When you have that entrepreneurial blood in you, owning multiple businesses and turning everything into profits can be easy but still challenging at times. You may need to look for numerous ways to maximize resources to manage various ventures, all at the same time.
Running one business is challenging. You have to formulate up to the appointment demands, face financial challenges, and create marketing strategies. The challenges vary from person to person. Regardless, these challenges can be both complicated but thrilling.
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The Life of a Multiple Businesses Owner
If you know what a typical entrepreneur looks like, imagine that scheduled into a double or triple one. Owning multiple businesses can make someone forget to sleep peacefully at night, as one can have different routines depending on the business phase.
One can wake up early in the morning, check emails, and even sales growth last night. He might make a cup of coffee in between but eventually goes back in processing orders and take voicemails just before everyone starts their day.
Multiple business owners try hard to juggle and manage time for their businesses and loved ones. Time management is the key to create a successful path and journey in owning multiple businesses.
While some think it’s doable, some think it is almost impossible since it will also require lots of time and energy.
Some Considerations to Decide before Owning Multiple Businesses
As mentioned, owning multiple businesses will not only double your workload but lessen your time with your family and yourself.
First, like the previous ventures you had, you need a business plan that specifies your goals and visions for these businesses.
Eventually, these plans may change since they might affect it like customers and competitors. However, a plan will surely help you keep track of where your business is.
Before deciding on owning multiple businesses, there are several factors to consider. It is crucial to ensure that you ponder these as you split with two or more business ventures.
Your first business needs a take-off before investing with your second business.
While multiple business startups can be possible, we must face the reality that it is more challenging than focusing on one particular business first.
Worse, if the first business is on its initial stage while you are prepping up for another one or two, this means multiple dilemmas. It means various chaos both for you and the businesses. Unfortunately, there is a huge possibility that no one in your venture will step up in the market.
It is tempting to explore more in owning multiple businesses, especially if you already have the money and resources. But it’s best to consider the state of the first business first before starting another one.
You must ensure that you are systematic and organized
Systematic and organized attitudes are essential keys to become successful in owning multiple businesses.
Multiple ventures mean double or triple workload, and you have to make sure you’re your management system is geared up on this journey.
Make sure you have the systems in place to scale up.
Consider asking yourself these questions:
- Do you have a sufficient amount of people to help you with your routines?
- Are these people capable of the assigned task you gave to them?
- Is your daily routine fixed and manageable?
If “Yes” are the answers to these questions, this is a clear sign that you are ready for your next venture.
The right system takes time for growth and maturity, but it’ll be worthwhile once the other business takes off.
You must know your expertise to your advantage
If you think you have what it takes in owning multiple businesses already, you can consider venturing into what you are comfortable with.
The risks are always present. If you focus on your passion and interest, it will help you from burning out.
Starting in your comfort zone can help you give the right mindset and attitude since you are likely more inspired to do it.
Moreover, lots of brilliant ideas can eventually come up without too much effort.
Do you know when and how to say NO?
Having an entrepreneurial mindset can make you go crazy. Everything that you see is a potential opportunity.
Everything you may encounter is a good deal, and everyone can be a customer. With these, owning multiple businesses seem to be “too good to be true.”
Yet, no matter how tempting these things are, you must remain focused on what needs to do and check first before taking another step.
This is one of the most challenging moments of being an entrepreneur. Your ideas can be as big as that opportunity, but sometimes, you have to say no.
Each of what you started is equally important with the excitement that you feel on your second business venture.
Think ahead and learn to save the first one before it even drowns from the vision of your second business venture.
How to Become Successful in Owning Multiple Businesses
Here are some pieces of advice you might want to consider before owning multiple businesses. You may also want to consider this before engaging in two or more,
1. Choose the potential business wisely.
Taking on a new business is taking on a new risk, and owning multiple businesses can be very risky as this may require attention to details.
You have to make sure that it has the potential to turn your investments into profits and that this business is long term.
It would be best if you learned to evaluate trends and resources, as this will take time to get off the ground.
Owning multiple businesses needs balance, as your other business ventures might suffer if mistreated or overlooked.
Read: Ultimate 50 Business Niches You Can Profit
2. Consider sharing your space and location
Have you ever noticed businesses in line with the same road or same spot even if it’s of a different type?
Consider partnering with someone that is within the same industry that is offering a different product or service.
It can be a good way to send referrals to one another and combine marketing efforts.
3. Take advantage of what you have
Whatever you have, mostly when you own multiple businesses, try to leverage your assets.
Different functions in the organizations can be done by one person instead of hiring two personnel. It helps to save money and even workspace if done and managed correctly.
4. Time management is the key
There are two secrets to owning multiple businesses- organization and time management. Your free time is all mixed up with the workload, business meetings, and scheduled deliveries.
There are errands and obligations you have to fulfill all at the same time. There are situations that you have to be there in different locations; both are essential deals.
Focusing and putting details on your daily time can help you ensure what to prioritize and set aside.
It will help you divide your time between your multiple businesses.
Learning to schedule your time is also tracking your time.
You don’t need a personal assistant or secretary. As you get bigger, you will want someone helping you organize your time.
Use the leverage of technological advantages like time tracking apps and browser extensions to record how you spend your time.
It will help you be more efficient; remember that owning multiple businesses may need a lot of time balance and work efficiency. This way, you can delegate tasks to your employees when needed and track which ones need full attention for the time being.
5. Keep your records straight
Understanding your business is as important as managing it, and you have to track and observe its performance via book recording.
When owning multiple businesses, this is crucial as you have to understand each concept and its implementation.
One must create separate regular bookkeeping records, balance sheet income statement, and cash flow statement as this will dictate profits and return on investments.
If this is your weakness, you can hire part-time accountants to monitor this for you.
Remember that these records will show you which needs more attention the following month or need full support and marketing efforts.
6. Choose the right people to help you
Owning multiple businesses requires the right people with a sense of ownership, people with the right skill.
Such skill understands the industry and full experience running with or without you. Look at hiring people that are willing to grow. You want someone that requires minimum supervision.
You need someone to help you organize your day and push your business forward. Look at hiring for administrative tasks, sales execution, and record-keeping. These are critical components when owning multiple businesses.
7. Learn from one business to another
Developing a business plan for your second or third venture may be easier for you when you already have one. You can learn from your past mistakes and the things that benefit you before.
Your startup lessons from your first venture are learning wisdom.
Remember that you have to analyze what went wrong on the first one, and make sure not to repeat it the second time.
Follow the entrepreneurial instinct that made you succeed the first time.
Read: How To Start A Business At Home
8. Prioritize the work-life balance, no matter what happens
Multiple startups are life-changing. You have to keep yourself on track not to make you feel burnout.
Your productivity and life balance all depends on how you manage your time and schedule.
Maintaining a work-life balance and a healthy lifestyle will help you maintain a positive outlook in managing your multiple businesses.
Don’t let the workload overpower you and your personal plans.
Successful multiple business owners never think about stopping. They will always create new business.
They will keep on trying to succeed, but doing it requires a lot of understanding and patience of your craft.
You need to harmonize your brand while you diversify. You have to keep on looking for alternate paths if the road is blocked.
You need to keep on trying and learning from the mistakes.
Fail quick and move forward in your business.
The Challenges of Owning Multiple Businesses and How to Overcome It
Entrepreneurship is not always an easy task, especially who plans of owning multiple businesses.
Here are some of the challenges you should prepare yourself, and how to overcome it:
- Dealing with the unknown- Unexpected things may always happen, but having a prepared and organized attitude can possibly save you always.
- Isolation- Focusing on your multiple businesses mean more time for the business and lesser time for social life. To overcome this, exerting effort to make some time for friends and family can save you from insanity.
Frequently-Asked Questions:
What should I avoid once I start owning multiple businesses?
Some mistakes that business owners must avoid in owning multiple businesses are:
- Inadequate capital yet starting out the second or third business
- Venturing multiple businesses only for the profit
- Starting another business without careful planning
- Inability to understand the industry and market
- Doing it all by yourself and for yourself
Where can I get additional funds if I decide owning multiple businesses?
Capital is another essential thing in every kind of business, regardless how many ventures you want to have. You can outsource additional funds in:
- Personal funds (credit cards, from friends and families)
- Loan financing
- Investors, especially those who are looking forward to have businesses but no idea how to do it
- Bank loaning
- Venture capitalists
Owning multiple businesses requires the right mindset to reach your goal and manage your time. It requires sacrifices, but everything is worthwhile once you start reaping what you sow.
It’s worth it.
