Owning a business is more than just a full-time job. Before 9am, after 5pm. You’re always on the go.
How about owning two businesses?
Starting up a second business requires exceptional time management skills and efficiency. Motivation is key and for me, opening up a second business has always been a dream.
I already own one successful Newcastle-based business. Now, I’m starting the next chapter in my life, Floortex Industries. I want to share my story about starting a second business, how it’s opened opportunities and what it takes to open a business of your own.
It’s important to focus on the important aspects and not get weighed down on the minor issues. You can’t do everything. Ask for help from outside sources such as other experts in the industry.
Once you are running one successful business, step back and look at the bigger picture. It can often illuminate several opportunities for expansion or diversification of a businesses’ offerings.
By considering the customers’ broader needs, sometimes an opportunity to explore a new niche may present itself.
Focus on an established market
By focusing on an established market you’re able to lower cost of acquisition, increase referrals (since you can refer clients from your existing business to the new one) and remove some of the business risks that come with being a start-up business, such as having an undefined market.
Research gaps in the market
Having an idea isn’t enough to kick things off the ground. I spent a few years researching options about how a dusty old garage floor could be transformed into a clean, visually appealing surface.
At first, I found lots of cheap home products that could jazz-up a floor, but nothing high-end stood out. This showed there was a gap in the market for a new floor surfacing product.
Spend the time researching what products are already available and what is in demand. Ask yourself questions like:
- Would your current customers be interested in a new product?
- Who would be your competition?
- Has the product been successful in other geographic areas?
Opening a second business in Newcastle
If you’re considering opening up their own business in Newcastle, take a leaf from my book:
- Remember that customers come first and if you treat your customers right then the work will come to you, word of mouth is a powerful selling tool.
- Encourage and educate Novocastrians about your product and how it will add value to their life.
- Research! Take the time to sit down and research your new business. Talk to other experts in the industry, figure out what you can do and what you can outsource, ask for help if you need it.
Running two businesses is no smooth sailing. It takes exceptional time management skills and understanding of what is important and what is not.
With careful time, research and dedication, you have the ability to introduce a new product or service offering to Newcastle.