do. It comes with the territory. Just make sure that you pick the one that most fits your personal interests as that will give you the biggest reward in the long run.

[AMGrider]

Rule no. 1 in investing. "ALWAYS PLAN YOUR TRADE AND TRADE YOUR PLAN"
I highly recomend you to go back to the basics. Make a business plan, write your ideas and goals on a hard copy instead of your head.
Then, you need to execute your ideas STEP BY STEP. Just like an architect, preparing the blueprint is the most challenging part of their job, then executing your blueprint is the easier part.