6 Signs You Are Ready To Start Up A Second Business: Bring on Serial Entrepreneurship

6 signs you are ready to start up a second business: bring on serial entrepreneurship

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Podcast by Eddie Eastman
CEO Startup Streams

“We are here to kickstart your ecommerce ambitions by providing you with a range of ecommerce stores in the most popular niches whilst providing you with a fully functioning business complete with products to sell saving you time, money and effort in the process."

Podcast by Eddie Eastman
CEO Startup Streams

“We are here to kickstart your ecommerce ambitions by providing you with a range of ecommerce stores in the most popular niches whilst providing you with a fully functioning business complete with products to sell saving you time, money and effort in the process."

A serial entrepreneur is someone who devotes themselves to turning creative ideas into successful businesses - multiple times.

Think about Elon Musk, Richard Branson and Jeff Bezos. So if you are a current business owner, considering doubling down by starting a second business, listen to this episode of the Startup Streams Serial Entrepreneur Podcast to find out if you’re ready?


Your unfair advantage 

As you are an entrepreneur, a founder or current business owner, you know what it takes to run a successful business. Most don’t. This gives you an unfair advantage vs people starting out on their own for the very first time. You would have built up an enviable set of skills which you can apply time and time again to new business ideas. And if you are like me, and have a catalogue of business ideas tucked away, how do you know when is the best time to venture out for a second time, and what systems do you need in place to be successful once more?


Do you have a strong team in place?

Firstly, if your current business has a strong team in place; everyone knows what they’re doing, everyone knows who their line manager is and who to go to for help, this is a great position to be in. You would have built up a team of A-players, employees you can trust to run your business without your direct supervision. If this sounds like your business, you may just be in the desired position of being able to step away from day to day activities to allow you to set up and concentrate most on your second business launch. If you are not quite there yet, could you consider hiring an Operations Manager to look after the day-to-day activities of running your business? Worth a thought.


Overlap your niche

Second thought; does your new business idea overlap target markets with your first business? Does it compliment your current business activities? What I mean by this, is that if your second business idea can resonate with your current base of customers, you could find yourself in yet another enviable position as you can sell your new business’s core offering to your pre-existing customer base - which you have no doubt spent so much time and effort to attract in the first place. Selling to your current customer base can be an excellent method to make your first sales as you have already built rapport with them and this will allow you to make your first sales in a very cost effective manor as your cost per acquisition would have already been covered by your first businesses’s marketing campaigns. 


You have the desired skillset

In terms of your skill set, as mentioned earlier, there are a number of skills which you would have which are applicable to any business you could possibly wish to start up. Namely, your ability to conduct thorough market research to detect whether there is a need for your second business. You will be able to apply all lessons learned to your new business’s systems and get them in place before making your first sales; such as getting your cash flow forecasts and business model ironed out before you start investing in it. You will need to ask yourself: What business model will you use? Which research must you do? How can you find potential early adopters to ask about your ideal offering? Is there are risk of overlap with your current business which could have negative side effects? Things to think about.

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You can outsource effectively 

Next up, I believe that outsourcing will be one of the best methods you can utilise for expanding into a second business.You may not need to bring in full time employees in the early days, as you would intend to stay lean, but you’d need to identify activities which are time consuming which you can simply outsource to another party. This will free up your time - one of the most valuable resources you have as a serial entrepreneur - to allow you to concentrate on the key activities of your new start up, whilst also allowing you to still oversee your first business. 


You know the true value for money

Moving on, you will also have a greater appreciation for the true value for money. What I mean by this is that your experience with successfully handling money and re-investing it into a business means you are far less likely to make silly mistakes, such as spending thousands of dollars on a brand new ecommerce store. Whereas there is highly likely to be an easier solution to apply, to help you test the waters with your new idea, run marketing tests and release a minimum viable product to the world. New entrepreneurs are likely to spend money on the wrong things at the wrong time. You won’t make those mistakes. Rumour has it that serial entrepreneur Sir Richard Branson won’t go into business with another entrepreneur who hasn’t yet built a successful business, nor has failed in business as entrepreneurs in both situations would have learnt the value of money. To reiterate, Branson takes this so seriously, he won’t invest in any business with an entrepreneur who hasn’t learnt these lessons. Lessons, which you already have. 


You know how to invest

Which brings me nicely onto my next point; Investment. As you have already started to operate a successful business, you may have the funds to be the sole investor in your business, meaning you can bootstrap your second business to profitability without giving up any equity. That said, if your second business does indeed need investment, it would be easier for you as a serial entrepreneur to find as it would be easier to convince investors to back you, as investors typically invest in people, more than ideas. Your proven track record gives you a serious unfair advantage. 


Setting expectations

Now, a word of warning. For each business you start up and run, you increase your chances to experience burn out, which can be fatal for not only your new business, but for your first business as well. It’s important to acknowledge this now, at this early stage. This is because burn out can leave you feeling exhausted, feeling less and less inclined to find the motivation to work at all as you feel the weight of the extra work load overwhelm you. You need to know your limitations and outsource as much of the work load as possible, as mentioned earlier, to free you up and keep your head space clear.

Lastly, one more word of warning to set expectations. You are an experienced entrepreneur and have run at least one successful business. However, just because you succeed the last time, doesn’t mean that you will succeed again and again. Even the serial entrepreneurship poster boys Musk and Branson have had failures since their major successes. In short, your future success is not guaranteed. So, set aside a reasonable budget to begin your second business with, ideally not spending any more than you can afford to lose, and treat your second business as you did your first - by watching every penny.


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If you are currently an entrepreneur and want to venture head first into serial entrepreneurship, make sure that you subscribe to this Startup Streams Serial Entrepreneur Podcast today, on your favourite podcast platform of choice, and be sure to check out the dozens of pre-made businesses for sale at StartupStreams.com today...

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