Building and running multiple businesses increases your odds of success, enables you to use all of your business skills, improves your chances to secure your future financially, and keeps your mind sharp.
However, starting and managing multiple businesses simultaneously can also lead to a lot of unnecessary stress, long working hours, and low level of focus.
As an owner of an online football store, eCommerce development agency, and a digital media company, I’ve experienced most of the ups and downs of being a serial entrepreneur.
Here are six tips that will improve your business life as you build and grow multiple ventures simultaneously:
Operate under one location.
I run all of my three businesses at home. I am fortunate that I was able to set up my business operations like this. This way, I don’t need to travel from one location to another just to run and manage my businesses. If I need to manage my online football retail store, I’ll just pull up my eCommerce tools. If I need to see what’s happening with my eCommerce development agency, I will simply need to access my agency resources. If I need to review and approve contents from our contributors, I’ll just need to login to our company’s CMS.
If it is possible for you to run and manage all of your businesses under one location, do it. If not, try to open your offices/shops near each other so you can lessen your travel time that you can use to manage your businesses.
Use a notepad.
As a serial entrepreneur, you will encounter a lot of ideas for your businesses’ future. You’ll also need to list down a lot of notes along the way. Ensure that you carry a notepad with you or install your favorite note app on your phone, tablet, or laptop that you can bring with you most of the time. This will help you manage and avoid forgetting important ideas and other notes wherever you are.
Personally, I use Trello in almost every aspect of my life. I use the app to manage my to-do lists, plan for my future, manage important tasks in my businesses, and jot down ideas that I encounter along the way. Use a tool that you are already familiar with and stick to it.
Say no most of the time.
Being a serial entrepreneur managing businesses in different sectors means you have the skills, knowledge, and experience that will open doors for other projects and opportunities. If a certain project or opportunity will affect your capability to manage your businesses, say no.
If a side project will bring in additional cash flow, won’t affect your focus on your businesses, and won’t take up much of your extra time, then that’s the only time that you can say yes to opportunities that you will encounter along the way.
Personally, I get offers related to eCommerce, customer service, and content production from startups and small businesses due to my extensive experience and knowledge in these sectors. I always say no to almost all of them unless I am certain that I can handle adding side projects to my already full plate.
Manage your time religiously.
As a serial entrepreneur, time is your most important resource. If you want to produce results in all of your business ventures, then you need to be a great time manager. Effective time management means setting up a schedule that will allow you to work on your businesses in a way that will empower you to stick to it.
Build a schedule that will allow you to manage your businesses, spend quality time with your loved ones, and still have your own personal time for development and recovery. Personally, I use Apple’s calendar app to create separate and color-coded calendars for my businesses, family, and personal time.
Build a passionate and effective team.
As a serial entrepreneur, you need to build a passionate team, instill a purpose for that team, and create an environment that will allow individual members of that team to exercise their passion and use their skills to complete whatever job that needs to be done.
Building a passionate and effective team means hiring people who are passionate about the job, setting up processes that will make the team effective and efficient, and giving them a common goal that will inspire them to work at their best.
Running multiple businesses is challenging even if you’ve already built a great support system, efficient processes, and a working schedule. You can still easily lose focus and get burned out. Make sure to prioritize downtime if you want to stay focused and productive.
I always see to it that I regularly spend quality time with my loved ones and give my mind and body a rest it needs to stay sharp. Spending time with my loved ones and resting my mind and body enables me to stay focused, productive, and inspired.
Trying to build and grow multiple businesses can easily lead to frustrations, loss of focus, and tired mind and body. Increase your chances of becoming an effective and successful serial entrepreneur by practicing these six tips that will make your life manageable.