To manage a business successfully, you need to face many challenges. It becomes much more challenging when you have to run two or more businesses at the same time. Entrepreneurs may want to do something different from the usual task and start other new businesses with a view to serve more than one niche. Those who are doing multiple businesses are known as ‘parallel’ entrepreneurs or ‘serial’ entrepreneurs. The hot new term for this practice is “multi-table” entrepreneur. More and more entrepreneurs are starting multiple companies concurrently but success depends on many factors. However, if you have the guts, resources, energy bandwidth and the ability to multi-task, you can think of the possibilities of starting a new business and creating multiple streams of income.
Running a single business involves creativity, implementation of ideas, managing manpower, analysis, problem resolution and tapping the complete business potential. Running two businesses means doubling the effort you put in a single business. Sometimes switching between businesses can cause you to forget the important tasks or meet your goals. When managing multiple businesses, the most important thing to have is knowledge regarding each business because only then can you make sensible and quick decisions. Many people have the knowledge but cannot manage multiple businesses because of lack of time. In this context, you can utilize outsourced solutions for various business processes, which would reduce work pressure and also helps in time management. Managing time for even a single business is difficult because you cannot prioritize what to do first; managing time for multiple businesses is an art.
Tips to Make Multiple Ventures Successful
- Recruit a reliable, zealous team that you can trust. Such a team will carry out their tasks even without you monitoring them all the time. Ensure that you are hiring genuinely passionate people who are interested in your business and will be willing to expend energy on the work assigned. A trustworthy team is especially important if you have businesses based in different countries, and micromanaging could be difficult or even impossible.
- Utilize reliable outsourced solutions. You can consider outsourcing to business process outsourcing companies, who can help with your tasks. This will increase efficiency and save you valuable time and effort.
- Keep goals and follow them. Your business goals should be clear for each business and always keep those in view. Any business objective can be achieved if you have the passion for it and follow the right strategies. What is important is to get organized, delegate duties and prioritize what demands attention.
- Analyze your businesses separately. Different businesses may have different requirements, so study the needs of each and implement the right strategies.
- Train people for better output. Better training will definitely make your team more competent and productive.
- Use a diary or a planner without fail. This will help complete projects appropriately.
- Maintain realistic expectations. Be practical about the results you can achieve and this will help avoid distraction.
- Use the same physical space to run the businesses. With this, you can save on resources and also stay involved in the different ventures.
- Use a time-tracker tool for your multiple businesses
Focus on one business at a time before stepping into a new one, form a team and know your limitations. Great focus and commitment are required to build multiple companies that are thriving. Build one business at a time until you get a solid team in place, then you will have the bandwidth to work on your next business. With focus and energy, you can build an entrepreneurial empire.
