Starting one business can be exciting and rewarding. Once you have gained the flexibility, control and financial rewards from your initial business you may decide to begin a second business/venture. . However, as an entrepreneur, you must weigh the pros and cons of the actual business/venture.
For example, if the second business is related to the first such as a desktop publisher who decides to add web reviewing as a second business it does not require an extensive time and money. However, an interior designer who opens a designer shoe store will require additional staff, specific computer software, and a physical location along with the need for additional coursework/training.
First, determine the reason for starting the second venture. Is is based on true desire, a challenge, or competition? Some people begin a business because it is expected by family, friends, or neighbors. You must be honest with yourself and decide if you want to add more responsibility to your life.
Second, you may enjoy performing solo projects without being a direct supervisor. Some businesses such as a bed and breakfast, a clothing store, and a fine dining restaurant will require employees to maintain customer relations, order taking, and inventory control. Also, the need for extra paperwork for workmen’s compensation, health insurance, and payroll can become overwhelming to some business owners.
Last, discuss your final decision with your family since an extra busy may take away time and money for family vacations, family budgeting, and family fun. It make take several months before the new business makes a profit so patience is needed.