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Hi Taylor
- I've got a couple different business ideas that I'm toying with,
and I'm trying to decide if I need to choose one or if I can start
two (or maybe three) operations. What do you think?
Hi Brittany - First off, I admire your ambition and proactivity!
As someone owned and run a handful of different businesses, I think
it's a great way to take charge of your life and career. That said,
being a business owner is a lot of work—if you're trying to start
three at the same time, you might not have the energy to get any of
them off the ground. Fortunately, a good plan and a sensible timeline
can help you achieve all these goals. |
1. Don't
overextend yourself. This goes for both your time and your
money. In the early stages, you have to tend to your operation
pretty constantly. If you think you can multitask your way to
running multiple companies successfully, you have to understand
your attention really can't be divided on vital business matters.
Trying to handle all the paperwork for three fledgling companies
would make anyone's head spin. Worse still, you might overextend
yourself financially. Even world-class entrepreneurs tend to lose
money out of the gate, and if you're losing money in two directions
you might not be able to keep both engines running. If you're
honest with yourself, do you really think it's feasible to start
two companies at the same time?
2. What's your motivation? There are two ways to consider
this question. First, why are you motivated to start a business
in the first place? Are you looking to get rich, or do you want
to be your own boss, or do you have a unique service you feel
that only you can provide? If you don't have a clear answer to
this question, you have to be really careful about starting any
kind of business. Since you're considering multiple business ventures,
which of those ideas gets you most excited? When you're overworked
and exhausted, what will motivate you to keep going? It can't
just be the prospect of making money; you need to care about what
you're doing so you keep at it even when the going gets rough.
3. Plan out first steps. If you're still not sure which direction
you want to go, think about the first steps needed for all of
your ideas. What can you accomplish today? What can you get done
by the end of the week? If you take a practical approach, one
enterprise might become the obvious choice just because it's the
path of least resistance. If you truly can't decide between two
different companies you want to launch, map out the initial steps
for each of them and get started; one will become the clear frontrunner
or you'll end up with two businesses.
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| Running your
own business is as challenging as it is rewarding. There's nothing
wrong with owning multiple companies, but you want to be strategic
and not overwhelm yourself right out of the gate by doing too much.
Good luck, Brittany! |
| Legal Disclaimer:
Information presented is for educational purposes only and is not
an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.
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