What do you think about Multiple Businesses ??
By naruto
@akp100 (13640)
India
February 1, 2013 2:49am CST
Hello Friends
Don't be scared after reading multiple businesses..
I am just telling about having an extra business after running one successful business.
One of my friend is already settled in his one business. Now he is thinking about having an extra one in which he has no personal knowledge. So he was asking me that whether he should go or not?
Well, I told him that he can go for it as his current business can be handle by his elder brother in his absent as both are doing it together. I mean nothing wrong in having extra business as backup if by chance our already going business went down some how.
I know its not hard to handle two business together, but as both brothers having enough knowledge on their current business they can appoint proper person to handle it and also can go for another one.
What do you think about it?
Don't be scared after reading multiple businesses.. I am just telling about having an extra business after running one successful business.
One of my friend is already settled in his one business. Now he is thinking about having an extra one in which he has no personal knowledge. So he was asking me that whether he should go or not?
Well, I told him that he can go for it as his current business can be handle by his elder brother in his absent as both are doing it together. I mean nothing wrong in having extra business as backup if by chance our already going business went down some how. I know its not hard to handle two business together, but as both brothers having enough knowledge on their current business they can appoint proper person to handle it and also can go for another one.
What do you think about it?2 people like this
12 responses
@yugocean (9965)
• India
2 Feb 13
Multiple business is always a good thing, people cannot depend on only one thing as time always changes, and all have to deal with changing time. Your friend is thinking right way, he sure will learn the knowledge and experience along with a successful business. If his present business profit can handle a wannabe loss in new business, then there is nothing wrong in going for the other one.
@akp100 (13640)
• India
2 Feb 13
I am totally agree with you there and yes that's what I think too. Life is long so our time can change any time. It can happen that our already running business can go down in future. So it is always advisable to have another business as backup so one can give help to another in worse situation. Yes he is thinking right, let's see if he can make it or not.
@ArielAhhhh (126)
• China
7 Feb 13
Right on. Starting an extra business sometimes can be a good way to earn more money and many of us woud hold that probably it could make up for something once our main buiness goes down.
But, still many businessmen start their extra business not because they wanna earn more money or fear of losing too much, probably just because they take it as kind of a hobby or something else they have been into for a while but find no chance to do before.
@akp100 (13640)
• India
8 Feb 13
Hello..
Here my friend is still thinking about it, not have started it yet. His current business is going well, so he is just thinking about a backup option for future, as no one can tell that the same business will run same way like it is doing now. So better we have backup plan.
@wolfie34 (26771)
• United Kingdom
1 Feb 13
If he can manage to run more than one business, then good luck to him, I am a firm believer in speculate to accumulate, if you don't take risks in life you will never get any rewards. In the current climate we live in, where businesses are folding and going into administration, having another business as back up is a shrewd decision. If he has the enthusiasm, drive and wants to succeed then I am sure he will make it.
@akp100 (13640)
• India
2 Feb 13
That's surely true.
Without taking any risk we are not going to get any hopes for success either. So yes one have to take risk if he is seeking for any kind of success.. The plus point in his case is that he already have well settled business and he have people who can also handle that already going business even he don't give that much time to it. So he can surely think about another one.
Without taking any risk we are not going to get any hopes for success either. So yes one have to take risk if he is seeking for any kind of success.. The plus point in his case is that he already have well settled business and he have people who can also handle that already going business even he don't give that much time to it. So he can surely think about another one. @airasheila (5454)
• Philippines
2 Feb 13
good day akp100,
thinking about multiple businesses is really a good idea. plus this could be a good source of income too. and there is no wrong teaching another personnel that will handle the existing one if you are going to build a new line of a money-making firm. through this way, you are starting to build up a partnership maybe and eventually a corporation, who knows, that this will be the start.
@akp100 (13640)
• India
2 Feb 13
Yes.. His current business is doing fine, and yes he can relay on some other honest person who can handle it instead of him. He should surely plan for another one as it will be like backup in worse situation. So in short it is good, but he is still thinking about it. After all its not that easy decision, as you have to think about all its negative and positive parts.
@thesids (22180)
• Bhubaneswar, India
2 Feb 13
Hi bro
Many successful people do that today. So there is nothing logically wrong in it and in fact as your discussions suggests, this is the right time for him to start venturing into something else.Look at the Ambani's or even many others... they all have been into various or multiple businesses. It is also a good way to evade some taxation I guess... show one business running in a loss and the profits of the other business going into the other business... I would suggest him to hire a good CA who knows how to manipulate
Many successful people do that today. So there is nothing logically wrong in it and in fact as your discussions suggests, this is the right time for him to start venturing into something else.Look at the Ambani's or even many others... they all have been into various or multiple businesses. It is also a good way to evade some taxation I guess... show one business running in a loss and the profits of the other business going into the other business... I would suggest him to hire a good CA who knows how to manipulate@akp100 (13640)
• India
2 Feb 13
Hi bro
That's what I think too. I mean even if his current business going well, it can go down in future. So it is always good to have backup as another business, so that one can help another one in worse situation.. So yes its the right time for it. But he is still thinking about it, not have taken any step yet.
That's what I think too. I mean even if his current business going well, it can go down in future. So it is always good to have backup as another business, so that one can help another one in worse situation.. So yes its the right time for it. But he is still thinking about it, not have taken any step yet.
@teotimoponcerosacena (1552)
• Philippines
2 Feb 13
That's right group of companies started from what you've presented, You are a good adviser. They can do it as long as they can handle or manage it well. Good advice
@andak2007 (3229)
• Philippines
1 Feb 13
That means he is ready to venture on other fields and this is good if at first point he knows the risks that it entails, venturing unto unknown fields but it can somehow be interesting and fun to partake just as many new things in life, exciting and dangerous but we still do it. You can either share your knowledge if you could share it to your friend about the things that you know about the new business so goodluck to both of you!
@akp100 (13640)
• India
2 Feb 13
Hi..
Unfortunately even I don't have any knowledge on that field which he is thinking about to join. But yes proper information and investigation need before going for unknown field. And that's what he is doing now. I also told him that first think about all positive and negative points related to that thing and do all proper investigation.. Take time no need to rush. I am sure he will do fine in his next business too.
@sjvg1976 (41131)
• Delhi, India
1 Feb 13
Hello Anand,
Even I don't think there is nothing bad in having two businesses at a time provided one has ample of time to give.Moreover one should give time to his/her family it may not be like the person remain busy in work and could give attention to his/her family that is the only thing one should remember while starting something apart from the main work.
@ARIES1973 (11426)
• Legaspi, Philippines
1 Feb 13
It can go well with the saying that we should not all our eggs in one basket. Going into another business venture is one good thing to do. But of course your friend should make a careful study and careful planning of whatever business he might have in mind.
Be positive.
@akp100 (13640)
• India
1 Feb 13
Yes.. That's what I think as well. Better always keep another option as the running one can go down.
But yes proper study for anything is required. He can't go for any business blindly , he has to study and investigate all the plus points and minus points as well before starting any new business.. That's what he is doing right now.
@amandajingya (17)
• China
1 Feb 13
To be honest multiple business entails a myriad of engery and time. If your friend is ok wit it, just go ahead. But he has to make sure that if the second business fails, there must be disappointment. As the old saying tells, strive for the best and prepare for the worst. Good luck for you and your friend
@akp100 (13640)
• India
1 Feb 13
You are quite right on it.. Yes he may feel disappointment if the new business go wrong or not work. But as he is having well running business he can try, as he having another person to handle the current business as well.. But yes risk always involved.. Thanks for good luck, he is still thinking about it. not sure.
@Ashu1970 (63)
• India
1 Feb 13
Diversificaiton is an excellent form of growth. Even the big business houses resort to this strategy for growth and you can definitely adopt it for small business or household business. But it is very essential to gain some knowledge and pitfalls of the venture you are trying to enter.
@akp100 (13640)
• India
1 Feb 13
Yes proper investigation and all information needed before going for any new business. Without proper study one can go for any business blindly.
But yes it is always good to go for something new if the current work is going good. And that's what I told him too.
But yes it is always good to go for something new if the current work is going good. And that's what I told him too.