Branching Out: What Do You Do When You Have…
Part of running a business is making sure you’ve got a canvas for your ideas. When we are in the midst of running a certain company that is the logical extension of our passions we could put our heart and soul into it. But what if we’ve acquired other passions in life? And the passions now form the basis of a brand new business? This is where the conflict lies. Should you remain true to your original business by incorporating the idea or should you branch out and start a whole new company?
What If You Need To Try The Idea?
Because you’ve already got a business it’s the perfect way to try out new ideas. But if you feel that it won’t suit the confines of what you’ve already got in place then there are ways to try it and see if it takes off in other ways. The business you already run may not suit it in any way. And if you have concerns from a legal perspective there are things you can put in place like a patent. There are initiatives like Patent Box that can help with regards to intellectual property rights. If you’re wondering what is Patent Box? You can find out at the link. But when you have an idea that doesn’t necessarily fit what you’re trying to do you shouldn’t feel like you are betraying the company. But you also have to remember that there will be a lot more plates to spin. Trying the idea out is the perfect way to dip your toe into it without completely committing to this whole new idea.
Are The Values The Same?
Even though you are setting up another company the one constant between the two is yourself. This means that when clients check out either business they will want to see the values correlate. And this means that when you have more than one company you’ve got to mould them so they benefit the other. The great thing that you already know is that building up a brand requires a lot of hard work so when you’re starting anew with another business you can bypass a lot of your original mistakes. But if you start a company that has the polar opposite in terms of values you will end up losing or credibility.
You Can’t Do It All Yourself
You are spinning multiple plates when running more than one business and even if the idea takes off, you’ve got to find the right staff to keep everything afloat. The great thing you need to search for is natural leaders. Perhaps the first business can operate more self sufficiently without your input but even if you feel you need to have a handle on both you will need a lot of help.
Setting up another business can mean that you got new ideas to implement but if you betray your original values but also don’t get the help you need it can prove to be a difficult adventure. The great thing is that with your original business you’ve got a canvas for your ideas. We all feel the need to diversify but it’s important to ask ourselves why we’re doing this. Is it because we are growing tired of our business?