Starting a business needs a lot of preparation, time and effort. Therefore, running two businesses at the same time means that your workload is even greater.
You may choose to start another business if you have been making consistent profits for your first/initial business and you come across a particularly good business,
Even though there may be an excellent opportunity, you should still consider whether the business is the right fit for you. I.e. are the skills you have developed suited to this business? But remember that this isn’t a sole indicator – especially if you’re in a comfortable financial position and want to take on a new adventure.
Make sure that you take a good look at your current business and understand the structures that best work for your management style and ones that don’t. Identifying the strengths and weaknesses of your business will help you plan and organise your next business. Integrate your strengths and try to address potential weaknesses so you don’t make the same mistakes.
When prepping, make sure you research the new industry as much as possible. This will help you understand what sort of products or services you should be providing. Familiarise yourself with the industry as much as possible.
Before jumping into it, make sure you plan how the financial aspect of your business will be supported. Talk to your accountant and ask them what the best way to go about your finances may be.