Running several businesses at the same time can be very beneficial for you. Just look how it worked out for Richard Branson with Virgin Group Ltd. However, However, while it’s okay to use this example as your inspiration and guide for what to strive for, you need to be realistic when starting your own multi-business owner’s career. Take small steps and manage your projects carefully. Be sure to use specialized tools and build a team capable of dealing with this kind of workload. Only through superior organization and constant learning can you juggle several businesses and thrive.
3 Tips for Juggling Several Businesses and Pushing for Success
#1: Stock up on Specialized Tools and Services
The hardest thing you face when trying to juggle several businesses is the inability to keep all the relevant information in your head at all times. Not having enough hands to manage every project you run comes a close second.
Today both these problems can be avoided if you just use the right solutions. First of all, you’ll need to get business management tools that can monitor the state of your companies in real time and make it easy to switch between projects that run independently. You can look up some business management software reviews to find the right tools. But be sure to use their free demos to ‘get the feel’ for the solution and determine if this is what you need.
Follow the same pattern when choosing accounting solutions for multiple businesses and be sure to choose the most reliable tool. Pick software that will generate individual reports for every business and allow you to keep banking and taxes separated.
You will also need to keep the need for multiple domain management in mind when you choose a website host. Stick with one provider instead of several to make overall website management easier and more efficient.
#2: Build the Right Team
Your team is your most important asset when juggling several businesses. Unless you build a separate team for each, you’ll need to choose people with experience in handling several projects at a time.
Choose people with expertize in every area your businesses focus on. You should also choose them with a perspective of entrusting ‘their’ branch of your business to them completely. This will allow you to have them be more independent as your enterprises start to grow. This way you’ll have more time to dedicate to new projects in the future.
#3: Understand Your Limits
If you want to juggle several businesses and become successful as well as stay sane, you need to understand two important facts from the start:
- Some projects will fail.
No enterprise has a success rate of 100%, so be prepared to lose some. Do not allow a few failures to devastate you. You should learn from them instead and use the experience to improve the more successful of your businesses.
- You aren’t good at everything.
It’s essential to acknowledge your own weaknesses and steer away from projects that you can’t successfully run with your knowledge. Either learn and improve in those areas or focus on something you understand well enough to have a fighting chance on the market.
Know and respect your limits when running multiple businesses, but never stop growing.