How you can Begin a Second Enterprise (Whereas Nonetheless Operating Your First)

I by no means thought I’d find yourself right here. After launching my content material advertising company in 2006, struggling, after which lastly discovering my equilibrium with it, I began a second enterprise this 12 months.

Yeah. I’m kinda loopy.

My second enterprise is nothing like the primary: I run artistic lessons in my neighborhood at native venues. So, by day, I’m writing about enterprise and advertising; by evening, I’m renting chairs and tables, and instructing folks the right way to create succulent preparations.

Whereas it’s nonetheless early in my journey, I’m realizing that beginning a second enterprise alongside a primary requires a really particular technique. When you’re courageous sufficient to go alongside this path with me with your individual endeavors, I hope these classes realized will provide help to.

1. Roll slower than you wish to

Only in the near past, a business house opened up throughout the road from my home. At a fantastic value. Although I’d deliberate on this new enterprise being a cellular enterprise for a 12 months or so, I all of a sudden plunged into researching enterprise insurance coverage and what number of lessons I’d have to supply to pay my overhead. I bought somewhat carried away.

However then I awoke one morning and realized that biting this off was actually greater than I may chew simply three months in. So I backed away from the chance and refocused on rising the enterprise beneath its present mannequin.

When you’re like me, you’re a “go-get-’em” form of entrepreneur, and when a chance lands in your lap, chances are you’ll be inclined to take it. However it’s important to perceive that nothing is identical the second time round. You’ve gotten your first enterprise to maintain (and maintain you financially). You should proceed to have the time and vitality to dedicate to it being profitable. And generally which means transferring extra slowly than you’d like.

2. Think twice earlier than taking up a companion

Final month, I shared how attempting to companion with a good friend failed abysmally. I’m actually not suggesting that you could’t or shouldn’t have a enterprise companion, however I do urge you to contemplate what your small business would seem like if in case you have half as a lot management over how issues are run as you’ll for those who ran it solo.

For entrepreneurs who’ve already been working solo for years, I believe it’s tougher to all of a sudden have another person to need to collaborate with. For me, the shift was too nice.

If you have already got a enterprise companion and are contemplating working with the identical companion in your new enterprise, there are, after all, execs and cons. A perk is you already know that the 2 of you’re employed effectively collectively. But when your small business is in a completely completely different trade, you may do higher to companion with somebody extra educated about that house.

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three. Carve out time to work in your new enterprise

My artistic workshop enterprise doesn’t require numerous time proper now, however I do discover myself responding to emails on the weekend (one thing I swore I’d by no means do). I’m nonetheless working towards constructing a extra concrete work schedule, and I believe I can work on my content material advertising enterprise within the morning after which the opposite enterprise within the afternoon. I discover that if I separate the 2, moderately than bounce forwards and backwards, I’m higher capable of give attention to the enterprise I’m engaged on.

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