Starting and running a business can be extremely challenging. From marketing strategy to financial challenges to time demands, few things about running a business are easy. For some people, this doesn’t matter. For some, the thrill of launching and successfully running a business beats out all the demands that come with the journey. Some people are born with the entrepreneurial bug. For these people, the excitement and grind of starting and running a business are so motivating they want to do it repeatedly. Some successive entrepreneurs will launch, build and exit the companies they start; others want to continue running their first venture while working on the second or third, fourth, etc. It can certainly be done, but it takes a lot of hard work and dedication to each of your businesses.
These are what you should know to succeed in managing multiple businesses,
Entrepreneurship requires wearing a lot of different hats, you need to be organized and know your priorities to stay on top of things – and that’s just for one company. According to Emily Miethner, Your biggest priority as a multi-business entrepreneur is prioritization itself. Time management is one of the toughest challenges of running multiple businesses. You need to determine when you’ll spend time on each business and how you will delegate different business tasks. It’s nearly impossible to run multiple businesses without an excellent team helping you manage your responsibilities. In some cases, it may even help to hire an assistant to help you keep track of your different responsibilities.
Being in the right business location; does your physical business location make sense? Are you in a good place geographically to recruit and hire top talent? When can you be at the physical business location or office for your businesses? One of the most obvious challenges of opening a second business is not being able to be in two places at once. When you’re at one business, you can’t be at a different location, which means you must make sacrifices.
Harmonizing your brands; whether your businesses are related to each other or in different industries, they have at least one thing in common: you. Even if the connection is not obvious, consumers and business partners can easily discover that you’re at the helm of each company, so you’ll want to keep your values consistent. Running different businesses is a way to bring in money from different sources, but that doesn’t mean your brands need to be complete opposites or work completely separately from one another.
Finding the right staff; it takes a significant amount of work to run one business, let alone multiple companies. However, it doesn’t have to mean more work for you if you hire the right people to help you out. Once you find these talented team members, let them shine. Don’t micromanage. You brought team members on for a reason, so trust them to do their jobs. It’s not a bad thing to delegate.
Learning new things; one of the perks of owning multiple businesses is the opportunity to gain new knowledge and perspectives on how to approach certain business strategies. Learning about new industries and meeting different people may even stir up ideas about future businesses to start.
Getting your timing right for owning multiple businesses; you may be excited at the prospect of launching your next business, but you don’t want to bite off more than you can chew. As with any venture, you need time to devote to this new startup to make sure it succeeds – meaning that your first business should be self-sufficient enough for you to step away from it. According to Stacy Tuschl,” Be careful you don’t jump too quickly to open a second business,”
At Korsell Corporate Consult Limited, we help you with your business planning, strategy document and other custom services. Speak to us now 055 391 9618 or Email: firstname.lastname@example.org