Ideas. You’ve got them and lots of them. Maybe you have lots of interests too. I get it. My passions are varied, ever-changing, and constantly blossoming into new ideas. I’m prone to new and shiny, and while some people see that as a negative thing, new ideas and projects can be extremely motivating.
As long as you finish what you start, why not cave to those exciting new ideas? If you’re thinking about projects realistically and strategically, you can fill your life with motivating businesses, diverse income streams, and passion projects – and it’s OK!
The question becomes: when you have lots of ideas and interests you want to pursue, how do you PLAN a business? Here are a few things to consider.
One or Several Businesses?
Some ideas are perfect for building on an existing business or creating many facets to one business. Some deserve their own gig. You have to decide what’s the right model for your business. My massage therapy business stood well on its own. When I created my virtual assistant company, I didn’t want to be forever limited to virtual assistance, so I created a plan and chose a business name that allowed me to grow into other areas like consulting and a stronger focus on social media management. Ask yourself if your new idea builds on something existing or if it needs to break out on its own as something entirely new.
Coaching or consulting can be added to almost any business idea. Passive streams of income like building courses or writing ebooks also mesh well with almost any business. But your dog sitting business and your passion for bookbinding may not be a good fit for one enterprise.
I wrote about managing multiple businesses in detail here, but I’m going to stress this again: START ONE BUSINESS AT A TIME. Getting one business off the ground is hard enough, but trying to start more than one at once is nearly impossible. Give your full effort to one business, build a great customer base and support system, then start considering your next project.
There were almost two years between my businesses and a year between my second business and a new side hustle I’m venturing into.
I am the QUEEN of impatience when it comes to starting new ideas. I want to pursue everything now! But I promise that good things come with time and good quality comes with devoting your time to each idea in its turn.
How to Plan Your Businesses
#1. Write down all your ideas. Pick the one that you’re going to pursue or a couple that build on one another.
#2. Write a business plan to give yourself a guide to follow as you monetize your idea. Plan EVERYTHING: your business structure, marketing strategy, social media networks, finances. Get it all down in a document so that you have something to guide you. Update fairly frequently.
#3. Give yourself deadlines for products or services that you plan to release. Start with a base of products or services, then set a timeframe for additional facets of your business you plan to add on. Example: If you’re a massage therapist who also plans to offer aromatherapy services and health coaching, decide on a timeline for building other services onto massage therapy. Figure out how you’ll launch and market each in its own time.
#4. If you’re planning on starting a business unrelated to your first, set goals that have to be achieved before you begin the next project. That may be x number of employees to support the business, x dollars per month, or a specific number of clients that will keep your business strong. Figure out how you will continue to market and support your first business as your second one is starting up.
#5. Follow the plan and make those goals happen! Measure your progress. Use those measurements to improve.
How many businesses can one entrepreneur juggle? That depends on the types of businesses and the support you have for each. A business that depends on the number of hours in your day limits your ability to expand, whereas something in which the income is mostly passive after the initial work leaves a lot of room for other projects.
I’m the only therapist in my massage practice. I am limited by the hours I can physically do massage and market my business. In my virtual assistant business, I am working toward having more of the work handled by a team. The hours available for my business to grow expand as my team grows and begins to handle more client work, and I am able to focus more on marketing. My next goal is passive income. Don’t be afraid to have various income streams and different types of income.
Not Everything Has to Be Monetized
Remember that not every idea has to make money. Some things are worth investing time, effort, and even dollars into because you love it. Have passion projects. They keep life balanced.
Do you have a better idea now of how to plan a business when you’re multipassionate? Are you ready to get some goals and give into the shiny new ideas? Approach all of your projects with a realistic plan, but don’t be afraid to explore new ideas! You are creating your life and YOU get to decide what it looks like. Ignore those naysayers and bask in your own creativity and capability.
Following multiple passions as an entrepreneur? Share your story in the comments. I’d love to connect.