If you chase two rabbits, you will not catch either one.
Don’t try to build multiple businesses all at the same time while still being in a full-time job. That’s pretty much insanity – Focus on one business and then double down until you make enough money.
There’s a concept named “the time value of money” in investment. Let me illustrate: If your money is invest in A, it’s not being invested in everything that isn’t A. The same applies to time: if you’re running multiple business, you’re NOT investing your time on your other businesses. So instead of spreading your effort, focus it on one of them.
You have to baby step your way to success.
Here’s what I would do:
- Experiment and test a few business ideas
- See which one has the most potential to make money
- Focus on that one business until you make enough money
- Wait for 12 months to see if you still make enough money
- Quit your job if you can and have enough income to do so
- Focus on implementing the next business
A lot of people skip to step number six before they have even built a single profitable business, which often leads to rapid failure.
Another tip:
Don’t call your “business” a business unless it actually makes you more money every month than you’re spending. Matt Quirk, if you have three “business” but still need to work in a 9-to-5 job you probably don’t really have three profitable businesses.
Or else you would have long quit your job.
So my suggestion is to go through steps 1-6 and remember to focus only on one business for now, the business that has the most potential and leverage to make you money right now.
Focus. That’s what you need my friend.
Hope it helps!
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