Multiple businesses? A viable option?A couple of years back, I read an article on bulk vending machines. What are they? Well, they're the machines you put a quarter into and receive a gumball, handful of peanuts, Reese's pieces or something like that. The article stated the money could be good and with fairly minimal investment.
I paid to have machines placed in a couple of locations around town and thought my wife and daughter were going to be operating the vending route while learning the ups and downs of small business ownership. Unfortunately, I was wrong in my presumption about them working the business themselves. As a result, I became the candy man for awhile. Working on tax returns when Brrriiinnng. Hello? Yes, I can come and fill the machine.
My wife and daughter redirected and I was left with an already full time business (my CPA practice) and then another where I had to lug bulk candy around town. The machines had o.k. money in them but I didn't have the time to service them properly. So, in storage they sit while I wait for my younger child to show an interest in having her own business. I have high hopes.
Do I think that it's possible to have multiple businesses. Yes, but I think it works best when the businesses are complementary. What do I mean by complementary? Well, a tailor shop who rents out tuxedos. A movie theater which sells food. You get the idea.
I am a CPA in San Antonio and provide bookkeeping, payroll, taxes and more (sometimes candy). We offer a free initial visit and look forward to serving your business needs.
Richard J. Garcia | 08/17/2010