I’ve started many small businesses and assisted in starting several others. If you’re thinking and planning and thinking and planning, the one thing I can tell you is to get started. If you’re going to do it, do it now! See where that first step takes you. You’ll need to adjust as you grow, but if you have the basic concept, product, and plan ready, what are you waiting for? Don’t tell everyone you know about your idea and plan and then sit back and let someone else beat you to it. Make the commitment and do it! If you don’t get started now, you never will. Remember that the rewards in business don’t come to you; you have to go get them. Chasing success is the only way.
Many entrepreneurs start a second business using the location, office equipment, and resources of a first business. This works great and allows you to test the waters without diving in completely. I’ve done this many times, and it’s easy to get out if the business isn’t working the way you had planned. If you’re starting a second or third venture, you can make it part of the original business or another independent business altogether. Just because you’re using the office or store of the first business doesn’t mean it has to be part of the same company. You’re simply investing all the resources you already have and taking some of the burden off the new venture.
I’ve always believed that when you start additional businesses while owning and running another business, the new business should be a separate company as soon as possible. Within six months of the business’s birth, I always open a separate checking account for the business at a different bank. This is important because it allows you to sell or terminate one business without affecting the financial resources of your other businesses. Speaking from experience, it’s smart to know when to get into a new business, but it’s even more important to know when to get out.
My words of advice are that if you’re procrastinating about starting a business or adding a second business, stop wasting time and get started today. If you’re young enough and you stay healthy, you can open and prosper in perhaps 10 or more businesses in your lifetime. Unless you’re going to live to age 150, you’d better not wait any longer. Get those ideas to work and start reaping the rewards and the satisfaction.