puzzled
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Yes you can own as many businesses as you like.
As to how wealthy you would be, would depend on the hard work and determination you put into them. |
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x Gemz x
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my boss owns the hair salon i work in, and her husband owns and runs 3 residential homes in the city nearby, whilst their daughter who lives at home with them owns her own beauty salon and fitness suite :D so thats a family thats well off ;) |
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Joe T
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It is possible because I own two businesses and I am currently workin on two more, however that does not make you rich. It depends on the business and your business strategies. |
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dizzy
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if you can handle the stress, not have any commintments and are a fighter, then yes.. Your wealth wold depend on how much thought you've put into making things work and how much time you can dedicate. |
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Aurelius
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Dunno. Ask Richard Branson, he looks pretty healthy. |
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theshadowknows
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Absolutely, it's possible. I hope you would have a skilled staff and management team. Running two businesses is twice the headaches. As far as being wealthy,well, again it depends on the management. You need knowledgeable people on your team, or all the good ideas you have could go down the toilet. |
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k5lqp
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Ask Bill Gates. :) |
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chuckinator222
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Well a person can own more than one business, but in a different way. The easiest being to set up a LLC, or limited liability corporation. The businesses would be owned by the LLC and this reduces the risk to the people involved. When it comes to how wealthy they would be depends on multiple things. Most businesses have a hard time for the first year. Getting the business established and stable is key. This is greatly helped by having sufficient capital, or money. Also having knowledgeable people can help greatly, such as a general manager for the LLC. Making money greatly depends on the type of business and a little bit of luck in the end. I would recommend researching businesses and speaking to sucessful small business owners. |
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Lavender
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Look at the 'Dragons' in Dragon's Den. They all own HEAPS of businesses.
Yep - so does Rich. Branson. |
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Hedge Witch
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Owning 2 businesses does not make you wealthy.
Owning 2 very successful businesses does! |
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having a franz off(permanently)
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well the business might be small or large business so if they are small business they they might be millionaires and if they put 2 business together they would make a bigger business |
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STEVEN W
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yes and not wealthy at all, in some cases. |
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roshariouk
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owning 2 businesses is the easy part and even if you don't do anything with them, they still cost you money every year. Being wealthy - that's up to you! |
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frankie
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Everyone seems to think that just because you own a business that you are wealthy sorry not so unfortunately.
What it often means is long hours no holidays and sometimes slim pay cheques dependant on you trade and profession.
You can own as many as you like remember the man on the apprentice was the director of 17 companies all run from his bedroom. Mind you he was barking. |
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Ian M
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You can own 2 businesses easily, or at least be a director.
For example I was looking at companies house records today and found a director of a supermarket chain who had 60 other directorships.
The point is, how much time and effort do they take? If you have good staff and can delegate then fine, but if you are run ragged then try to remember to leave enough time to have a life.
Remember the two cliches:-
'Time is money'
but
'Money isn't everything' |
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ThatsWhy
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As mentioned, you could own as many businesses as you wish and choosing LLC as their structure is simple, easy and cost effective. However, just because you own one business that is "successful" doesn't guarantee that the rest will be. The efforts you put into one business will take away from the time you have to put into the other one.
I own 3 companies. My first one was quite profitable the first year. The next two were ecommerce and are reliant upon advertising sales for revenue. As such, they will take much longer to get into the black, if ever. The time and costs put into them detract from my overall income stream and time available. As such, I am likely going to divest myself of one of them while putting more effort into the other two.
I suppose you can start multiple businesses and decide which has staying (and earning) power. Good luck! |
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Ken B
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Yes, it is possible to own 2 or more businesses. To answer your second question, it's very easy to become poor in owning your own business. Most people don't realize the cost of being in business, overhead, expenses all of those things can add up. A typical small business has to make several thousand dollars per month in profit before they would break even. |
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