So while the answer to the title of this blog is a resounding YES, it is not always easy to know where to begin therefore, I trust the following key points will help make it easier.
Choose something YOU LOVE:
This might sound like a cliché, and there’s a reason for that – everyone wants to do what they love, but not everyone is able to commit to it. And why’s that? Because most confuse it with “choose something you THINK you love”. To put it simply, don’t ‘assume’ that you will be happier doing something just because you see someone else quite happy and successful with it. Ideally you have to do something that YOU love; it doesn’t matter how common or different it is, with conventional thoughts and norms. Likewise, don’t ever listen to the naysayers – if they were successful, they wouldn’t have had the time to poke their nose in your affairs.
Pick something that fits into your CURRENT lifestyle:
Now once you have identified what you really love and can foresee yourself doing it forever, the next step is to ensure that it fits into your current lifestyle so that you’re not too stretched for time when your second business demands work. For example, you may have thought about starting a franchise however the demands of this type of business are most likely to clash with your routine commitments as running a franchise is more or less a full time job! If you’re someone who, for example, loves being healthy, you are more likely to find a second business in health and wellbeing or fitness, more in line with your current lifestyle.
Build a business on something you know YOU’RE GOOD at:
If you’ve followed the first two points correctly, chances are that this one will automatically be sorted. It’s really imperative that you stick to your strengths when it comes to starting a second business as you are more likely to progress in a field you know well or are good at. Also never underestimate the relationships you have built up over the years with many people as they may have contacts, skills or experience that can support you in your new business.
Consider YOUR FINANCIAL STATUS when comparing business opportunities:
This might sound obvious however you’ll be shocked to learn that many people have not fully considered their financial position and whether they actually have the finances or the means to borrow the funds to start a traditional business, in which case they may need to opt for a business that does not rely on excessive start-up cost. That said however, the best start-ups, have been started with only a laptop and Wi-Fi.
Research & IMPROVISE:
It is important in this day and age that you have a business plan which helps you stand out from the crowd and makes you and your new business unique. It is best therefore to ensure you do appropriate and in-depth research to ensure you don’t end up in an already saturated market.
There is Another Way
Setting up your own traditional business while working full-time can be a challenge, however there is an easier way which involves partnering with an already established company who have a system in place, which when followed, can provide a very satisfactory income. Thus whilst you are in business for yourself, you are not alone and have a mentor/coach who will show you how it all works.
If you would be open to finding out more please contact me via email or phone, so I can provide you with the most appropriate information.