10 Questions to Ask Yourself Before Launching a Second Business - StartupNation

StartupNation

10 Questions to Ask Yourself Before Launching a Second Business - StartupNation

Maybe you’ve been running your small business for several years, and you’re ready for the challenge that launching a second business will bring.

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Ryan O'Bleness

Launching a second business obviously has pros and cons. Running a single business can often be challenging enough, and take up most of your time, as the author points out: "Consider how demanding your current business is, and then imagine adding not only another business and all its responsibilities, but also the extra level of attention and energy you have to put into a brand new business."

Obvious pros include the potential for more cashflow down the line, as well as an opportunity to follow another one of your passions. Obvious cons include being away from your family even more, and more operational costs.

Cara O'Bleness

Possibly the biggest pro/con of opening a second business is the factor of time. Make sure you will be able to dedicate the time needed to launch your new business, without neglecting your already existing one! You've already put hard work into your established business, and you don't want to put it at risk.