multitask, startupThere are a number of ways you could wind up running multiple businesses, which can ultimately lead to great financial success or terrible failure. This is because there is now twice (or three times or four times) the work, responsibility, risk, and potential for profit. So if you should find yourself in this situation, be sure you are ready for the responsibility.

The most common ways people wind up running multiple businesses is by splitting a service into two separate entities. For instance, a mechanic who starts a repair shop may decide to start doing bodywork, as well. This is a great opportunity to enter a related field and increase revenues, however, the owner may not want to put the current, successful repair shop in …