It’s one of the hardest questions that the only person who can answer it is yourself. You decide you want to start a business, but you are not sure of what you want to do. You are skilled at a few things but when you think of what you are passionate about, something different comes to mind. You start to wonder, should I go down the path of doing what I’m so skilled at and am sure can instantly bring in profits, or do I go after that passion project idea that will be more work, but I know if it pays off the payoff will be huge. Our answer is do both. We say do both because these days a person no longer needs to have 1 job or specialize in 1 industry to be successful. However, we will keep the topic at the ability to only start 1 business at a time. Here are a few things to think about when you are deciding which route to take on your business journey.
#1: What will you be motivated to do in 5 years
The average business does not start to turn a large profit until the 2nd and 3rd year of business. So whatever route you decide you must be in it for the long haul. Which route do you see yourself sticking with through the good, bad, ups and downs? If you are thinking about going into a particular industry and the thought of encountering just a few common setbacks this industry usually has makes your stomach turn it might be something you reconsider. Of course, you are not obligated to stay in 1 business forever. Your business could get to a point where someone offers to buy it and makes an offer you cannot refuse. You also have every right to decide at any time that you no longer want to pursue your entrepreneurial journey. However, it takes a lot of sweat, tears and sacrifice to just give up so easily so it’s best to find something that you are willing to stick with and will only give up after numerous attempts.
#2: How important is money
There are so many debates on how important money is but ultimately this answer is different for everyone. The reality is some businesses pick up quicker than others and are easier to bring in profit than others. For example, a hairstylist can take 3 appointments in one week and depending on the style and experience can make anywhere from $500-$1000 with those three appointments alone. In the same token, a person with a financial planning business can make $500-$1000 for 1 client, but it can be a bit more difficult to secure multiple clients when starting out. You must ask yourself, how dedicated are you to your business if you don’t immediately see the fruits of your labor?
#3: Can you do both?
Earlier we stated the possibility of doing both businesses and we want to come back to it. If you are not experienced or have the resources to start two businesses at the same time, we do not recommend trying it. We are not saying you will not be successful, but you increase the chances of you running yourself down. However, it is possible that you can start one business, maybe the business that you provide a great skill in and when that starts to turn a profit and demands a little less attention you then focus on the launch of your passion project. Do not feel as if you must choose one or the other indefinitely. There may be adjustments, but we live in a time where keeping yourself in a box is outdated. You can do it all, just be strategic about how you will do it.