While some entrepreneurs are content with one business under their belts, there are many others who run two, three or even several businesses all at once. Some business owners are simply brimming with ideas and, at some point, they may find themselves itching to launch their next venture. Others see success in their first business and want to replicate it.
If you're contemplating serial entrepreneurship, it's important to make sure you're up for the challenge. To help you make this decision, nine members of Young Entrepreneur Council discuss some clear signs that you may be ready to get your next business off the ground.
1. You Feel An Exciting Sense Of Curiosity
With my background in music composition, I'm always full of ideas. I see the world as a symphony, and I love coming up with new business ideas to make life a little more beautiful and worthwhile. My instinct is to create and develop new solutions in the form of products and services that resonate with people. Once an entrepreneur begins to feel such an exciting sense of creativity or curiosity, it is a sign that they may be ready for the next business venture. While I always create a responsible business plan with metrics, profits, etc., I let my sense of creativity and curiosity inspire me. While my background in music inspires me, all entrepreneurs should be in tune with what inspires them to take the next step in their lives. - Shu Saito, SpiroPure
2. You're Able To Delegate Successfully
You're only one person, and there are only so many hours in a day. As such, you need to learn how to effectively hire. After you've made key hires, you need to learn how to delegate the work to that talent. For example, if you don't excel at recognizing talent, make your first hire a hiring manager! Next, you need to be able to train employees to do what you do and to hire those who can do what you can't. Being a business owner is complex. It's more than just hard work and talent. You have to check your ego at the door, learn to fail forward and further support those who work for you when they fail. Master these skills and the number of successful businesses you can start is unlimited! - Bill Mulholland, ARC Relocation
3. Your Stress Levels Are Low
How's your stress level? Another business means another task that will eat up your time and drain your energy. It is very stressful because it is yet another pressure that will only add on to your day-to-day life challenges. You might even end up having some issues with some of your businesses if you aren’t able to handle all the tasks. - Daisy Jing, Banish
4. You Have Existing Resources You Can Leverage
Can you use existing resources to give yourself a head start? Whether it's capital, staff, marketing channels or partnerships, the fastest way to accelerate the growth of any new business is by utilizing existing resources you already have access to. Of course, it's important that your primary business already runs smoothly. But if that's the case, then you can tap your team to expand into a new category entirely. You'll be able to quickly accelerate momentum and sales with the new company since you already have shortcuts to success available at your disposal. - Firas Kittaneh, Amerisleep Mattress
5. You Have Unfulfilled Passion
I suggest starting a second business if you have a passion that remains unfulfilled. If there's an obvious opening in the market, and you have the passion and resources, why wouldn't you pursue this dream? I think we all need to feel comfortable pursuing our interests, especially if there's an idea for a new business in the mix. So, sit back and think about what you would like to pursue next. Now, think about various pain points and gaps that you're experiencing as a consumer in this industry. If you can resolve these issues for consumers, you can take this information and eventually turn it into an engaging, profitable business. - John Turner, SeedProd LLC
6. You've Met Your Goals
Once an entrepreneur sets clear metrics and has met their goals, it could be time to move on to another venture. The metrics I’ve set for when the time is right for me to start another business are based on topline revenues, profit margins, a full organization chart with staff following processes 90% of the time or more, working myself out of 80% of the roles in the company and client retention having met our expectations or increased. Many entrepreneurs start businesses before having a clear grasp on their previous business, and this can lead to overwhelm. Starting a new venture and deciding how you will market, what you want said company to look like and how you’ll staff up takes diligent effort and dedication. - Libby Rothschild, Dietitian Boss
7. You're Ready To Try Out A New Market
Something that can drive entrepreneurs to start new businesses is feeling like they haven't achieved what they wanted with the current business. If a business owner feels like there's no room for creativity or if they want to tackle a new market, then starting a new venture might be the key to making positive changes. Negative experiences and dissatisfaction can also be powerful motivators to start new businesses. - Syed Balkhi, WPBeginner
8. Your First Business Is Self-Sustainable
There's an analogy where, when you plant a seed, you have to tend to it very carefully until its roots grow deep and it has a sturdy trunk. Then, the tree can grow on its own without any additional help. Businesses can work this way. Ask yourself if your business is thriving without you being hands-on all the time. Are your workflows in place? Do you have protocols for major issues? If things are running smoothly, you know you can step away and start another business, or even two. - Blair Williams, MemberPress
9. You Have Extra Income And Time
You could decide it's time to start your next venture if you have extra disposable income and time. If your first business is a success, and you're raking in cash basically on autopilot, it may be time to dip your foot into a new industry. You should consider transitioning some of your core team over to the new product so you can keep the same commitment to excellence intact across all of your brands. - John Brackett, Smash Balloon LLC
Membership is open to businesses and organizations interested in increasing visibility and brand awareness in Westchester County and surrounding areas.