We have two start-up companies, an IT company incorporated in 2019 that has brought in a business of more than 3 lacs during its initial stage, and an organic product company incorporated in 2021 that has already launched 2 soaps and 2 essential oils. To which company we should give more priority now as both are loss-making?
Ans: It seems like you and your friend are currently running two companies - an IT company and an E-commerce company. While the E-commerce company has been your primary focus and you have launched your own brand of products, both companies are currently loss-making.
To make a decision about which company to focus on, you may want to consider a few things:
1. Revenue potential: Consider the revenue potential of each company. Which company has the potential to generate more revenue in the near future?
2. Market demand: Evaluate the market demand for the products/services offered by each company. Which company has a larger market demand and growth potential?
3. Your expertise: Consider your expertise and experience in both industries. Which company are you more knowledgeable about and can you bring more value to?
4. Cost and resources: Evaluate the cost and resources required to run each company. Which company requires more investment and resources?
Based on the above factors, you can decide which company to focus on. You may also want to consider the possibility of merging the two companies or scaling down one of them to focus on the other.
It is important to remember that building a successful business takes time and effort. It is not uncommon for businesses to experience losses in the early stages. Keep persevering and continue to innovate and adapt to the changing market conditions.
I hope this advice helps you make a decision about which company to focus on. Good luck!
