When is best to have second business?

[Finger Geek]

I have read many motivational books that talk about wealth and business and most of them talk about having many business for us to be financially fit. So this mean that for me to be successful I need to have more than one business. Apart from what they are saying, if we should think of it we will see that it is really necessary for us to have more than one business because nobody knows what will happen tomorrow. So what if something happens to the business, then it means we will start from the beginning. So to avoid this we need to have other business that will continue even if one is failing.

Having know that we need more than a business then are we to rush into having more than one business at a go all because we have enough money to start two business at a time? No we should not do that. We must first start one and when we are successful and sure that the business is solid, then we can now move to other business. If we look at most of the successful businessmen that has more than a business. We will see that they were successful with one before moving to the other. So to be successful, we must successful with one before having another business or else all might fall.

 

[Etini]

It is one step at a time. You don't have to pressure yourself. Multiple streams of income are very necessary for financial growth and stability but you have to build one business first. When that business grows and is firmly rooted, you can start working on establishing another business. You don't go about trying to set up two businesses at the same time. It would definitely not work. The reason why a first business needs to take root first before diversifying is that you might need funds from there to help stabilize the second business.

Some businesses can be started together. This is possible if the two businesses are related. You can start a broiler business with an egg production business. It is likely to work out since the two businesses are reacted. Even with that, I am still an advocate of taking your time and doing it one after the other.

 

[Shaf]

The obvious answer to this question would be to start a second business only and of the first one is a success and can be run without hitches, by you or someone else.

It depends on your experience and the type of business though. There are some things that will always require your full attention, and combining to them with others won't work.

Some can be outsourced or managed by someone else, while some can be done at the same time. You should also consider the location of each business. If they are far apart, it could be difficult to manage or supervise one.

Most times, it's easy to diversify into doing an online business if the other is offline. The time and location constraints can be fewer.

It also depends on you. Not everyone can handle the stress that comes with working extra hours or extra jobs, which is a sure thing you'll experience if you have more than one business.

 

[Heartstrings]

To me it solely depends on every individual,the like of business and how you can handle it,in order not to have a regret later or one business going down because of lack of focus. I think been successful with one before going into another will be much more better,your second option might be going into same business but different locations,that's if you are so good in the business and you know you can achieve your financial goals you aiming at.

You can as well go into another business different from the first ,it all depends what you know you sure capable of,many of the rich men today are into different types of businesses and doing so well with it. You having more than one business isn't a guarantee you will be making more money,how you dedicated your time to it, trying your possible best to increase your source of income is what counts.

 

[Richee84]

There are stages in every business, all business goes or pass through what we call business life cycle. The first stage in a business life cycle is the introduction stage also know as the early stage of that business. Each stages involved different approach and strategy to be use there.

In the introduction stage the business is still trying to survive in the market. The owner must spend more money on advertisement and promotion for the product or services to gain acceptability in the market. In this stage, the business does not make any profit as the only emphasise in this stage by the owner is just for the business to survive and not profit.

After the introduction stage , the next stage in business is the growth stage. Here the business has gain market share and it has start making profit.
At the growth stage, profit is tend to be on the high side and it is usually advisable to expand with the excess profit been realize at this growth.

It will be very easy to expand a business when the first business has reach the growth stage and is bringing in steady income from the business to the owner.

 

[saoussen5765]

Nowadays salaries doesn't seems to increase while everything price is increasing each month so this is why having second job to have more revenues is mondetary.

 

[eldavis]

Running a second business or multiple businesses can really be great bit could also be a two edged sword. If not done at the right time. You might end loosing both business at the same time. Before starting another business, i would advice you grow your first business tó a point where it can stand on its own. So while you are busy directing all your time and effort on the new business, the old one would still be going smoothly. Make sure you have capable hands that can manage the business for you.

 

[Rubz]

I'm not against one running or owning more than one business. As a matter of fact, i think it's quite necessary because things are really getting expensive these days, the standard of living is so high, the economy is slowly deteriorating and it's really affecting most businesses so ut's good to have a back up business in this case. Owning or running another business is not an easy task at all and it isn't something one should just jump into because if one is not careful, all one business could end up failing due to improper management. One should start another business only and only if one's current business has made much progress and will still continue to die well under little or no supervision since a new business requires most of one's attention.

 

[Yusra3]

The ideal time to start a second business is when your first company is stable, operating smoothly, and no longer requires your full, daily involvement. Beginning a second venture too early can stretch your time and focus too thin. Wait until you've built a strong management team and efficient systems so the first business can thrive with less direct oversight from you. When you can clearly see growth opportunities in a new space and have the bandwidth to develop a new offering, starting a second complementary business can then accelerate overall success..

 

[King bell]

When to start a second business is dependent on several factors such as how steady your current business is, your ability to handle more than one venture and the nature of the market. Here are some things you should bear in mind:

1. Stability of your first business: By and large, it’s good to build a strong foundation for your first business before venturing into the second one. Make sure that your first enterprise is running smoothly, generating regular revenues and has an efficient team in place. This stability will provide you with a solid footing upon which to establish your new venture.

2. Personal capacity and time management: Beginning and running a business consumes much time, effort and devotion. Check whether you are capable of meeting the demands of another enterprise while still maintaining success in the original one. Considerations should include personal commitments, work-life balance, and effective juggling of multiple ventures.