You already run one business, but recently you secured a critical new business connection or perhaps you just had a brilliant idea. Now, you can’t stop thinking about this new business opportunity and how exciting it would be to pursue.
You know that you don’t want to change the focus of your existing business or dissolve it. However, this new business opportunity is so different in nature from the goods or services that you provide with your existing business that you can’t see integrating the two in to one business. Is it possible for you to start a second business when you already own and run one?
There isn’t a legal limit to how many business enterprises you can have. There aren’t any federal or state laws that specifically limit you to only owning or operating one business at a time. Instead, any limitations you have will be more practical ones. Do you have enough time, financial resources and mental bandwidth to handle the challenges of running two companies simultaneously? Do you have the help you need to keep your first business running when your new business has challenges that require your full attention?
If you do believe that it’s possible for you to manage both of these businesses based on the demand for your time at your current company and the amount of time the new business would require, getting legal help with your business plan and formation can give you more time and mental resources to focus on the details of the new business and the management of your existing one.