For many entrepreneurs, picking out just one of their many business ideas to start is tough. After all, they are all excellent money makers! Sometimes, limitations on capital nix an idea or two, but how do you select the one best of the rest? You don’t have to! Here are five good reasons you should start more than one business.
Multiple Income Streams
If you’ve ever looked into MLM programs, you might have noticed that most of them hype the opportunity for multiple income streams. That’s the one thing they get right! Earning cash from several different sources is a key to getting rich. Whether you develop different ways of creating income from one idea (offering services, retail products, and memberships) or by launching more than one independent business, more opportunities for sales is bound to bring in more money.
Multiple Niches = Multiple Markets
The best startups focus on a specific niche — a smaller, specialized market that can be easily identified and reached. Over time, these companies grow and expand their reach into bigger markets. Starting multiple businesses inherently increases your reach to potential customers, thus increasing your chances of making sales.
For most entrepreneurs, the more you have to do, the more you get done. Starting multiple businesses seems like it would double or triple your workload, but in most cases, tasks can be managed for greater efficiency. Thus, each additional business idea will increase your to-do list a bit, but won’t double it. And, the skills you learn to manage multiple responsibilities will serve you well as one or more of your startups take off!
Starting two or more businesses vastly increases the chances that one or more will be successful. More hooks in the water means you are more likely to catch a fish. And, because all startups come with their share of obstacles, you will likely speed up your learning curve by overseeing multiple startups. Thus, you will be better prepared to make the right strategic decisions for each venture. Not only will you catch more fish, they might well be much bigger fish, too!
Thinking Big Leads to Thinking Big
One big mistake some entrepreneurs make is thinking too small. They figure that starting a basic solo service company will be hard enough…they don’t even want to think about expanding, or having employees, or the like. But, once you start opening your mind to greater possibilities, bigger and better ideas seem to magically spring forth! Think bigger, thing broader, set big goals. Find three or four business ideas that intrigue you and get to work. The more irons in the fire, the faster you will get where you want to go!
Of course, not all startup ideas are created equal. Some big ideas will require all your time and effort to get started. Even so, keep your eyes open for other opportunities. At some point, you will be ready to launch startup number two — and you may find that you are soon hooked on starting businesses!