How To Effectively Run Multiple Businesses.

Owning multiple businesses is the goal of many entrepreneurs, as it improves the odds for financial stability. But the major question or challenge is how to start a successful multiple company. Joyfully, in this article, I will not only show you how to start multiple small businesses, I will also walk you through what multiple business ventures is, the pros and cons of owning multiple businesses, and at the end, I will provide you with some take aways to help you scale your business ventures easily and faster.

What Is Multiple Businesses?

This is an act of owning and running more than one business enterprise at the same time.

What Are The Pros And Cons Of Running Multiple Businesses.

• Pros

1. It helps you to acquire shared learning
2. Positively contribute to informed decision-making
3. Provide opportunity for different streams of income.
4. Helps you learn new skills
5. Makes you know how to treat business problems in different industries.

• Cons

1. You will waste lots of money on some companies.
2. It requires lots of time and dedication.
3. If problems are not taken care of with care, it keeps getting really bad.

Now that you’ve known the merits and the demerits of owning multiple small businesses, the next thing is how to start one.

HERE ARE 7 STEPS TO START A SUCCESSFUL MULTIPLE BUSINESS.

1. Choose The Best Projects.

The first thing to look into, while starting a new business is to pick a good and profitable business, and also make sure you have the resources needed to run the business. This is because analyzing a potential business idea for a multiple business takes a great deal of time and resources to kick start one. So you need to make sure the business you choose is worthwhile your time, and won’t have a negative impact on the other business ventures.

1. Use The Same Location.

After picking and starting up your new business, the smart idea is to use the same location you’re using for your other businesses. For instance, a blogger like me would run multiple businesses such as blogging, affiliate marketing and YouTube channel from home. Having everything done in one location helps me be involved in all of my ventures on a daily basis, and also easily switch back and forth between them. Having multiple businesses in the same location saves me time, since I won’t be travelling miles so as to run the other businesses.

Of course, there are other options if you’re not being fortunate to have your business in the same location. And this is to simply locate your businesses as near each other as possible. The headquarters for square and twitter are across the street from each other in San Francisco, so you can get one if there is such in your area.This will help you avoid splitting your time among various locations.

1. Schedule Your Day…And Stick To It.

If you want to remain organized and productive, you need to schedule everything. Because organization and time management is the key to running successful multiple businesses. Scheduling your time in detail can help you ensure you set aside enough time each week/day to devote to important work projects that deserve your full attention — from personal time to inspections to appointments to meetings. These personal times include break time and time for your family. Google calendar is one of the best tools for proper scheduling.

Creating and sticking to your schedule can help you appropriately divide your time between your multiple businesses. Also remember that once something is not on your schedule, it means it doesn’t worth your attention.

1. Keep Proper And Regular Report Record.

Owning multiple small businesses without keeping records would definitely make your business shut down one after the other. Have reports done at least once in a week, within your business ventures. This would help measure the improvements, drop-off, and performance within your ventures. After collecting the reports from your multiple companies, analyze and compare them, so as to find out where you can become more efficient. And also which business to support for growth so as to allocate more time and effort to it.

A good report should consist of financial statements such as income statements, balance sheets and cash flow statements. This will help you track the most profitable business, and also your total profit and lost within different businesses.

Records related to customer satisfaction, reputation management, leads and social media growth should also be considered.

1. Hire Pros.

Of course, you probably can’t learn and manage every aspect of your companies. There are times when you need to bring in reinforcements to make sure your businesses run seamlessly.

Hiring experts to execute important daily tasks, would extremely benefit your venture, especially if you’re dealing with more than one entity at a time.

While hiring professionals, make sure the ones you hire understands your industry, have passion for your brand, have the skills needed to fill your knowledge gaps, and most importantly make sure they are willing to grow your business.

Another thing after hiring experts is not to multitask them. This means one expert for a specific task/role. For instance, if you want to create a small party for your employees and customers, hire a team of expert event planners rather than have you or existing staff handle it.

1. Prioritize Downtime.

No matter what type of support system you have, or how organized you are, it is extremely easy to burn out if you’re running multiple small businesses. To keep yourself fresh, productive and motivated, it is important you prioritize your downtime. Adding a downtime to your weekly schedule could help you catch some breath, refocus and also energize you for the remainder of the week. It also makes you healthier and happier which is good for you and your businesses.

1. Learn From Your Past Mistakes.

Owning multiple businesses is a challenge, but you can make it a little bit easier if you can bring in valuable wisdom from the experience of your first startup. Make sure you put down the challenges you face in your first business, while developing a business plan for the new one. This will help you save time and unnecessary expenses and repetitions.

Conclusion:

Owning multiple businesses is not an easy task, it requires focus, dedication and consistency, to make it successful. Don’t rush to building them all at a time, because this is what makes most multiple small businesses fail. So make sure one is successful before starting up another one. By doing this, you can easily scale your business without running into any financial issues.

In case, here is a quick recap.

In this article, we talked about what running multiple businesses is. Also the pros and cons, and how to start one.

Hope I provided some valuable content.

Thank you!