Is starting 2 new businesses at the same time a good idea?

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Image courtesy of jscreationzs at FreeDigitalPhotos.net

In my previous post Feel the Fear and do it anyway I explained about the big step I had made in deciding to take redundancy and try out a completely new way of living. I have worked in local authorities for over 30 years – and without a break for just over 26 years so this is a really big life change for me.

I decided that I did not want to focus on a single career any more, but that I would like to develop a portfolio to make sure I did not have all of my eggs in one basket. This was even more important as I was not going to have a regular pay cheque to rely on and would have to rely in the vagaries of the market – and my ability to market my own businesses.

Why did I chose the 2 businesses that I am now developing?

I chose them because they both build on my core values of helping other people to improve themselves and my desire to get back to working directly with, and helping, people. I also wanted to continue to use and develop the skills I have developed throughout my professional life as I had worked hard to learn and apply them and still have a lot to give back to all of the professions I embrace.

When developing new businesses from a standing start it is important to realise that you will be very lucky if you get good, or even any, financial returns from the start. It is important, though, to measure what you are doing for your businesses each day so that you know you are moving them forward a little bit. This is a very different way of planning to that I used to do in a local authority. There I would have plans with clear outcomes and which were SMART – Specific, Measurable, Achievable, Realistic and Timed. When starting a new business you also need clear outcomes, but the timing of them is difficult when you are still establishing yourself, and how do you know if they are realistic? Instead it is important to give yourself activity goals for every day – as you can measure your achievement if these and the more effective and positive activity you do the more likely it is your business venture will be successful.

How do you know what activity goals you need to set?

By talking to others who have gone through the same process and who can give you an idea of which activities you need to do, and for how long, before you start to see the desired outcomes that you want from your business. This can include developing a presence in the areas where people looking for your kind of business congregate – either online or face to face, the number of calls you need to make to prospects, the type of information you need to have prepared when a prospect does respond positively.

I cannot tell you yet if I have made the right choice – come back and see me again in December to see how I am doing with my 2 businesses Kate Millin Consulting and KMC Forever.

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2 thoughts on “Is starting 2 new businesses at the same time a good idea?

  1. In my experience it’s important to have long-term and short-term goals; I had clear goals about how much I needed to be earning per month when I set up my business: although these were to show me when to leave my day job, I continue to set and measure monthly income goals now to make sure that I’m still on track. Variety is great, though: you won’t get bored and you will meet different people and get different cross-overs. Good luck!

    1. Thank you for your positive response Liz. You are right short term and long term goals are very useful. I am still refining mine as it is a little bit of a finger in the wind to start off with – and there are varying lead in times for the different areas of work.
      The cross overs are interesting and I am enjoying working in such different ways.

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