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Rita Lush | Starting 2 businesses at the same time? |
Is it a good idea to start 2 different businesses at the same time. The first is an invention I had. It turns out somebody already has a patent for it. He already has a prototype and several working models and blueprints. We've been in contact and we're going to partner up. I'm going to promote the product and find investors.
The other is actually a social networking site aimed at a specific crowd. Should I persue both of at the same time or get one running before I start the other? |
 |
 
kemperk
 |
what is your skill re finding investors? if good, I can keep you busy for many years.
re the SN site; be very careful; some earn their innovators a gazillion $ for reasons that
amaze me.....SN is not YET a revenue generator........thus, their
interest to anyone puzzles me |
|
amontef
 |
Hi. In my opinion, I would get one up and running before the other.
Although at first glance it may not seem like there will be a lot to do, but you may be surprised. Also, you do not mention it here, but if you currently have a steady job, that will put even more time constraints on you.
For the invention process, you mentioned partnering up. If by partnering up you mean creating a company, that process will take a lot of paperwork in the beginning to do. It may be in the best interest of you both to create a company and Incorporate. Incorporating gives many advantages such as a professional appearance to the investor, it creates that protective shell for the business and owners, company shares that can be distributed between the partners (with reserve shares for the investor) and etc.
The social network may also be a huge undertaking. If you will be starting from scratch and creating the website yourself, that will take a large amount of hours writing all the code and scripts in order to make it interactive. Even if you purchase a social networking website script, there will still be lots of time involved in tailoring it to the look and feel of how you want it to work.
The marketing for both the invention idea and the social network site is also a time related process.
Once again, I would take one at a time and give each the proper focus needed to do it right. |
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