How To Run Multiple Businesses Simultaneously With Jill Ferguson

For example, if you need to create specialized programs, hire a team of expert developers rather than have you or your existing staff play around with amateur software apps online. Of course, it’s not about simply trying to learn everything; there are times when you need to bring in reinforcements to ensure that all businesses run seamlessly. When starting a second business or creating more of them down the line, you can refer to data gathered from previous businesses. Even if you have different types of businesses in your arsenal, chances are some of their operational processes will bear similarities and these are what you have to be mindful of. Effective business management dictates that you be as wise with the use of your time and resources as possible. When everything is in one location, the day to day operations of a business become simpler. By having one space to run your businesses from, it’s easier for you to oversee them and address their needs on time.

Allowing more freedom helps me not micromanage them, meaning I shortened the leash and let them take the ball and run with it. You can’t possibly work full time in two or three different businesses. Be the person with the ideas and the strategy, but not the one who necessarily does all the work. When you delegate to contractors, you should think about anything that’s one-time Running Multiple Businesses or lower impact that you can pass off. We’re going to focus on people because they are the bread and butter, and the core, of any company. And especially in the age of small business and entrepreneurship, those first few employees – and how you lead them – can make a real difference. These are a series of business owners I’ve handpicked I hope will inspire you (and me!).

Bring in experts to handle certain aspects of the company.

Entrepreneurs have the luxury of doing what they like to do . When you’re running a business, it helps to be building or selling something you believe in and to work with people you like.

• Using a single central location for all your businesses can save money on rent and other resources like electricity.
• I recommend talking with an accountant and attorney about your situation so that you get expert advice and direction on the legal and tax implications.
• For instance, Right Inbox and MailShake are two different products.
• I have tried running two businesses at once and also tried juggling a couple of more assignments at the same time.
• Team meetings are in yellow, business calls are red and time-off periods are green.

However, that is a dream which is left accomplished for most entrepreneurs. People are not made fit for the job you have given them, you have to train them and make them the right people for the job.

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Do it right, and you’ll have a memorable brand that customers line up to do business with. If you are a new business owner, you might not know where to even start. Uncertainty is not unfamiliar territory for business owners. However, these past few years have brought a significant amount of ups and downs to entrepreneurs everywhere and in nearly all industries. While some companies focused on their short-term goals, other… More famously, Airbnb temporarily launched another business before evolving into the full ecosystem it is today.

The net result will be, you will have a productive and efficient team you can rely on. This makes you free to expand your various businesses even faster. This is one aspect of your business which you can outsource to consultants https://wave-accounting.net/ and get it done from them. Analysing your business helps you in determining where you are weak or poor in implementation. Time to time analysis of your financials can itself give you a feedback of what you need to do next .

What’s Good? The Pros of Running Multiple Businesses

Vet them and choose them wisely before committing to more employees across different locations and companies. The right employee assigned to the right task will save you a lot of time and energy. It is better to spend time choosing the fitting employee, instead of wasting time correcting mistakes after an employee proves to be a bad fit for a task. When using the time-blocking technique I mentioned above, be sure to build in some personal time as well. I do so every week to ensure I can spend quality time with my kids.

If you truly want to maximize income/revenue, I would recommend sticking to businesses that are related and can take advantage of economies of scale. If your multiple businesses are unrelated — Like in the old days a conglomerate, will dilute the power of what you and your team can achieve. Plus scaling unrelated businesses at the same time is the quickest way To wasting resources and not getting enough traction in any of them. Of starting multiple businesses is the increased paperwork. Multiply each company’s paperwork by the number of companies you own and you’ll drown in paperwork. Since I can’t be everywhere doing everything, I work with my co-founders at both companies who are intimately involved in the build outs and daily operations. Knowing I have someone who thinks and feels similarly can help make having multiple businesses that much easier.

Hire talented people

It also gives you a chance to recognize your team in person, address any sensitive issues and deliver clear and concise communication. While attempting to get Virgin Atlantic off the ground, Richard Branson was also working on Virgin Films. The now-defunct project was consuming too much time and too many resources, putting Virgin Atlantic in jeopardy. Remember, if something’s not on your schedule, it’s not worth your time.

This path is definitely more time-consuming and costly. As each business will be treated as its own legal entity, you’ll deal with more tax forms.

I allow extra space within each day’s schedule to deal with unexpected problems that arise. It was almost the +1 in the activities I wanted to do. So run everything else, somehow manage it and then start PriceBaba on the side. Last year, we served over 30 million users as PriceBaba, I can assure you that wouldn’t have happened if I wasn’t 150% focussed on just one venture.

As CEO of CorpNet.com, she has helped more than half a million entrepreneurs launch their businesses. A passionate entrepreneur herself, Akalp is committed to helping others take the reigns and dive into small business ownership. In a blog Richard Branson spoke about the challenges of building a business empire. With more than 40 companies under the Virgin brand, it’s easy to say that the Group’s Founder knows a thing or two about what to consider when managing a number of businesses. But as previously mentioned, it really isn’t impossible to learn how to manage multiple businesses. However, dealing with every one of them, one at a time, may not be the most effective move when starting multiple businesses.