Looking for ways to grow and develop your home business operation? Well, there may be only so much you can do with an existing business–but adding a second (or third) compatible business to your existing one may be just the way to grow and expand.
Some of the most successful and pleasantly happy entrepreneurs I know in my mid-size West Coast town actually have more than one business going on. They may have started out with one on the side while they were working a more traditional job–and then, as they got the hang of things and one thing led to another, they added another business to their plate. Eventually, some are able to leave their full time (or part time) traditional employment to run their own businesses full time–while others just keep their regular paycheck, but have diversified their income by having more than one additional micro business.
For example–say you are operating a consulting business from your home. In considering expansion, you realize that you can only take on so many clients–BUT, you could add a newsletter, a magazine, or some “how-to” booklets to your output. This is work you could do in an around consulting work, so you decide to start a small publishing business that compliments the consulting work you are already doing. Of course, all of this could fall under the heading of one business–but you may also consider creating the publishing business as a separate entity–depending on how best to manage recordkeeping and budgeting.
It may sound daunting to consider another business while you are still trying to get a handle on the one you’ve got–but it might actually be easier to add on a second or third business enterprise since you can share many of the expenses (equipment, labor, supplies, etc.) and you can expand your market base for all of your business operations by expanding the complimentary services.
See Also: What Does Successful Mean?
How Much Can You Save By Being Home-Based?