Should you start a second business? Is opportunity a good reason to risk starting another business? Here’s how to figure out if the time is right.You have a business. It’s doing quite well. You have everything so much under control, you have spare time. You also have spare money. Is it time to start a new business? It depends.
The following are some of the ways to know if it’s time to start a second business.
1. Opportunities Abound
People start a second business when they are presented with an opportunity that seems too good to pass up. A good opportunity will be one that comes with moderate risk and high return on investment.
Don’t make the mistake of falling into a scheme, though. Many people approach successful business owners with promises of more success. It’s best to decide on if an opportunity is a good one on your own, instead of relying on what others are telling you.
2. You’re Bored with Your Current Business
Your current business has been with you for years. You grew it from a baby to a full-fledge business that operates seamlessly. Now, you’re bored with the day-to-day monotony of it.
Entrepreneurs are always look for something new and challenging. This is why you are feeling bored with your current business. It doesn’t mean you don’t have love for it – it just means you’re ready to spread your wings and fly somewhere else to create your next big success.
3. You Want to Do More with Your First Business
Many people don’t start a completely different business – they diversify. They take a part of their current business and make it bigger and better to create its own income stream. If you see an opportunity to do this in your business, you might as well see how it goes because it’s just an easier way to start a second one.
An example of this is offering classes to people who are using your products. You may be selling exercise equipment, and to expand on that business, you offer exercise classes using the equipment. People can bring the products they purchased from you, rent some from you, or you can offer them as part of the classes. The money you make from the classes, rentals, or even selling more products to students can be quite good.
Be creative with your business to see how you can make more money from it.
4. You’re Ready to Take a Risk
There’s a decent amount of risk when starting a business. You know this from starting your first one. The same goes for the second one.
Since risk is always involved, many people have to conjure the strength and courage to do it. When you feel ready for the risk, you are likely on your way to a new exciting and challenging adventure.
5. You Have Support from Your Family
Starting a second business can be a huge strain on your family. You will be involved with getting the new business off the ground for a long time, and that means you’re not going to be as accessible.
Your family will have to cope with this loss. They will need to understand and support you. You will know it’s time to start a second business when your family is behind you 100%.
6. You Have a Vision
The only way a business owner can be successful is if he or she has a vision. This vision is what the business will become IF it is managed properly. When you have no vision, you have no direction, which makes managing hard.
Sit down for a moment and come up with your vision. Don’t have one? You are not ready for a second business just yet.
Have one and it’s detailed enough you could easily create a business plan from it? Good job. You are probably ready to move forward with it.
7. You Have a Team
You know the value of a team. It can help you grow your business when you aren’t able to do it. While you may not have had a team when you started your first one, you need one much more for the second one. Why?
When you started your first entrepreneurial project, you probably did it on your own. You didn’t have the money or the know-how to have a team grow it for you. Now, you have this advantage. You have extra money (or at least you should) and you know that you don’t have to do it all on your own. You may even have people who can help you as soon as you give them the go ahead. This is how you know you’re ready to get started with your new business.
8. Disposable Income and Time
As mentioned, it’s not all about money and time. However, it does have a lot to do with it. If you have many of the other factors explained here along with the income and time, you are in a great position to get started on a new venture.
9. Successful Entrepreneurs Think and Act
Successful entrepreneur think and then act. So, think about what you’ve read, and decide if it’s time to move forward with something new. It’s likely if you’re not ready now, you will be in the near future. You wouldn’t be reading this article if you weren’t already interested in moving on to something new, exciting, and challenging!