What would you do??

[Markndoscar]

Hi all,

New on the forums here and loving it so far.

What I really want to know is, im getting ready to start my own company up, I have plans and the money in order.

Now I have 4 potential areas I could break into in my home town. None of them cost very much to start or run and they can return a healthy profit.

Would you guys focus on getting one of the ground at a time or would you go all out and launch all the ideas I have at the one time??

I know loking at it written down it seem's that I should launch one at a time but each idea would only take up limited time and I dont want to spend hours out my day where I could be doing something rather than nothing!

Thanks,

Mark.

[ACMAir]

Well, I would definitely not want to spread myself out too thin, but rather focus my resources and time on one project. It would also be more cost effective to do so, because although your projects may be cheap, you would have 4 times the start-up costs to fork up before any profits come in. Hope that helps!

[Jdubb3]

I would start with one company first, and focus on it for a few months before starting another one. This way you can see the how the company is operating and improving as well as if there are any additional things that you can do to improve production and efficiency.

To your success,
Jacob

[ash@sensational]

You will be very surprised on how from a simple idea you costs will spiral! Start with one project and put all your efforts in that. If you are having itchy feet and want to do something else with your time, start planning your next step on your FIRST project

That's my advise.

[GotLiveChat]

Start each business one at a time; you don't want to spread yourself to thin. I've seen area business entrepreneurs try to do multiple businesses simultaneously and each progressively declined as the owner spread his time.
I'm not saying it can't be done; it really depends on the type of business. I mean, is the 'owner' the most important part of the business, or can it be run by anyone?

[-Mike-]

Sounds familiar, I also have plans later in life to do other businesses I've identified as having high potential for profitability. What I did was layout out a plan and rough time line. I've started the first business and in time I will slowly lead into the others with the profits of the first one. Mind you the second business is at least two years away from being started and require very little of my time however are quite intensive on start up cost, the first is more time intensive and startup cost is under $40k. If you can hire someone to take over the basic tasks for the first and still remain profitable then I would focus on the second, and 3rd etc. Basically I would be cautious of starting a second business if the first isn't at cruising altitude yet...