Many years ago now I said “I want my own business”. Infact; when I was about 21 I applied to the Princes Trust here in the UK and went along for an interview. What came out of that meeting was that I needed to put together a business model, plan, etc and that they helped with that – giving the info an knowledge.
As it was the idea I had, although was good at the time, would have not worked long term – especially with the Internet; but was my first delve into this idea.
What did come out of that through thinking about the idea was my realization that you need to have more than one business. Why so you may ask… Well, not all but many businesses are seasonal – lets take holiday lets for example.. During the winter there would be a considerable reduction in the bookings (although many hotels in UK fine). This can be seen in places such as Ayia Napa in Cyprus where most of the town shuts down (certainly the hotels I tried to book) from around November to February.
So, getting back to at hand.. Many businesses are seasonal. So if we take this as a fact we know that at certain times of the year we would not be making any money… bad bad bad. However, if we had, say, a second seasonal business THAT had its peak season during the slump in the other business season then we have money flow.
Now this could be expanded to do 4 or 5 (I always imagined 5 businesses myself) businesses depending on the seasonality of your ideas but you can get the idea.
Now; when your business is large and having a great cashflow then having multiple businesses is not manageable so we’re talking starting out or small businesses in this mail. However, if you have a large business that is self contained and being managed by say .. a manager then you as an individual may want that challenge of starting a second.
I am following my own advice to this end. Having recently started up TechnologistPR I have now also started up Technologist-Consultancy (although website is currently pending as only just registered – so currently going there won’t display anything).
So, as currently waiting for backlinks I have put in for TechnologistPR to become active I get to work on my second idea (and something I can honestly say I have a great experience in). Is this the end? Nope, there are more I have in my head but 2 at a time…
So, I refer you back to the title. If you want to start a business then do so; but at the same time think if there is any seasonality to it and if so start two.