This transcript was generated from the episode audio and may contain minor errors.
[Music]
Today's caller is wondering if they should start an all new business or expand their current business. They've got a successful business, they're doing consulting, but they also have clients in a related industry. And so they've come up with this idea of a trade show marketing kit. They're trying to figure out what's the best way to develop this idea. They actually grew the side hustle to a full-time business, the first one.
And what do you do when you do that? Well, naturally you want to start a new side hustle. I totally understand, I get it. So let's talk about this idea, the trade show marketing kit. I recently did my first trade show, or at least I was an ex-exhibitor at my first trade show.
I've been to trade shows, but I'd never been an exhibitor. I had a booth talking with people about my new event, neurodiversion. So I learned a bit about the logistics and process of doing that. And I can see how this kind of kit would be very helpful, at least in certain industries and such. But what's the best way to do it?
What are the factors to consider? I'll do my best to provide a helpful response to Jenny's question. That question and my answer coming right up. [Music]
Hi Chris, this is Jenny from Iowa. I've been listening to your show for a long time and I'm currently reading 100 side hustles.
Thank you for this opportunity to participate in your new Q&A series. I'm a marketing consultant, which is actually a side hustle that turned full-time for me a few years ago. I'd like to launch a second business or a new product line under my current business. What I'm working on launching is a trade show marketing kit for visitors at agriculture trade shows in the US and Canada. I'll offer a variety of kits at multiple price points.
And my target customers will be small to mid-sized companies that are either just getting started or that are wanting to improve their trade show booth design. I've worked in the agriculture industry for 15 years. So I know there's a market for kids like these. My trade show marketing kits will include designs for printed and digital collateral. And I'll sell them through an online store with digital delivery.
My current consulting business is pretty well established within a small circle of agriculture companies, but I also have several clients in other industries. So my question is this, do you think I should offer my trade show marketing kits under my current business or should I start fresh and launch them under a new company? Thank you and have a great day. - Hey, Jenny, thank you for the thoughtful questions. I'm gonna give you a few factors to consider and I'll also give you just my quick gut response as to which way you should go.
But the factors to consider are first of all, similarity in market. Like how different is the new offering? Does it serve a completely different group of people? And I should have said, by the way, this applies when anybody's making this kind of decision, not just for Jenny, but when you've got an existing business and you're like, should I start a spinoff? Should it be under the same umbrella, et cetera?
And so in this case, Jenny says, my target customers will be small to mid-sized companies that are either just getting started or wanting to improve their trade show booth design. Next factor is customer language. How do you communicate with this target group? If you're selling to a different group of people, they might use totally different language. Next factor is income or at least projected income, let's say.
Do you think the expansion will be a small addition to your current revenue compared to the original project or might it end up being much more? I mean, the last factor is your own capacity 'cause of course you are constrained by limited time and energy and that might influence the choice to do it one way or another. It might be simpler to keep everything under one roof. Alternatively, given the same constraints in a different project, it might be simpler the other way. So those are the factors.
And my initial response, just my initial feeling based on this information, there could be other factors, but based on this information, I think it could be a new business. I think it could actually be like a new website, new branding, new identity. Some things can still be the same, of course, but to me, it sounds not just like an extension, but something that is kind of new, all right? Even if, as I said, there's some overlap, that's what I would do. I think I would establish a new identity for this business.
Listeners, let me know what you think. If you have an opinion or an experience, even if it's different than mine, that's cool. sidehustleschool.com/questions. Of course, you can access the notes pages for every single episode throughout our 10-year history of the show. Download or stream any episode all free.
You can also subscribe or follow wherever you get your podcasts. New episodes drop every day. My name's Chris Guillebeau. This is "Side Hustle School." [Music]
From the "Onward Project."
