When Is The Right Time To Start a 2nd Business

When's the right time to start a second business?

Now, there's no rule of thumb, specifically, but I've interviewed hundreds of entrepreneurs. One thing I have to make sure you understand is that first business has to be in a solid foundation before you jump to the next track.

It's not like having a kid, where you have one and you're like, "Oh my gosh, my love can't grow." And you have a second kid and you're like, "Oh my gosh, it did!" The love expanded like nothing.

In business, it's not exactly like that. You might love them just as much, but the amount of time you have to be able to give to one and the other does not change. So, if you do 50% on one and 50% on the other, you have half of your attention on one and half of your attention on the other, when other people have their full attention on businesses.

Now, the reason why I'm bringing this up is just because I want to make sure your current business, your number one source of revenue, is actually solid and stable before you jump to the next thing. Of course, it's going to be an opportunity, but of course, it's going to be a distraction also. Not just because it could be one or the other but because it is both. 

You will have less time in both the current business and the new business than you did when you started the other one. So, what I want you to just understand is that the right time is once you really dive deep into the current business that you have and make sure that it is on a solid foundation, that it does not need you, that it is potentially sellable as it is without you stepping into it. 

When you can get your real solid foundation of the current business, then it will be a million times easier to step back and look at something else for a while and not have the other one flounder. 

I've seen it way too many times, where they start looking in this direction and then over here starts to, you know, die off. And that's not good when it's the lifeblood of your family, potentially. 

So, please understand that we want to do one thing, get it on a solid secure foundation as best we can, with somebody that's really responsible and can let you know when things are going off track, in place before you swing your attention into the new shiny, fun object. 

Hope that makes sense and I hope you start your second business with a ton of amazing passion at the right time. 

Summary

Title

When Is The Right Time To Start a 2nd Business

Description

Before you dive deep into starting a 2nd business, listen to this video first and evaluate if it's the right time for you to start your fun, shiny new business.

Tags: best business to start, how to start a business, second business, second business ideas, side business, small business ideas, successful home business

Categories: Business, Decision Making, Entrepreneurship, Planning, Starting A Business, Strategic Decision

Hi I’m Jaime. Each and every week I bring you the top business advice from the people who know best.

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