Add new item in lookup column

This has probably been asked before, but I can't find the answer in the search.

I have two SharePoint lists.

1. Businesses

2. Contacts

In the contact list, I have a lookup column to add the business (or businesses) where the contact works. When someone adds a new contact, I would like have a "add new business" in the lookup column so that the person doing the data entry also adds all the business information in the businesses list. Is that possible?

Or, there could be a extra column that has just a button to click for "new business" that would open the form for the business list.

Thanks.