Is it wise to start two business at the same time?

Question

I have two ideas for a very niche but underserved market and I'd like to get my foot in the door now with both of them. They are two very different businesses that target the same market. When both are up and running they can actually support each other.
One is a publication and the other is clothing manufacturing.
The publication could potentially serve as an advertising medium for the apparel.

Should I focus on one first? If so, which one should I start with?The reason I want to do both at the same time, is that I'm worried other competitors may get there before me - the old "don't steal my idea" syndrome..:)

Mucho Gracias

Answer 1

Dear Amitaf:

I can tell you from personal experience that you should definitely NOT start two businesses at the same time -- even if they are in the same niche.

Get one off the ground first and make it profitable. Then, start the second one. Why? Two reasons:

(1) Money: You don't want to split your resources. Marketing -- of any business -- will take up a huge chunk of your startup capital. Most entrepreneurs don't have enough of this to go around. Don't split it between two enterprises. Use it to build a solid foundation for one business.

Once that one is successful, it could support the other one -- especially as they are in the same niche.

(2) Time: As you probably know, starting a business takes hurculean effort. I've owned two business over the last 10 years and I can tell you, it's exhausting. It takes all of your energy to grow one business to the point where it not only gets past the initial stage, but grows into a self-supporting entity.

Dividing your time between two is like putting in half the effort -- even though you will be working twice as hard. Give 100% to one first.

As for other peopel stealing your idea(s), dont worry about that at all. Why? Again, two reasons.

(1) While many many think an idea is great, most are not proactive enough to follow through. As I'm sure you know, a great idea is one thing -- doing the work of researching the feasibiliy of an idea, putting together a business plan, and actually doing the work to get the enterprise open is something else altogether.

Many don't have what it takes to get past the "this is a great idea!" stage.

(2) Passion: The fact that you're so excited by this idea that you have gotten so far as to contemplate opening not one, but two, businesses around your idea says that you're passionate about it. This will leave most in the dust right there.

Passion and hard work eliminate most would-be "idea stealers," so, again, don't even worry about it.

I hope I've given you enough insight to make your decision. Whatever you decide, good luck!

Yuwanda Black, Publisher
InkwellEditorial.com
InkwellEditorial.blogspot.com

Answer 2

Hi there!

I like the idea of the complementary businesses...

Now, if you have had prior experience starting, owning and managing a business, you may find it easier to start both these businesses together as they are complementary, as you say. You may also want to rope in a partner / family member to help you with this.

On the other hand, if this is a new venture, I would suggest that you start with one, get it up and running and then go full on with the next. Choose the one which is easier to start, has lower costs.

All the very best with your venture!

Regards,
Namz

Answer 3

Start the one you think will be the easiest to get off the ground. After it's up and running, start the second. It's difficult to focus on two separate businesses at the same time.

Answer 4

2 different businesses - pick one and focus.

Answer 5

owning your own business is hard. I would just do one. the one you are most passionate about
When my dad had his heart attack the cardiac ward was full of people who had their our business