Handling one business is hectic enough, imagine having to handle four or five of them. While it does seem like a very difficult task, it is achievable. Many small, multiple business owners manage four or five business together and earn a good profit by it as well.
Needless to say, their day is packed and their time management skills are extraordinary. Owning multiple businesses is now a dream of many young entrepreneurs. The reason being their creativity and versatile ideas, all needing separate platforms for exhibition. Instead of jamming everything under one section, now a days people like to have different categories for different needs and services.
It’s very ambitious to want multiple successful businesses, but what needs to be done to make it practical? Well, after going through a lot of blogs, listening to a lot of speeches and watching a lot of interviews of successful entrepreneurs with multiple businesses, here are the best tips which will actually help you run multiple ventures.
1. Organise your study table along with your life
A clean work station will give way to free flow of ideas. The more cluttered your desk is, the more messed up your brain is. Keep only the folder you are working on on the table and stack the rest away. Next, keep your laptop or Macbook, phone and highlighters. This way, you will focus on the work you are doing at that time instead of focusing on the work that needs to be done.
2. Set goals
In order to finish more work efficiently, set goals. Keep two types of timelines, short term and long term. The short term goals need to be the immediate work that needs to be done while the long term goals can be stuff that can be done eventually.
Short term deadlines can range from 24 hours to a week while long term deadlines can be from 1-3 months.Tick off the work done as you complete it but don’t cross it off or erase it, as it will make you feel more and more productive seeing how much you have accomplished.
3. Compartmentalize things
Divide your work time among all the businesses you have. You can obviously make necessary changes required as per your business situations. But it is important that you separate your businesses and focus on just one at a time.
Thus said, it is also important to prioritize your work according to urgency. It may happen that one of your businesses is running well and doesn’t need much time and effort currently but another one which is going down may need more time.
4. Train the people you work with
When you handle four or five businesses together, sometimes it’s not possible to immediately respond to a problem related to one business. So it is necessary that your second-in-charge is well versed with what needs to be done when you are not present to handle a particular situation personally.
Spend quality time in training the people with whom you work and let them know every detail of the business, so that they can tackle any difficult situation when the need arises. Never be so over confident to think that you can lead alone.
5. Keep yourself open to changes
Give up the traditional way of running a business and keep your mind open to any kind of changes that your business of schedule might require. There’s no point dragging on a business which has gone down under with the same methodology. Keep innovating and creating so that there’s always enthusiasm and excitement while working. But, if your business has found it’s success mantra, then there’s no need to change it.
6. “Me-time” is very important
No matter how busy your schedule is, you need at least one hour of alone time between all the meetings and work. Take half hour breaks every couple of hours and simply listen to music, take a nap or even cook yourself a snack. Anything that will keep your mind off of work will do. And keep a fixed sleeping time which should never be less than 6 hours.
These tips are by experts in the field of multi-businesses. However, you can add of a couple of your own plans and strategies which suits your time and businesses accordingly. Best of luck!