A wise and creative mind is always restless. They constantly have new ideas every single day and sometimes every single hour. That’s what happens to most entrepreneurs and business people who are new to this business world. When you jump into this business universe, it is like a black hole that will suck you in it. A new business person always thinks that they can handle and juggle more than one startup at the same time. To be honest, it is not a good idea. You may ask why? If you want to find out, then you should continue reading this article, and everything will be explained in detail.
Why You Should Not Start More Than One Startup?
Here are some of the reasons why you should not start more than one startup at the same time:-
1. Always focus on the idea which you think got the potential to succeed
In your lifetime, you will get thousands of ideas, if not millions. But not every idea is the right one for you to succeed. First, you should do your own research about what exactly is in demand in the market. What kind of services and products do customers want? It is incredibly significant that you, with your first startup, always play a safe game and go with the idea which has the potential to survive in the market for an extended period.
2. It is never a favourable strategy to ride on the two boats at the same time at first
You may have heard this metaphor throughout your life that never ride on boats at the same time unless you know how to swim? To make your impact on the business world and to get your competitors to respect you. I am sure you don’t want to fail. But with your first startup, if you think you can manage two businesses at the same time. Then you have mistaken my friends. You are bound to fail. If you adopt this strategy?
Because this being your first business, it will require all of your attention, and you have to be available 24/7 to make this startup thrive if not survive. Starting two companies will divert your attention from your main plan. If you divert your attention in two places, then three things might happen. The first one you might fail in both of them—the second one you will do only decent business, nothing remarkable. The third one is that you might succeed in both (which is very rare I might add). So it is indeed your choice but think about your health which will get affected because of it and nothing is ever worth affecting your health in the wrong way.
3. Hire somebody if you think you can’t handle everything on your own
A person who is the mastermind behind every plan doesn’t mean they can be in every place and can do every type of work for their business. It is in the best interest of your company to hire people who are experts in their fields for a different position in your organization. Now I understand that it might get costly and can be out of budget for you. But there are various loan options for a startup business.
You can find out about these loans from our website in this article “How To Get Personal Loan To Start a New Business.”. You can find out about business loans through this link in detail. You may be worried about the idea of taking a loan from the bank for your business. But if you don’t hire experts and try to do everything yourself for which you are not compatible at all, then your business definitely will fail, and you will lose all the savings that you put in your company as the starting capital.
4. Work on your different business and plans once your first company is entirely establish
It is not unheard of that most of the businessmen owns more than one company in a different field. But these people were smart enough that they worked on one business at one time instead of juggling thousands of companies. Once these people establish their first business, they move on to work on their different plans. They gave them each business a reasonable period to become successful.
There are lots of actors and singers who first started as an ordinary actor and singer. Still, after establishing their acting and singing career, they moved on to directing and producing movies and songs and then owning production houses and record labels. Take Kylie Jenner, for example. She started out as a model and reality tv show young star. But later, she created her own makeup brand, which is now a multi-billion dollar company.
Nobody is stopping you from establishing your thousands of corporations. But as I already explained with the help of this article that first, you should focus on those ideas which got the most potential to be successful, never ride on two boats at once if you don’t have the experience, hire the right people and surround yourself with wise people to give you the best advice then move on to your next plan after establishing your first company. The main point is that give your every organization the required time of frame and then move on to the next one.