Is your second business worth it?
I have lots of ways to analyse and improve your second business.
Here are three questions you can ask yourself.
1. Do you love it?
You might know it’s a hobby in your heart, but it pays for itself and only takes a couple of hours a week.
2. Does it make money?
It makes more money than your current business, which is exciting. If it works and you enjoy it, you might transition to this business full-time.
3. Is it a distraction?
You’re excited about creating a new business…to avoid facing the reality of your current business.
You’re stuck, bored, or frustrated with your current business and instead of fixing that, you’re distracting yourself with a new and exciting business. Sadly, it’s likely you’ll get stuck in the same place.
Here’s a calculation to help you assess whether starting a second business is worth the time and money.
Total Income – Total Expenses = Net Profit
(You can choose to do it weekly, monthly or yearly. Whichever is easiest.)
Then divide by the number of hours you spend on this business.
Net Profit / Total hours worked = Your Hourly Rate.
I can help you work out this calculation in a free 30-minute discovery call, or you can book A Year’s Support and let me help you make all of your businesses worthwhile.
All the best, Jenny
Jenny Bracelin
Business Coach
https://jennybracelin.co.uk/
I’m Jenny Bracelin, a Shropshire-based business coach who provides heartfelt and practical business coaching to individual business owners.
Streamline your business to make more money with happy clients and still enjoy your weekends off. I’ve worked with hundreds of clients, and I can help you.
Please feel free to book a free discovery call to find out how.