by Cherrine Banks

Created on: September 01, 2008

Starting one business can be exciting and rewarding. Once you have gained the flexibility, control and financial rewards from your initial business you may decide to begin a second business/venture. It may appear easy since you have established a reputation based on your education, employment, passions, and talents. However, as an entrepreneur, you must weigh the pros and cons of the actual business/venture. For example, if the second business is related to the first such as a desktop publisher who decides to add web reviewing as a second business it does not require an extensive time and money. However, an interior designer who opens a designer shoe store will require additional staff, specific computer software, and a physical location along with the need for additional coursework/training.

There are a few ways to determine if starting more than one business is good for you. First, determine the reason for starting the second venture. Is is based on true desire, a challenge, or competition? Some people begin a business because it is expected by family, friends, or neighbors. You must be honest with yourself and decide if you want to add more responsibility to your life. If you enjoy working twenty hours as a solo brand management consultant with long weekends and time for family/friends/hobbies instead of sixty hours as a brand management consultant/web designer/clothing designer, you should be able to accept your personal decision without guilt from family/associates.

Second, you may enjoy performing solo projects without being a direct supervisor. Some businesses such as a bed and breakfast, a clothing store, and a fine dining restaurant will require employees to maintain customer relations, order taking, and inventory control. Also, the need for extra paperwork for workmen's compensation, health insurance, and payroll can become overwhelming to some business owners.

Last, your family is an important consideration since an additional work venture may create more work hours. Can you handle missing anniversary parties and birthday celebrations for work requirements? There may be times when a tough decision concerning your family/friends is required. A good example would be for monthly national or international travel. Family resentment towards a business is a primary reason for family friction.
As an entrepreneur, if you consider the time, energy, and money for your multi-venture business with your family and review the pros and cons with qualified professionals such as your accountant, business coach, lawyer, and tax preparer, you can start a successful additional business which may be as rewarding if not more rewarding than the original. sconsidetor who is consido

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