Being a business owner has its thrill, but the idea of diversifying your portfolio and stepping into the growing world of eco-friendly side hustles and businesses is an entirely new level of excitement. Starting a new business not only multiplies your monetary gains but also diversifies your income stream, brings you new challenges to overcome, learn new skills, and meet new people.
When you have established a name in an industry, redirecting your existing customers to your second business is an impactful way of generating leads rather than finding brand new customers.
Here’s how to start your second successful business while still running the first one:
1. Evaluate Your Time and Energy
Starting a new business means an extra commitment of your time and energy. You will spend most of this time studying your target audience, researching the current industry and how you will position your new company against competitors, and building a solid product or service that your audience is strongly motivated to purchase. A recent study highlighted that 33% of business owners work more than 50 hours per week, and nearly 25% work over 60 hours a week. .
2. Leverage Your Existing Business
Your first business, with its established network, operational structures, and brand reputation, can be a massive asset for your second venture. The same study that we mentioned earlier found that 61% of entrepreneurs believe their businesses only began to thrive after 5 years. When starting a business, start with a long-term vision because that affects how you’re positioned in the market. You can then harness this hard-earned success and reputation to create momentum for your second business.
3. Build a Strong, Reliable Team
When managing two businesses, the importance of having a dependable team cannot be overstated. Assign responsibilities to competent employees who can help manage the workload. According to LinkedIn, companies that encourage distributed decision-making are 3.2 times more likely to outperform their peers.
If you want to start small, you can start by hiring a virtual assistant for scheduling content, updating websites, and community management. This gives you more time to focus on your business’s core functions like product development, marketing, and customer service.
4. Embrace Automation and Outsourcing
Automation tools and outsourcing have emerged as game-changers for entrepreneurs, especially those juggling multiple ventures. They drastically reduce manual workload, enabling business owners to channel their energy and resources into strategic growth. Consider this: a study by McKinsey highlighted that approximately 60% of all professions could have at least 30% of their routine tasks automated. Such statistics aren’t just applicable to large corporations but resonate with businesses of all scales.
For entrepreneurs embarking on side hustles, this is particularly noteworthy. Side ventures often start as passion projects or secondary income sources, and as such, they might not get the same attention and resources as a primary business. Automation tools can take over repetitive and time-consuming tasks, ensuring efficiency while saving time. On the other hand, outsourcing offers the flexibility of hiring expertise only when needed, without the commitments of full-time employment.
5. Develop a Thorough Business Plan for Your Second Business
Each business, irrespective of whether they operate within the same industry, requires a unique blueprint that caters to its specific goals and challenges. This plan acts as a beacon, setting both marketing and broader business objectives, and sketching out strategies for growth.
It’s a dynamic and competitive environment, and distractions are everywhere. Competitors launch new strategies, market trends shift, and innovative ideas pop up almost daily. While it’s important to remain adaptive and open to changes, there’s a fine line between strategic adaptability and getting sidetracked. This is where the business plan becomes invaluable. It serves as a reliable reference point to ensure that, in the middle of changing times, your business’s core vision and mission remain unwavering.
6. Stay Open to Adapt and Learn
Business isn’t static – it’s ever-evolving and full of unexpected turns. Embrace change, learn from those hiccups, and always be on the lookout for those golden opportunities that pop up when you least expect them. When the going gets tough, it’s okay to take a step back. Maybe you need a quick break, a moment of meditation, or just some time with a good book. Find that thing that helps you recharge and hit the reset button.
Remember, every hurdle is just a stepping stone to something bigger. Keep pushing, keep growing, and know that you’re on the right track.
While starting a second business in a completely new industry might seem daunting, working with a specialized business coach is a great idea. They have the tools, resources, and experience in your new industry and take guesswork out of the picture.
If you’re looking to expand your business portfolio in the rental industry, Carrie’s Courses offers an extensive 100-day Moving Box Rental Side Hustle program. It isn’t a cookie cutter program, but one that’s focused on one single type of rentals. The program educates you about the potential of the rental industry, how to pick vendors, build a fully-functional automated WordPress website, paid and organic marketing, and the nitty gritties of the moving box rental business. Carrie is a great coach and a veteran of the industry. With her guidance, many women have generated anywhere between $300 to $2,000 of profit, all while working part-time from home. Book a Clarity Call with Carrie to learn more about the side hustle program.