What are your opinions on two different business concepts combined

13 replies
Some background first: I had to quit teaching after 6 years. Main reasons: overworked and feeling trapped, and really narrowed down as a human being. I love teaching, but in different fields than school. From there I've basically had one main business idea, to build a self development site, mainly with courses, guides, and 1:1 coaching. But I've also considered using my skills and passion in design to build web sites, banners, logos, and maybe also do some consulting. Many thoughts and ideas, as you can tell.. Hehe.

So my business site would be divided in two: self development (private customers) and web design and graphic design. Pros and cons? Opinions on this?

I also paint and write, so you can probably guess what I want out of life: financial freedom, personal and creative growth. But maybe I'm chasing too many horses?

Kind regards,
Hector, Norway
#business #combined #concepts #opinions
Avatar of Unregistered
  • Profile picture of the author Frank Donovan
    Originally Posted by HectorKnecht View Post

    So my business site would be divided in two: self development (private customers) and web design and graphic design. Pros and cons? Opinions on this?
    I don't see those two fields as being naturally compatible. It would be better from a marketing perspective to keep them separate.

    Also, you don't say how much time you have to develop your business, or what financial constraints, if any, you'll be working under. Nevertheless, if you're starting from scratch, my advice would be to concentrate on one or the other. By chasing them both, you risk diluting your focus.
    Signature
    TOP TIP: To browse the forum like a Pro, select "View Classic" from the drop-down menu under your user name.

    {{ DiscussionBoard.errors[11246847].message }}
    • Profile picture of the author HectorKnecht
      Originally Posted by Frank Donovan View Post

      I don't see those two fields as being naturally compatible. It would be better from a marketing perspective to keep them separate.
      Yes, I'll keep that in mind. It's probably the fear of failure that keeps me chasing different ideas at the same time. I agree, if I mean something with my first idea I should put in all effort to make it a success.

      Also, you don't say how much time you have to develop your business, or what financial constraints, if any, you'll be working under. Nevertheless, if you're starting from scratch, my advice would be to concentrate on one or the other. By chasing them both, you risk diluting your focus.
      I should launch my first concept this year. I have money to survive some more months, but it will get critical in March next year. I'm considering a day job and instead build my business in the early mornings/weekends.
      {{ DiscussionBoard.errors[11246885].message }}
      • Profile picture of the author Steve B
        Originally Posted by HectorKnecht View Post

        I'm considering a day job and instead build my business in the early mornings/weekends.

        Hector,

        This makes the most sense to me given your current situation and the fact that you haven't committed to a business niche, plan, or model just yet. With the holidays coming, it's going to be next year very soon and you can't count on any particular level of income (or really any income at all) until your business system is in place and functioning.

        The stress and strain of having to produce a certain level of income can get very heavy real fast. Get a job, take care of your bills, and work your tail off "after hours" to develop your online business. It's easy for members here to tell you to "go for it" or "burn the bridges and go all in" but they are not the ones that have to live with the consequences of doing that.

        Steve
        Signature

        Steve Browne, online business strategies, tips, guidance, and resources
        SteveBrowneDirect

        {{ DiscussionBoard.errors[11250430].message }}
  • Profile picture of the author success_89
    I wholeheartedly agree with Frank above and would definitely keep them separate ultimately but I personally feel that it would be beneficial to hone your focus in on one first and then once that one is established and doing well to where you are maintaining it THEN you can move onward towards the other business because you can easily overwhelm yourself trying to tackle so much at one time.


    Damien
    {{ DiscussionBoard.errors[11246855].message }}
    • Profile picture of the author HectorKnecht
      Originally Posted by success_89 View Post

      I wholeheartedly agree with Frank above and would definitely keep them separate ultimately but I personally feel that it would be beneficial to hone your focus in on one first and then once that one is established and doing well to where you are maintaining it THEN you can move onward towards the other business because you can easily overwhelm yourself trying to tackle so much at one time.


      Damien
      Damien, thank you. I'm worried about the focus as well, it can be overwhelming.

      I'm probably afraid of ending up in a crappy job again, and that's why I don't finish my projects.
      {{ DiscussionBoard.errors[11246887].message }}
  • Profile picture of the author DIABL0
    If you want to do both I would build them out separately, as everyone else has said.

    Personally, I would never start a web design service. I can go find someone that will provide the same quality work for dirt cheap that others would need to charge much more to make a living at it. But that's just me.
    Signature
    How to Build LARGE EMAIL LISTS on a Budget and MONETIZE Like a PRO
    18 Years Exp . . . . . . . . . . . . Email - CPA - PPL
    {{ DiscussionBoard.errors[11246864].message }}
    • Profile picture of the author HectorKnecht
      Originally Posted by DIABL0 View Post

      If you want to do both I would build them out separately, as everyone else has said.

      Personally, I would never start a web design service. I can go find someone that will provide the same quality work for dirt cheap that others would need to charge much more to make a living at it. But that's just me.
      For me web design would be a part of it. Not everyone needs a website, Facebook could be it. Logo, banners, business cards, consulting and other services. But I really don't know if this is just me trying to reduce risk and run away from my main idea.

      Thank you.
      {{ DiscussionBoard.errors[11246891].message }}
  • Profile picture of the author Aces
    From a business stand point I think that web design and graphic design work could easily bring you more of that financial freedom, creative, and personal growth you are looking for.

    You mentioned that you love to teach, and I believe that's where the personal development part will come into play.

    There are tons of people out there who are looking to learn some of those skills that you have to share, and you could easily build a following and customer base from that. Whether it's creating your own course or doing some private 1-on-1 coaching.

    If you take your business in that direction you will get to experience first hand some of the personal development you're able to inspire in others.

    I've been coaching entrepreneurs on how to build their businesses online and half the battle is often the mental blocks people put on themselves and the coaching allows you help them break through it.

    Maybe that's route you may want to explore? Kind of a mix of both.

    Hope that helps
    Signature
    Need Some FREE Help Building Your Online Business?
    Join My FREE Facebook Group-Click Here
    {{ DiscussionBoard.errors[11247032].message }}
  • Profile picture of the author BradKasten
    I agree with everyone above about focusing on one main business idea.

    I have some experience in trying to build multiple business at once and it just doesn't work.
    I started an Amazon FBA business and thought I could start an internet marketing business at the same time. And why not start a niche site while I'm at it.

    After two months of spinning my wheels and accomplishing nothing in any of the three projects, I realized what an idiot I was and focused solely on the FBA business. I put everything I had into that for a year and a half and now it's humming along and making me money.

    I then shifted gears back to my internet marketing business and started working on that project again.

    I totally understand the fear of pouring everything into one project and having it fail. But you have to have confidence in yourself and be willing to take the risk. If you try to play it safe with a backup project you won't do either well and they will both be failures.

    My advice is to go with the business idea that inspires you most and give it all you've got. Once it's up and running and making you money, then you can think about starting another project.

    I hope this helps and good luck,
    Brad
    {{ DiscussionBoard.errors[11247035].message }}
    • Profile picture of the author HectorKnecht
      Originally Posted by BradKasten View Post

      I agree with everyone above about focusing on one main business idea.

      I have some experience in trying to build multiple business at once and it just doesn't work.
      I started an Amazon FBA business and thought I could start an internet marketing business at the same time. And why not start a niche site while I'm at it.

      After two months of spinning my wheels and accomplishing nothing in any of the three projects, I realized what an idiot I was and focused solely on the FBA business. I put everything I had into that for a year and a half and now it's humming along and making me money.

      I then shifted gears back to my internet marketing business and started working on that project again.

      I totally understand the fear of pouring everything into one project and having it fail. But you have to have confidence in yourself and be willing to take the risk. If you try to play it safe with a backup project you won't do either well and they will both be failures.

      My advice is to go with the business idea that inspires you most and give it all you've got. Once it's up and running and making you money, then you can think about starting another project.

      I hope this helps and good luck,
      Brad
      Friendly and helpful from all of you.

      Today I read something that could settle things for now, at least in relation to process and focus. Tim Ferriss talks about experiments, a different way of pursuing goals, more like systems. Different from yearly goals.

      Experiment 1: Your choice of business. Do you believe in this? Are you willing to invest years in this project? Decide and focus. Let's say you give this experiment 6 months. Then you evaluate, you now know more about the quality and chances of success. Whether you should keep on going or go on with a different/similar experiment.

      Also, in my case I must set a deadline concerning the financial part. Do you need to combine this experiment with a day job? Yes or no. For me, probably yes.

      If you have ideas for different experiments, make a list, but start with the one you really belive in.

      That's all you get and it's not bad if you ask me. What if life is a series of experiments?

      I hope this makes sense.
      {{ DiscussionBoard.errors[11247194].message }}
  • Profile picture of the author JohnMcCabe
    Since you are staring at the possibility of getting a day job, why not try to get one in the field you want to pursue?

    For example, could you land a design job with an agency or the marketing department of a larger company?

    Could you find a job as a counselor/coach/etc.?

    One piece of advice I often see, and agree with, is if you want to start a business but aren't sure about it, get a job in the field and learn from the inside.

    Lots of people open bars and restaurants without ever having worked in one, so they have no real clue about what goes into a successful one. The failure rate among these folks is even higher than the failure rate in general.

    Since your window for getting up and running without financial stress is only a few months, I'd look hard and long at the "get a job and start my business on the side" approach. Much like dogs smelling fear, business prospects can smell desperation. It can lead you into taking on projects and clients you ordinarily wouldn't touch. Get a few of these, and you'll look back on your teaching job as the good old days...
    {{ DiscussionBoard.errors[11247296].message }}
    • Profile picture of the author HectorKnecht
      Originally Posted by JohnMcCabe View Post

      Since you are staring at the possibility of getting a day job, why not try to get one in the field you want to pursue?
      That's my plan if possible. I just have to avoid ordinary teaching (Time Killer).

      My business concept is self development: 1:1 coaching, guides, courses and other services. But I need to make a niche, it's currently too general.

      Since your window for getting up and running without financial stress is only a few months, I'd look hard and long at the "get a job and start my business on the side" approach. Much like dogs smelling fear, business prospects can smell desperation. It can lead you into taking on projects and clients you ordinarily wouldn't touch. Get a few of these, and you'll look back on your teaching job as the good old days...
      I agree, these are all helpful tips. I can probably stretch this window a bit, but earning enough money in the self development field will surely take some time.

      Do you have your own business btw?
      {{ DiscussionBoard.errors[11247316].message }}
  • Profile picture of the author DWaters
    I like your plan as building multiple streams of income makes sense. But as mentioned above it really makes sense to focus on one until it is really up and running and then start to build another.
    Signature
    {{ DiscussionBoard.errors[11250414].message }}
Avatar of Unregistered

Trending Topics