I thought, maybe something’s there. I could start a table top rental business! It fills a need, I had storage in my garage, and I had plenty of contacts in the event world.
Then I started thinking: How would I deliver these items to everyone, along with my day to day business, which if I wasn’t careful, could be all consuming? Wouldn’t delivery cost as much as the item rental fees, due to labor costs? Also, what if they came back broken? What inventory tracker should I use?
Think through a typical transaction of your new business. How much time and money would it cost you? Would you be able to charge enough to cover your cost?
Evaluate your resources – do you have enough to add a new service?
Do you need additional capital? How much would it cost to source raw materials (if any)?
Does someone else already do it well?
When photobooths were the new thing, there were just a handful or competitors for each region. Now, there are so many! Is it worth entering a saturated market?
Take time to review all your options and the ripple effects to your business. If you think it’s a good idea, go for it! Otherwise, nothing wrong with regrouping and making your current business even stronger.