Should I stay in my current established business or start a new business?
Should I stay in my current established virtual support business or should I follow my passion as an integrative nutrition health coach to help change the world now that I am certified as a health coach? How can I weigh the pros and cons to help myself decide?
Hi Serena, the fact that you pose the question suggests you have already decided you are moving on. That's cool; many of us have learned we have ambition that takes us away from (often far from) what we were initially trained and inclined to do. Going with the belief you are ready to move on let me ask- do you have the ability to test the waters of your new career whilst maintaining the income and comfort of your current occupation? The notion of weighing the pros and cons is OK but nothing beats a test drive. If you can do a test drive (and I get the sense you can) I believe that is the way to go. The answers you seek will not be far behind. I wish you all the best and I am more than happy to chat off-line if you are so inclined.
All the best,
Maybe slowly build your health coach business on the side. If you reach a reasonable level and still see realistic growth then you can wind down or close your other business if you are less passionate about it.
By the time I started my company, I had a family to support. So I built a reputation on the side...it was a lot of hours but I found a way. And I didn't have to take that giant leap off what looked like a cliff.
But here's another angle - is there any way you can bring in someone to gradually take over the operations of your virtual support business? No reason why you can't be involved in multiple businesses. I split my time between multiple companies with varying goals - it can be done.
You sound like a real entrepreneur...who is always ready to move on. The beauty of owning your own business is not only the freedom that comes with it, but the ability to scale (e.g. an existing business, a new business, new locations, etc.) and leverage your capabilities to make more money that just a regular paying job working for someone else.
As others have suggested, in order to do that, you need to figure out a way to keep you existing business successful (without you having to be there full time) while starting a new one. That leverages you and makes you more money.
Find me one person who says, "You know I followed my true passion and now I totally regret that." It's fine to get advice about managing risk, financial security...if you in life to experience the joy of your passion I think you have your own answer, the question is do you have the courage to follow your passion, and does the reward merit that courage?
If your current line of work is "virtual business support", and that is where you excel, could you make your new venture a client of your existing one? If, after assessing the risks, you wouldn't take yourself on as a client (yet), then figure out where your new venture would have to be, or how strong your existing business would need to become in order to take on a non-paying client. If you need direction in your new business, hire a business coach or marketing strategist who can be hands-on guidance and a plan to follow that factors in the workload as a VA. Also, establish a timetable for transitioning between the two businesses.
Serena, I am glad that you are at least trying to evaluate the options before you dive into the deepend! My opinion is that you evaluate WHY you want to do each. If you're currenly business is built like a business and not just like a JOB, then you should begin working toward making that business self-sustaining. That is, runs by itself without your being there to run it day-to-day. Then this business can support your other busines and your life going forward. Beside wasn't that why you started a business in the first place - independence and financial freedom?
If you'd like to find out more about building a self-sustaining business I would suggest the following article http://yoursmallbusinessgrowth.com/what-is-a-self-sustaining-business/ I hope this helps you with your decision. - Dino
Follow your bliss. The risks involved in the change are a lot lower than the regrets you'll pay if you don't express yourself in your passion-path.
I don't see it as a all or nothing. It will take time to build your health coach following. Continue with your virtual support business, until your health coach business can sustain you.
I agree with some of the other commenters—the best answer may be both, rather than one or the other. It seems to me you can phase the new work in while phasing the old one out over time.
This answer may not be what you want to hear at this moment, but it beats worrying about money the whole time you're trying to launch your new career.
One other possibility not mentioned: Can you sell your virtual support business, then work out an arrangement to put in reduced hours for a specified time period to help the new owner get up to speed? That way you could create a cushion for yourself, and a deadline to motivate you to work hard on your new endeavor.
I agree you should come up with a way to continue your current business while building your dream...It will definitely be a lot of work but the reward will be worth it in the end. Good luck!
It's very hard to tell you how to decide since I don't know actually know you personally but given my experience with people and through research about human behavior.
I would suggest that you pose questions to yourself. Write them down; whatever comes to your mind related to your professional life of course.
Make sure that you include: "If I do this" and "What if I do this" in your questions.
Be honest with yourself and answer them the first thoughts that pop into your head.
Once done than you have your answers and you'll know what you want to do.
Best of luck. If you need any help, Please let me know. I'll be happy to help.
Read my free short e-guide to business planning [and idea generation] at
thank you everyone! greatly appreciated. currently i am working as a virtual business support business and my target market are my school mates health coaches and wellness professionals. this makes me more specialized in my area of work. I will slowly build my health coaching business on the side and decide which step to take once both businesses are at par in income and i can decide which one is best for me to proceed with. thank you all for your support!
Why not do both, at least initially? You can test the new business, while using the established business to support your efforts. You can also scale the business back as the new one succeeds.
My brother always said, do what you love and get paid to do it.
I would expand my service range to include nutrition coaching if compatible and capitalise on the existing business profile.
Build a website for the nutrition health business and spend some time on marketing it. See where it goes. Then ask this question!