Increasingly, when I meet people who run their own home business, I’m finding that people are juggling more than one “business” from their home. They may be freelance writing and doing direct sales, or, as is my case, consulting and freelancing. Or they may run a day care and another business. It seems that once one makes the switch to working from home, it opens up the possibilities for multiple business ideas and revenue-generating opportunities. Are you wondering if starting another home business might be right for you?
Many of us started our own home businesses out of necessity or we stumbled into it for one reason or another. Once we realized how efficient we could be and how much more valuable our time seemed to be, it might make it tough for us to consider a “conventional” job again. However, adding more than one home business into the mix will mean adjusting our work schedules once again. How good is your time management and motivation? In order to keep more than one business afloat, it will take the ability to multitask, stay organized, manage your time and stay motivated.
As far as record-keeping is concerned, you’ll need to decide whether you need separate books and accounts for each business. Some individuals have an “overarching” business and the other “businesses” then come under that. However, if you are working with other companies as a sales representative or distributor, they will likely require you to have a separate account just for your business dealings. Can you juggle multiple accounts or will you need some help? You should see your accountant or financial planning professional to help you determine the best way to keep records and accounts in order to be legal and functional.
Some people find it is best to find compatible businesses as opposed to operate businesses that are very different. This way, you can do double-duty on your networking, marketing, and customer service. You may find that instead of starting a completely different and new business, you’re better suited to just expanding your current business to include more products or services.
Only you will know if starting another home business is right for you–but it’s worth thinking things through and evaluating how a new business will affect your time, income, current business and other priorities and responsibilities.