Multiple streams of income?

[ups47]

Hi,

Wondered if anyone else found themselves in a similar situation to me.

I am currently dabbling in three different business ideas. I have an ebay shop, selling gifts and iteriors, I make and sell fudge and puddings locally and I also run drama clubs for kids. Each of the 3 make some money but not enough to live on atm.

I am at the stage now where, if i want my ebay shop to succeed, I will have to invest in more stock. i only have about 30 or so different items so in order to attract more customers, I clearly need more stock.

The other two businesses don't need a lot of capital at them moment, although would do in the future if I decided to really pursue one or the other.

I don't know whether to just focus on one business and really go for it (whether that included investing more money or not) or whether to just see how it goes and see if one of the businesses becomes more viable than the other two.

I am quite literally frozen from progressing as I just can't decide the best strategy

Has anyone else been in this position, and if so, how did you resolve it?

Thanks in advance, Jules

 

[havscope]

YOu choose the business that you can see making you the most amount of money in the shortest amount of time and work on that one. If you are persistent and good with people it is possible to hire some and pay them a weekly wage to look after, or give them shares to do it. Set up a ltd company, sell your self, your products and the dream... then go for all three... strategically

 

[Nine Fish]

I have been in the same position as yourself, and its not a bad thing to have several options available to you.

What i would suggest is that you review each business for the last three months and decide the profit to effort ratio and then decide on 1 or maybe 2 to concentrate your efforts on.

The other option is to bring in someone as a partner of your already established business and do a work/ profit split with them.

If you want my honest opinion I would always follow the internet online business option because the effort for reward ratio is so much greater

Good Luck

 

[gemd89]

Im in this position, i have one service and one product business.

The service business funds the product business but i work alot of hours in the service business for little reward whereas the product

I have no idea what to do either.

Gemma