Tips to Run Multiple Businesses Successfully at the Same Time
Launching and setting up a business can be hard enough. But have you ever thought about running multiple businesses successfully at the same time? It can be three or four, or even ten. Did you think about it? I know for a novice entrepreneur in the business market, it is quite difficult to set up one business successfully, let alone two or three. I know, in the starting period, you will think it is a roller coaster ride with a lot of hurdles.
No doubt, it is! But if you have the entrepreneurial spirit, then you can do a lot of wonders. I personally have met a lot of entrepreneurs who are running multiple businesses at the same time. Recently, I got a chance to chat with Tomas Milar, a serial entrepreneur currently doing multiple business in the US (IncParadise) and Hong Kong (Startupr). Last year he started another company Eqvista, a cap table management platform and I asked him how he managed to have time, energy, structure to work on his new venture alongside with other business? He said it's about his spirit, dedication, market awareness, and finding innovative ideas to stay connected with the business world and that's right too.
With the rise of technological development and global exposure, every business owner is brimming with the entrepreneurial spirit. In fact, across the globe, millions of people have taken the plunge to set up their own companies. Some get succeeded in this field, while others have to face the stage of failure. It can sometimes be a hard process to focus on one idea for long enough to turn it into a successful business.
If you are interested in launching multiple businesses at the same time, read this article to get enlightened yourself. These tips will not only help you to run your multiple businesses at the same time but also to grow them successfully.
While setting up new businesses, you need to focus on three essential things-
A viable business idea that will help you to have good products and services.
The ability and spirit to plan and execute all the development and distribution processes successfully.
The curiosity to sustain the business until it nurtures itself.
If you add these essential ingredients in your list to set up the companies, you can also become a successful parallel entrepreneur who can actually launch two separate companies potentially.
Top Tips to run multiple businesses successfully at the same time
Are you ready to set up multiple businesses at the same time? If so, follow these tips to manage multiple businesses without losing your mind.
Meet the Demand of the Market
The first and foremost tip that you need to launch successful businesses at the same time is to start the viability of your business ideas. Whether it's your first, second, or fifth business, it's essential to check the growth of your business. If you have some idea about the vital need of the marketplace, you can yourself find out the innovative product or service.
Without your complete research, you can't operate your business successfully. It's kind of obvious that when your business idea fills up the need of the market, you are half away from your rivals. And also, in the game of launching successful businesses in the marketplace.
So, whenever an idea pops into your mind, write it down in one place and then see whether it is helping you to enter into the market or not. Focus and intensity are required to increase the momentum in the business world. As a matter of fact, momentum is the lifeblood of the business. The more you generate a unique business idea, the more successful you can become a successful entrepreneur of multiple businesses.
Recruit the Right Team Members
Any entrepreneur can experience the setbacks while launching up their business, especially those who have their hands deep in multiple companies. However, it's all about how you will overcome these adversities to scale your business.
If you are stuck in this stage, then there is the only tip for you that can help you to run your businesses- hiring the right team members for your businesses. Sometimes, wrong funding can setback your launch date, or there could be an unexpected influx of business. But if the right team members are on your side, you can easily figure out the solutions for these problems. And I think, ''you get what you pay for," sets the perfect example to all the business owners. If you have dedicative and creative workers on your side, then you can successfully launch your business.
After doing thorough research about your business idea, you should hire the right team that bolstered your productivity rather than hindering your success rate. In this way, you can better overcome all these setbacks and launch successful multiple businesses.
Identify your limits
Business owners need to know their limits. What are their thresholds? What about the indicators for their business? When you start doing a lot of work at one time, it happens you wouldn't have reached the target you wanted too. Trust me; this will happen with you, multiple times. In fact, in the future, you will fail to meet the standard of your work. In order to overcome this problem, you need to stop wearing multiple hats. Instead of that, you can share your responsibilities with your business partners and other team members.
The second interference for your business could be your personal or professional relationship. When you start working 24*7, it starts affecting your personal relationships. I know many business owners whose kids were complaining about their parent's work schedules for an extended period. So, it's time for you to pay attention to every aspect. The remedy for this issue is to start evaluating your each and every priority. Afterall, this is a realm of professional people who have to determine their priorities more effectively.
Learn how to take on more of a CEO Role
And last but not least, learn the art of taking on the duty of the CEO. If you are going to have multiple businesses, you can't work on all the projects. For this, you need to hire managers, producers, and founders for your businesses. This means that you need to outsource your work. You can't work full time in two or different businesses. Hire a team; you can rely and trust on them. And then act as the CEO of that company.
In this, you can focus on a more lead management role as well as the CEO's. Basically, the CEO's come up with good corporate decisions, act as the main bridge for contacting people all over the business, and also manage the overall business operations and plans.
By now, you would have a better idea about the tips of running multiple businesses all over the world at the same time. Operating multiple businesses at a single time is not a task for the faint of heart. You need to have courage, dedication, thorough research about the marketplace, need of the best team players, and also should know the limits of your business. If you keep all these in one platter, then you can atleast start setting up the companies.
At this moment, the obstacle for your business is the lack of time to manage more than one business. Therefore, if you want to run an additional business, focus on taking more of a CEO role, and employing a dependable team. The entrepreneurial skills entails great risks and working for longer hours, in order to create more innovative ideas for your business.
With focus and energy, you can build an entrepreneurial empire. With the innovative ideas and right marketplace, you can automatically step ahead of the marketplace. Because it’s all about your level of dedication, and how you overcome all the obstacles of running a business. These tips can do wonders for some people, while for others they need to do some extra research work as per the need and requirement of their business plan.