Hey all,
Would love to get some thoughts and feedback on this.
My core business is doing well. It's in the information marketing space. I'm trying to figure out where we should reinvest our profits so we can make some big jumps financially.
Not looking to get a 6% return. Trying to really make some big gains. I’m currently on pace to retire in 13-15 years. I'd like to retire in 5 years. So, with all that being said here are my choices….
Choice #1 - Build A 2nd Website In A Similar Subject But Targets A Broader Audience
Pros:
Choice #2 -Take Profits & Invest In Real Estate - Try To Scale That
Pros:
Pros:
Anyway, would love to know the thoughts of experienced entrepreneurs on this forum.
Please only respond if you're a full time entrepreneur.
Would love to get some thoughts and feedback on this.
My core business is doing well. It's in the information marketing space. I'm trying to figure out where we should reinvest our profits so we can make some big jumps financially.
Not looking to get a 6% return. Trying to really make some big gains. I’m currently on pace to retire in 13-15 years. I'd like to retire in 5 years. So, with all that being said here are my choices….
Choice #1 - Build A 2nd Website In A Similar Subject But Targets A Broader Audience
Pros:
- Also in the information marketing space which I have a lot of experience in. (Albeit much broader audience)
- May be able to leverage existing audience from previous web business.
- Have marketing and entrepreneurial skills that could eventually separate us from the pack in terms of the competition.
- Already have experience in the information marketing model.
- Sizeable audience potential.
- If we can build a fanbase and customer base it could be a 6, 7, or 8 figure business.
- I've seen good returns in my previous business through reinvestments in the business. Hoping this can be the same.
- Lots of competition in this market.
- Competition has a big head start.
- Would require a sizeable investment of my time for at least a couple years.
- Have a team together to help me build this but it will cost about $4k per month to pay them to do the work.
- Not 100% sure what the market will respond to in terms of products or offers yet. Just know there is a big market.
- I only have about 20 hours a week right now to personally put into this. This is because the other business takes up a large part of my time.
- My team is talented but not sure I am 100% dialed in on my personal leadership and organization skills to maximize their talent. They are talented but they are just role players. They'll need feedback and guidance. I'm not a horrible manager but definitely not great.
Choice #2 -Take Profits & Invest In Real Estate - Try To Scale That
Pros:
- Fits into my strategy of having my money work for me.
- Power of leverage.
- Proven system that many people have gotten wealthy from.
- Have capital to invest.
- Tax advantages
- Could provide hedge against the ups and downs of my core business.
- Outside of my personal residences I have very little experience in real estate.
- Don’t have 40 hours a week to look for deals.
- Not sure of the speed in which I can scale this.
Pros:
- Already have experience running a profitable web business.
- I'm a better marketer than most people. So, w/ the right business I can go in and make an impact fairly quickly. I.E. they're probably not doing 20 things in their marketing plan that I have the talent and capability to implement.
- Have capital to invest.
- Could provide market diversity/hedging toward my core business.
- Could skip the startup/pre revenue phase that is usually a pain in the a$$ and get cashflow going from day 1.
- Have the ability to understand the metrics of a web business and can use that to make smart business buying decisions.
- Don’t have 40 hours a week to work in this business.
- I will have to build a team to run it. This could be challenging or it could be fun.
- I’m an expert at my core business but with this business I would imagine I’d have to learn a lot.
- Could take me awhile to find the right deal.
- Would probably require more capital upfront than building a new business.
- May require a decent amount of capital to keep running since i’ll need to use a team.
Anyway, would love to know the thoughts of experienced entrepreneurs on this forum.
Please only respond if you're a full time entrepreneur.
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