Do you fancy yourself a serial entrepreneur? Now that the business you started is up and running, do you feel the inspiration to start a new one? It is indeed possible to run two businesses at the same time. Here are some tips to start a new business on top of an old one.
Be Prepared to Give Up Some Control
If you are used to running a business, you may be tempted to do everything yourself. After all, you already know about getting an EIN number and tax filing for a business. It is not possible, however, to be in charge of all the daily operations of multiple businesses. You will burn out quickly even if you have excellent time management skills. You will have to hire at least one person to manage at least one of your businesses. More importantly, you have to trust that person.
Keep Excellent Records
Meticulous record keeping is the key to keeping your business empire from descending into chaos. Before you hand over control of any business duties to anyone else, set up a detailed record keeping system for them to follow. Having everything documented is the only way that multiple people can run a business without confusion or disputes. Having detailed records of income and expenses also makes your life a lot easier when you file business taxes.
Have a Clear Goal
Before you start your second business, think about why you are doing it. Do you plan to sell one of the businesses? Do you like the excitement of juggling multiple businesses? How can your experiences with your first business inform your decisions about your second business?
Take heart, serial entrepreneurs of the world. Starting your second business is much easier than starting your first business.