We as entrepreneurs have that one idea that will lead to two ideas then three and so on and so, but how can we keep focus and build one at a time without fumbling the ball? As a business broker myself, i always get calls from sellers looking to sell a business, so they can pursue the next business! Weird right? The key is to build one at a time but that doesn’t mean you should not pursue them, but create a playbook and build your step-by-step plan in it for each business and when one business is established you can then focus on the next, in this article we will break down some strategies on how to move to a next business without losing the focus on the first one!
If you have too many options, choosing the path forward for your business can be difficult. If you are an entrepreneur or aspiring entrepreneur, you have likely encountered this issue.
The sheer volume of business ideas available to the average entrepreneur or would-be entrepreneur is difficult to control, as inspiration can come from anywhere and often disappears when no action is taken. Here is what you can do.
Do market research
After formulating your primary business concept, some market research is in order. Which other organizations are already operating in the field you plan to enter? In what ways will your product be the same, and in what ways will it be different? Furthermore, from what source do you anticipate your clients coming?
When conducting research, it’s important to look beyond just the shining examples. Is there a failure in the industry that you can learn from? Consider how you could improve your approach.
Discuss it with your business partners
Refrain from hoarding your brilliant company plan once you’ve seen its potential. Get feedback from people in your target market who could be customers for your business idea by sharing your concept with them.
What if you don’t know anyone else who works in your chosen field of business? Master the art of making connections, and remember that even those uninvolved with your company can be invaluable sounding boards by acting as fake customers in focus groups.
Making a business plan is a critical part of starting a company. A business plan, whether formal or informal, helps you clarify your business’s core elements before your debut.
Think carefully about your business’s “story,” how you intend to present it to investors and other interested parties, your financial and operational objectives, predictions, and long-term plans for expanding your business.
Run a prototype
Prototyping is a critical first stage in the business planning process. It’s a great way to see if what you’re seeing is even possible.
Also, “prototyping” is not limited to companies that produce tangible goods. Prototypes can also take the form of a basic website reflecting your future business, which is used to gather email addresses from potential customers.
Think about how much money you’ll need and how you want to start your new business. Start-ups that rely on the founders’ own resources, known as “bootstrapped,” typically receive no outside funding during their early stages.
For every loan, whether a bank loan or an SBA loan, the principal and interest must be repaid. Many startups seek funding from external investors, who provide capital in exchange for a share of the company’s future profits.
Buying or starting owner absentee business
For a good reason, the public equates absentee-run businesses with liquor stores and coin laundries. The less complicated the setup, the easier it is to run without the owner present at all times. Here are some owner-absentee business ideas
- Karaoke bar business
- Drive-in movie theater
- Golf course business
- Photo booth business
- VR escape room
- Banquet hall rental business
Running multiple businesses is not hard when you have a system in place so don’t go off trying to sell a business quickly, you can start a next one, having a business run in your absence might be a fantastic way to amass money, but like any empire, it needs a solid base to grow. Just make sure you lay a solid foundation first.