When inspiration strikes for a great new business to start, it can be tempting to jump right in and get going on making it a reality. If you already have a business though, that can be tough to juggle, especially if the first one demands a lot of your time and attention. That doesn’t mean you can’t pursue your new idea though. You can free yourself from your first business and start a new one.
Look for Interested Investors
You already know that starting a business takes money. You’ll need to find a source of capital for your new venture. You shouldn’t take money from your first business to fund the new one, and you may not have enough on your own. You’ll need investors who are interested in your business idea to help fund your new business. Try leveraging your network to see if they know anyone who might be interested in being an investor. You might be able to use crowdfunding as a source of capital. Alternatively, if you have an airtight business plan, you may be able to attract an angel investor to your business. According to WrittenSuccess, you should make sure you know what investors are looking for and cater your pitch to that when you meet.
Sell Your Current Business
Getting a new business off the ground requires a lot of time and effort. You may not be able to balance both businesses at the same time. According to Josh Freeman, converting your business into a sellable asset can give you more freedom as an entrepreneur. Calculate the value of your business so you know what it’s worth and can get a good price for it. You might consider selling some or all of your current business to your current partners or investors, since they’re already invested in its success.
Use What You’ve Learned
There’s a lot of learning that happens as you start your first business. Even if your new idea is in a completely different industry, there will be a lot of crossover in regards to getting your new one going. By this point, according to Cox, you should have a better idea of how to set up a good business plan, mistakes you need to avoid, and basic principles of how to be successful. There should be less of a learning curve this time around, so you can give your new business a boost towards becoming successful more quickly.
Juggling two businesses at once is difficult. If you want to start over with a new business idea, start by looking for investors who will be interested in your new business. Find someone to sell your current business to, and use what you’ve learned from it to make your new business even more successful.
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