In a small town, you may need several lines of income to survive. So, sometimes, people try to start multiple businesses all at once. That’s a mistake, and to see why, let’s take a look at farming.
Farmers take their time in adding any new crop. That new crop will take acres away from the existing crops, so it needs to be worth the effort. If the crop requires buying specialized equipment, that has to be factored in. Then there is the learning curve. Any new crop will take some time for the farmer to get a feel for it, to know the potential problems and the issues of timing.
It’s a smart lesson. Take your time in adding new lines of business. Let each one get well-established before you move on to adding another one. It will take time away from your existing lines, so it needs to be worth it. If it takes new equipment or training, factor that in. Give yourself time to learn the feel of the new business, to know when it’s vulnerable, when it’s strong. Learn the seasons and cycles of your new business, before you start thinking about adding another one.
My Small Town Rules co-author Barry Moltz shared some of this in Rule #3: diversifying your risk.
If this makes sense to you, you might like a sample of our book Small Town Rules.
- The easiest way to podcast is from your phone - June 18, 2018
- Dress up empty buildings with these creative window ideas - June 11, 2018
- Expensive code compliance doesn’t have to ruin your small town - May 28, 2018
- The next big opportunity downtown: the rooftops - May 14, 2018
- I’d like to feed business plan competitions to the sharks - May 7, 2018
- What can you do when a traffic detour cuts down on visitors to town? - April 30, 2018
- Are conferences and events worth your time and money? Here’s how to make sure - April 23, 2018
- Six big themes for small town entrepreneurship - April 16, 2018
- Check this list? Did I get your topic on there? - April 9, 2018
- If you help your customers to create a plan, don’t leave out this essential item - April 2, 2018