Can You Run More Than One Business Successfully?  

SBA office collaboration

Can you really run more than one business successfully? The rise in the ‘side hustle’ and the multi-business entrepreneur perhaps indicates yes.

As any talented entrepreneur will tell you, it’s not actually that crazy to start and manage multiple businesses. After all, it improves your odds for financial security, demands you to use all your skills and keeps your mind sharp.

But how can you divide your time among all your businesses while maintaining a healthy work-life balance?

Write it down, write it down, write it down!

Always carry or have a notebook with you. Write everything down. When you have an idea, write it down. When you meet someone new, write down everything you know about them. That way, you will know how much time they are worth investing. When you hear something interesting, write it down. Writing it down will make you act upon it. If you don’t write it down you will forget it. That is the most significant lesson they don’t teach you at college, university or business school!

In short, writing things down in a notepad helps you stay focused and organised, both of which are greatly needed when running multiple businesses.

Move silently

Not all your business activities need to be broadcast or be open for consideration and comment by others – often it can de-rail and upset plans. So, know your stuff and quietly get on with it.  Have your trusted confidants and supporters rely on them for guidance and advice when required.

We live in a world where everyone feels they have the right to broadcast how they feel/think/want things to be yet most of the time they do so without factually correct knowledge, experience, perspective, understanding or empathy. So don’t involve them full stop!

Build 'Team Fantastic'

Easier said than done, but it’s possible if you’re surrounded by a great team - which will also lighten your workload and give you time to be the entrepreneur you are! In the past, I found that recruiting less-proficient, lower-paid employees to develop demanded a more hands-on management style, forcing me to spend too much time working in my business and not enough time working on my business. Recruit for talent, skill, desire and ‘can do’ attitude.

SBA team fantastic

Pick your projects and pursuits wisely

You need to learn when to go forward and when to say no, which can be difficult especially if you prefer to say yes, like I do! Simply put, if one of your businesses is draining your resources mainly your time and money then re-evaluate to see whether it’s worth pursuing. If not, cut your losses and move on.

Ensure there is demand for the goods or services you are selling, make sure you have a route to market, make damn sure you have costed it properly and always have a connection with whatever it is – it needs to have a ‘bit’ of you invested in it.

Be prepared to work hard and hustle, as owning multiple businesses is not for the faint of heart. But we're here to help! If you'd like any advice or guidance on making your multi-faceted business ventures work, please get in touch!

Posted on April 2nd 2022

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