The Master Checklist to Review Before You Ever Start Another Business

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You have one business up and running with some success and are considering starting another business and dividing your focus. Perhaps you do not want to put all your “business eggs” in one basket. What if one business slows down, and the other one picks up, you are protected. As you know the worst number in business is one, one vendor, one client, one affiliate, one bank account…does that mean one business? Not necessarily.

First, what are your reasons for starting another business?

Here is a list of some and let’s consider them carefully:

  1. The first business is not working.
  2. You found a new product in another niche that should bring in more revenue.
  3. You want to diversify into another niche.
  4. You see an opportunity in your current niche and starting a new business (more so a new company) to service this opportunity in that niche.
  5. Your business partner was lame and you started a new company and a new business perhaps in a similar niche to move on.

The first one is fairly obvious as to the concerns, yet, many fall into this trap. The first business (which was really never up and running as a real business) was not working, and the business owner got excited by another, different opportunity (the new shiny object syndrome). The challenge is that the second business and third will not work either because typically there was nothing solid in place on the first one. They half started that business and half started another business, lacking focus, consistency, and frequency… all leading to another failure.

Finding a new product in another niche can work effectively. Most successful entrepreneurs who were successful 5-8 years ago have a totally different main profit center today then what was in their business back then. They had to reinvent themselves and more importantly change with the times and look for new opportunities with the changing times. Those who continue to ride the same horse down the wrong path will just end up with more problems. You have to act and move quickly to be successful in business today. With NCP, our international market is the biggest new profit center that was not even in our business (or very little) 5 years ago. We expect it to grow dramatically over the next 12 months.

Wanting to diversify into another niche can work and can be expensive. Typically those who succeed are the ones who are already succeeding in their current niche.

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Do you have a High Degree of Intellectual Curiosity?

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There are several patterns that are common among entrepreneurs that are financially succeeding in this current environment.

One that most people miss, the one that is not spoken about often, yet is the backbone of success, is a high degree of intellectual curiosity. I would estimate that 85% of entrepreneurs or small business owners do not have it…a leading indicator of financial failure.

My definition of a high degree of intellectual curiosity: it is the enthusiasm to ask intelligent questions consistently, especially with those who are succeeding in this economy (no matter the niche) and calibrating to that distinction and regulate what impact would that make to your business and your bottom line.

Also, this includes asking intelligent questions consistently to those who did not get the results they were expecting, especially those who had a high degree of success in the past and now have failed in this economy.

As a side note, those who were never successful, and continue to not succeed, those patterns are typically consistent. It is not necessary to spend a lot of time there; yet, being curious and asking a few questions is important, always.

That was a long definition.

The point is: SUCCESSFUL PEOPLE ARE CURIOUS ABOUT EVERYTHING!

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