Which is better, starting an additional business or growing the one we have?

[Kirubel]

In the business world, when we have some profit and when we get good money, we think of two things: one is to grow the business that we are already running, and the other is to start a new business in addition to the old one.
So for you, which choice will be good?

 

[Kirubel]

It depends on your goals and resources. Growing an existing business can leverage what you've built, while starting a new one offers a fresh venture. Consider your capacity and objectives in making the decision.

Some times, starting a new business will divide our strength and our focus, so for me, its better to grow the business that we have.

 

[Fidelia]

Even if you have grown the one that you have, there comes a time that you would need to diversify and open another business. So I would say it depends on the level that you are in on the business. If you are still building to stabilize the business, stay there and don't think I'd opening another one.

 

[freelancermaria]

As a new business owner, I want to focus on my business and expand it later. It can be difficult to start another business if you are a new owner. I want to learn everything first.

 

[magnus2022]

Once a business is lucrative and profitable, there is need to continue and invest more in the business. Another business can bring divided attention and will affect the profitable business. Expand when you have good managers on the profitable business.

 

[King Belieal]

It is always better to continuously grow your business regardless. That doesn't stop you from venturing into another business if the conditions are right.

 

[eLdavis]

It depends, if you just started one, it would be wise for you to grow it first before you think about starting another one. Then in a situation where you have been able to fully establish your business, there is notting wrong with you starting another one, as long as you can manage it.

 

[King Belieal]

When they say that rich people have multiple streams of income, it doesn't mean you should start multiple businesses all within a very short span. You only need to establish another business after the first one has been firmly rooted.