Running More Than One Business:
When to combine, and when to leave separateCreating multiple ventures is part of being a creative. But what do you need to know in order to do it wisely? Click To Tweet
In today’s episode we talk about the different options you have, when it comes to running multiple ventures. Should you do all your things in one space? Separate it? Start all over? As a creative, you more than likely have come up with many new business ideas, and maybe even acted on them! It’s normal. Trust us. We both run 2 other businesses besides WLC, so we can keep the creative juices flowing. So let’s talk about how to handle them.
Things to consider when creating multiple ventures:
- Who is your current target market? Would the same apply to the new venture?
- Will you need to create a whole new brand if they are different? This would mean a new website, and social media platforms as well.
- You will also need to decide how to structure this new business, legally.
- Ex. If you have a photography business and a watercolor business, you can have 2 separate LLCs OR you can create a main corporation, and then create DBA’s under the umbrella for all your ventures, so come tax time, you file for the main corporation.
- Obviously, having two LLCs requires more paperwork, more annual fees, etc. but it also keeps the two businesses completely separate from the start. This is appropriate if your businesses are very different from each other, such as a photography business and an e-commerce business
- Keeping everything under 1 umbrella has way less fees involved, but the lines get blurry. Be sure to consult with an attorney and a tax professional for the best way to structure yours.
Having more than 1 venture can be a lot of work, and pull you away from what is most important- getting that money saved to quit the 9-5, so play around with the idea first. Test it out on a market to see if it’s worth the time and investment. Once you have decided to move forward with it, decide how much you will dedicate to each venture, and try to stick with it. A block scheduling format is good for this. Work 1 day on one business, and another day on the other.
Have fun, create, and don’t be afraid to try it out first! You never know where the road is going to lead you!
Did you know we go live every single Wednesday? This Wednesday, we will be going live at 1:30, (normally 11:30a) EST, to go into detail of the Magic Content Formula. Want to join us? Do you need a FB that is small and intimate, so you can be heard? Our community is full of newpreneurs just like you, asking all the right questions about how to start a legit biz and we want you in there! Join the community here.
Are you ready to Launch Your Biz, but have no idea where to start? We’ve got ya covered! This month’s freebie is the Launch Your Biz Quickstart Guide: a 1-page checklist to get you from dream to reality of owning your own biz. It’s not as hard as you think it is, which is why it’s only one page. 😉 Grab yours here.
Until next time, Wilds. Go chase those dreams! You’ve got this.
Alicia + Emily