When Is The Right Time To Start A Second Business/site?

16 replies
Hi there,

Since last two years, I've developed a successful business around the photography niche. The marketing for it is done completely online, but the actual workshops take place live.

After around the 1 year mark, I was able to make some decent money every month and its been growing even better ever since.

Now here's the issue I'm facing.

I absolutely love photography and it was a niche that finally worked for me after failing in around 5 different niches before that.

I soon realised that doing what you love was definitely the key, even more important than the techincal aspects of online marketing.

Though i love photography, my real passion has always lied in the personal development field as that's where I feel I can really make a difference to someone's life.

But what's stopping me is that I feel diverting my energy into two different businesses may not be good for either.

So the question I want to ask is: Should I wait till my photography business grows to such an extent that money becomes almost a luxury to invest in my personal development business, thereby making its growth very quick.

Or Should I start the personal development business right now and build it slowly, giving equal time and energy to both the businesses.

One advantage with the former option is that I will feel more credible in starting a personal development business if I've already created a successful business beforehand.

But the disadvantage is that it may take some time and I may start to lose enthusiasm in my work. I will always doubt if I'm trying to be too perfect before starting something.

I did try to think of merging the two but realised there was no way and that it would be slightly unfair on my photography customers if I did that because there is nothing really common about the two niches.

I have a very deep relationship with my customers so there's no doubt some of them will join in the personal development niche too.

As far as personal development goes, I have zeroed in on the topic of making people aware that in the modern day, they don't have to live by the old rules of work and that the Internet can really change their lives, just like it did mine

I would be grateful if I can receive some inputs to help this dilemma.

Regards,

Kush Sharma
#business or site #start #time
  • Profile picture of the author webmarke
    I think your second option is the best option. You can ease your way into the personal development business while you learn more bout it.

    Simply...Take your time and think of it as a hobby until you are comfortable enough to dedicate enough time to it to make a it a full fledged business.
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  • Profile picture of the author discrat
    I would continue with the Photography if it is something you Love and you are able to Continue to grow it. See where it takes you. As time goes by and the Money does become a "luxury" then sure slowly branch out and try Personal Development.

    But gosh you have worked so hard to find this successful Niche and you Love it...what more could you want. Reach for the Stars . Of course that's just me

    In the end you have to follow your Heart




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  • Profile picture of the author superowid
    When Is The Right Time To Start A Second Business/site?

    Generally there are 2 answers.
    1. When the first business is succeed, and makes surplus for the second business.
    2. When the first business needs a second one to support its growth/establishment.

    Based on above statements, I would stay with the photography site and make it bigger than ever, before I start the second one in different niche.
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  • Profile picture of the author GetPLRhere
    You can't go wrong either way. As long as the 2nd business venture doesn't impact the growth of the first business, then it should be fine. Never let another business venture sap the revenue from your cash cow. If the 2nd business starts to generate revenue, use that revenue to reinvest.

    Try to keep business ventures separate as much as possible. Especially if they're unrelated and there's no feasible synergy between the two.
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  • Profile picture of the author Steve B
    Kush,

    You've not focused much on where the demand for what you have to offer is going to come from.

    What are people in these two marketplaces looking for? What have you got to offer to help meet the demand?

    IM is best approached from the consumer's point of view or you run the risk of providing products and services that won't sell.

    Always think of demand first, then how you'll satisfy it!

    Steve
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    • Profile picture of the author Kush Sharma
      Originally Posted by Steve B View Post

      Kush,

      You've not focused much on where the demand for what you have to offer is going to come from.

      What are people in these two marketplaces looking for? What have you got to offer to help meet the demand?

      IM is best approached from the consumer's point of view or you run the risk of providing products and services that won't sell.

      Always think of demand first, then how you'll satisfy it!

      Steve
      I think personal development is an evergreen niche. You just have to look at the sheer amount of people in that niche and even in its sub groups. For instance, the late Scott Dinsmore made Live Your Legend a avery successful business which was based on the topic of finding your passion.

      So I'm sure there is demand. My main concern is whether it would be efficient to work on two businesses at the same time?
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  • Profile picture of the author Jasmine Carter
    It's not like you are going to abandon your photography business or loyal followers, right? So I would definitely say to start working into a new area. In the end you have to remember its not what makes other people happy all the time. You cant make everyone happy if your not happy. If your passion is somewhere else then you will be just, if not more successful moving into a new area and niche. You can keep up the photography to support your new passion. Giving them equal priority will be hard but if you feel like you can do it then, jump on your new passion. You are young and if you want to do something new then why not. Shoot for the stars and don't feel like you owe your previous passion anything because your the one who made it what it is in the first place. Your are in an excellent position to really make something of your new passion since you are already successful so go for it. People already love you and if they cant deal with the fact that are growing then they aren't your friends in the first place. I really hope that your new passion takes off. I'm excited for you. Keep up the good work.
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  • Profile picture of the author maggyuzon
    Start your second site now. You'll never know what will happen if you don't try. Just don't neglect your photography site because as you said, it's something you love. Know how to manage your time efficiently. Put the same effort as you put on the other.
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  • Profile picture of the author Profit Traveler
    Hi Kush Congrats on your Photography business!

    The fact that you have a live workshop concerns me.

    We will never be living that "Freedom Lifestyle" if we are not getting paid in our sleep.

    Could you possibly create Video Workshops instead.

    So much happens in life, we could get sick, begin traveling, etc we always want to have income streams that are as close to autopilot as possible.

    Definitely add a get paid in your sleep component to your first business or at least make sure that is the focus of your 2nd business my friend.

    -Art
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  • Profile picture of the author karen24
    i think now is the right time. Its never too late to start a new beginning
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  • Profile picture of the author Caitlinz
    Start now, build when you have time. But aggressively promote using paid methods when you succeed with the first website.
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  • Profile picture of the author seobuzz
    Following the instincts is one of the keys to success in every business. You would see many people repenting over missed opportunities. That is what happens when you don't follow your instincts. Hence if your instinct is saying you to start a second business, it indicates your inner energy is already channelized with that direction. And if you are not moving to that direction, you are wasting valuable energy.

    The only concern here is to stay motivated enough to make your second venture a success. That is altogether a different issue.
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  • Profile picture of the author liezlekate
    You should start the personal development business and build it slowly. It's all about balance and time management. Be sure that you're giving equal time with both of them.
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  • I agree with the other posters. I think easing your way in to the personal development field is a good idea. You won't be rushed or feeling any time crunches. You can fully develop your ideas. Start with a mind map so you can lay out each step and you won't let anything slide. Your creative juices are ready to come out! Write all of your ideas down now while they are fresh.
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