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.

Think like an entrepreneur – even when working in public services

Thinking like an entrepreneur is a skill that is not obvious in those managers working in public services. In fact it is sometimes seen as the wrong thing to aspire to. I, however, disagree. I think there is a lot of the entrepreneur in those public service managers who manage to develop their services effectively especially in these time of tight or nearly non existent budgets.

I have been inspired to write this post having seen the list in this blog by Reference notes – just the list on the summary is enough to challenge me.

So ……

how many of you as managers have the confidence to let people have a go and fail?

when a member of your staff, or a customer comes to you with a suggestion is your first reaction ‘it won’t work?

can you really say that you are interested in trying something new or are you too tied up in coping with the now?

I have given myself the challenge to respond to future suggestions I have presented or sent to me with ‘that sounds like something I would like to develop/or would like you to develop. What do you need from me to help you’. I challenge you to do the same and see what happens.

My prediction is that you will end up with some interesting projects happening, staff and/or customers who feel listened to and appreciated. You will also feel more inspired. And maybe, just maybe, one of those seemingly off the wall ideas will become the thing that finally makes someone you have been trying to convince about the importance of what you are doing finally understand.