Starting a Second Business
Now that you have a business up and running, have you thought about starting a second business? You’re not alone: one out of four entrepreneurs own multiple businesses.
Whether you are looking at starting a business in a similar industry or one completely unrelated to your original business, you won’t be starting from zero. In addition to leveraging the knowledge and experience you’ve gained in launching one business, you may be able to maximize resources between multiple businesses. On the other hand, if your work/life balance is out of kilter, the stress of owning more than one business may outweigh the rewards. Let’s take a look at the pros and cons of starting a second business.
- Realize your dream
- Leverage shared learning from one business to the other
- Use proven vendors
- Earn diversified income
- Leverage synergies across your businesses
- Economies of scale
- More working hours
- Requires new investment
- Exposed to greater financial risk
- Increased stress
Are you ready?
Here are four questions to help you decide whether the time is right for you to start a second business:
- Do you have a high-performing team running day-to-day operations for your original business?
- Do you manage your time well, and do you currently have free time?
- Have you been “noodling” a business idea for some time and has the idea become increasingly exciting to you?
- Have you considered the financial and personal costs?
If you answered yes to all four questions and would like to explore your idea in more detail and develop a plan to realize your vision, reach out to schedule a consultation.
If you would like to learn more about how this might apply to your business, let’s talk: