So I have two business ideas that I am fully committed to starting. One of them is a clothing company that I have been wanting to start for quite sometime now. The other is a online company that I am insanely stoked about trying to start up. The thing is, I am starting the clothing brand with a buddy of mine. So it will be a little easier to focus on both with having someone accompany me while I'm starting the other. I am very young(turning 20) and have a part time job, but just want to see what others think about this. I know internet start ups can be difficult especially with no technical experience, but I'm just so eager to get things started. Thanks for the responses in advance!
I think as a first-time entrepreneur who is non-technical, you should focus 100% of your energy on your clothing business with your buddy. There is far less required to make a clothing business a success than a startup run by a non-technical founder. I don't mean to trivialize the challenges of running an apparel company (there are many) but comparatively, there is a greater chance of you having success with the apparel business than a startup.
But you *reduce* your chances of success by diluting your focus with other ideas.
Happy to talk to you in a call about starting off on the right foot with a cofounder.
This is definitely NOT recommended.
Don't waste time trying to figure out WHY this is a bad idea. Just choose one venture and get to work.
You are obviously passionate about your ideas. That passion will help you get through some of the challenges you'll no doubt have to face in the very near future.
But in my experience passion is not enough (at least not in business!).
I'd HIGHLY suggest you work out an initial business model before you invest any money.
At the very least - do what you can to learn if there is a market this is equally excited AND that they are willing to pay for it AND that you can build a viable business around that product / market match.
WARNING: Assuming that any of those factors are true without completing your due diligence BEFORE you get started is a recipe for failure.
Since you are a "new entrepreneur" it would be wise to invest in a mentor. Find one here on Clarity - or tap your personal network.
If what I've said resonates with you let's talk and I will help get you off to a strong start.
In any case - I wish you the best of luck and great success!
For nearly a decade (all of my 20's) I reveled in my ability to juggle multiple businesses at the same time (2 or 3 + consulting). But what I started noticing on the tail end of that was that I was becoming amazing at being mediocre.
What I've found over the past couple of years it that focus is the difference between running a $50,000/year business and a $500,000/year business.
Focus let's you make that good thing great.
Having your hand in many different things can feel like a great way to diversify and mitigate risk, but what will pay off more in the long run is to quickly "prove" which business has a better chance of being successful and then drop the other and move on.
Happy to have a call about what my experience has been over the past 10-12 years of doing just this.
If you are considering two different businesses, don't do either. When the business is right for you, it will be the only one. Entrepreneurship can be like marriage in that way.
Although I teach my clients how to create multiple streams of income, I would definitely say focus 100% of your attention on the business that you are MORE PASSION about. It will take passion to launch and continue to drive that first business and keep it successful. Once you've mastered the ins and out of the business you are more excited about, then you'll have the track record and the confidence to venture out into territory with a new multiple stream of income with the next business. The quicker you get rolling with the first one, the sooner the next business can follow quickly behind!
If you need assistance, tools or just a ear to bounce ideas off of, request a call.
In my personal experience, whenever I've tried to run multiple businesses, at least one or all of them have failed (failed meaning either zero or very little revenue)
Looking at my friends (95% of which are tech entrepreneurs or lifestyle business owners) any of them who have tried multiple businesses at once, either one or all of them have failed.
There's usually a period where you think "Hey this is possible, it's working great!" and you see a bit of growth or a bit of traction, but it's only 2 years in that you look back and realised that you have 2 projects turning over £50k each, when you could have had a single project turning over £500k
Now looking at your current situation from what you've told us:
1) Starting a business with a cofounder who is as committed as you is an order of magnitude better than starting something on your own
2) As a non-technical entrepreneur, I would advise staying away from the onlne business until you have either a technical cofounder or at least £100k in your back pocket in disposable investment
3) Does the clothing business excite you? I'm thinking not, as when something really excites you, you shouldn't even be considering anything else. So maybe neither of these projects are right for you.
My advice: go and get a job working for the company you wish you had created. Find a company where the product, industry, culture, brand... everything is something you love and wish you had done yourself. Work there for however long it takes to find something that creates a burning passion inside of you, and provides you with the right network, connections, experiences (and maybe cofounders or investors) to get it started.
My biggest regret in my entrepreneurial career is that I didn't spend any time looking at how other entrepreneurs had done it. I just read about it and dove in, and spent many, many hungry years making all the same mistakes that everyone before me had already made!
It depends of how much your involvement in both business, business models and your level of motivation to push both projects forward. You're turning 20.. this is the time.. if you wish to push to the limit.
If you stuck, you know where to find for great answers right? All the best
