Building a Second Business: Don’t Take Shortcuts
I’ve done it once; I can do it again.
I’ve said this to myself dozens of times. So have my clients.
I’ve started a business and grown it successfully. Now, I’ll take all those lessons and shortcut my way to success…
…with a second company.
I’ve started a business and been extremely successful here in Massachusetts. Now, I’ll apply those learnings, and it will be a breeze to…
…expand to a new territory.
I’ve started a business and am crushing it in industry X. Now, I’ll just transfer all of that knowledge and…
…crush it in industry Y.
“Past performance is no guarantee of future results.” It’s true of the stock market, and it’s true for us entrepreneurs, too.
***
While you’re building up a business, the journey feels like a roller coaster. But when you look back on that journey, the path tends to flatten into a simple straight line. In other words: it looks easier once you’ve done it before.
To an extent, that’s true. No amount of training can fully prepare you for the experience of entrepreneurship. You have to live it.
And once you live it, you inevitably gain so much.
You can learn from your mistakes.
You can avoid some pitfalls a second time.
You can build a little smarter the second time around.
Even so—you can’t shortcut the work of growing a new business. Or adding a new territory. Or expanding to a new industry.
There are a dozen variables you haven’t considered, things that won’t be the same as the thing you already built. The people. The culture. The model. The pricing. The network.
Maryland isn’t Texas. Manufacturing isn’t tech. And even two very similar companies, doing very similar things, are comprised of different people. They’re launching different environments.
Some things stay the same. Many, many things don’t.
***
Then there’s you. You and your time, your energy, your attention.
I have two kids, and I love them equally. My heart is big enough to accommodate both of them.
But even though my love for my kids is endless, my time is finite. They have to share my time. That’s a reality.
The same goes for business. You only have a finite number of hours. Is it enough to give multiple companies what they need? Is it enough to build a network in a new industry, to add that second location?
Being CEO is a real job, with significant demands. I don’t mean “doing all the work, in the weeds every day” kind of demands.
I mean “think about the business, lead the team, set the vision, and maintain the big relationships” demands.
If there isn’t enough you in the equation, that new initiative won’t thrive.
Even with all the lessons you’ve learned, the mistakes you’ve avoided, and the shortcuts you’ve taken.
You can accelerate growth. But you can’t shortcut it.
***
Am I saying you shouldn’t add that new territory or execute that great business idea?
Not at all. You’re talking to a guy who runs two companies—and it used to be three.
But I am suggesting you walk into that kind of endeavor with eyes open.
It’s not going to be a walk in the park.
It’s going to be work.
And that’s okay. Because the kind of work we get to do as entrepreneurs is extremely gratifying.
Especially when we’re ready for it.
