Should I Start a Second Business?

You’ve started your rent roll…

And it’s growing okay.

When a landlord asks you if you’d also manage their holiday rental…

Or a landlord asks you if you’d take care of their Air BnB…

Perhaps a landlord asks you to sell their investment property…

Or you get approached to take on strata management…

Now, before you see all the dollars rolling in, with your new business opportunity…

Let me ask you a question:

Who is going to run this “new business”?

If it’s you…

Does this mean that you’re going to have to split your focus between growing your rent roll and growing an Air BnB management service?

Kerwin Rae (super successful business man) says…

Imagine you’ve got a watering can, and the water inside is your attention.  You only have a finite amount of water (or attention) to “pour” over the plants (or businesses) you’re growing.

Either one plant (business) gets all the water, and the other plant (business) get none…

Or you share half the water with each plant, so neither grows well…

Our industry has so much potential for adding more businesses to our existing rent roll.

Sales, holiday management, cleaning, maintenance, strata management…

And it’s okay to add multiple streams of income into your business and life.

But it’s not okay to split your focus…

Unless you’ve got someone else there to take over the focus of your first business.

So, if you’re not sure whether now is the right time to start another business, ask yourself this:

Do you have someone else who could take over running your first business?

If the answer is yes, go for it!

But if the answer is not, you might need to wait a little longer.

And if you’re having trouble deciding what to focus on altogether, you need to read my blog on How to Choose What To Focus On

If you haven’t seen my last blog titled That time I almost got sued be sure to check that out next!

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4 Comments. Leave new

  • I like the watering can analogy, a good way to picture things.

    • Ellen Bathgate
      July 17, 2018 1:57 am

      Me too Michelle. I first heard this analogy from Kerwin Rae and it made so much sense! I’ve personally been very tempted throughout my business journey to branch out before I had the capacity to. It felt like such great advice for me! Glad it was useful for you too! Ellen 🙂

  • John Gilmovich
    July 17, 2018 5:59 am

    Very good article Ellen.But have you heard this… “man who chases 2 rabbits,catches neither”..Confucius.

    • Ellen Bathgate
      July 17, 2018 6:00 am

      Actually I have! I’ve heard the version “a man who chases 2 rabbits goes hungry”. Such a great concept, hey?


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