If you've ever wondered if it's possible to own multiple businesses successfully, many entrepreneurs own multiple businesses at the same time. Some people have both a main job and a side job, and some people have a number of completely different, full-fledged companies that are successful.
So, if you are looking for tips on owning multiple businesses at the same time, you may want to consider the following:
1. Use a coworking space or shared office.
Some companies find success in using coworking spaces and shared offices, while others don't. For example, if you own a gas station, you can operate a franchise restaurant within the gas station. This is a common approach taken by some business owners.
Or maybe you run several completely different businesses, but the business side is run from one office. That's Gerry Romanelli's job. Romanelli is based in Greenville, South Carolina and owns multiple businesses (all franchises). He owns a UNITS Moving and Portable Storage franchise, two Hounds Town Doggie Day Care franchises, a FranServe Consulting franchise, and he owns three Furry Land Mobile Pet Grooming franchises and plans to open four more within the year. is.
In Romanelli's office, he said, “we're able to work on the business, not the business.” I have a lot of experience managing remote teams, so I don't have to go see them every day or get into the weeds. ”
Romanelli added: “Every franchise has great technology that allows you to see what's going on no matter where you are. From there, I try to build incentives for team members to share in their success by motivating them to perform well without having someone watching over their shoulder every minute.”
Where you locate your multiple businesses matters. For example, Mr. Romanelli has easy access to all businesses when needed.
2. Follow the set steps.
If you own multiple businesses, you may be someone who spends their time in the business, not the business.
In other words, you'll be running your business with the right people, making sure you have the supplies you need, making sure salaries are paid, and more. Mr. Romanelli became an owner of multiple franchises because he enjoyed the process of running a business after working for 30 years as an executive and minority owner in another company.
“As a former corporate vice president, I was immediately drawn to becoming a franchise owner because I appreciated our proven processes and procedures,” says Romanelli.
“The most important thing I did was follow the strategy of each franchise I purchased,” Romanelli says. “Franchisors have spent time and money, made mistakes, built systems, and proven concepts. If you're not going to follow the process, don't buy a franchise.”
Furthermore, he added: “I'm a businessman, not an entrepreneur. Franchisors are entrepreneurs. Franchise owners are businessmen. Often times, these two require completely different skill sets, and someone who has both… There are very few.”
“When we added a second business, the biggest lesson was that we can't be exactly the same perfectionists we were before. Some problems need to be solved later, or solved incompletely. ” – Charles Bibilos, owner of GMAT Ninja and Cherry Bean Specialty Coffee.
3. Set business priorities.
If you have multiple businesses, you will need to focus on some issues over others, but at the same time, each business will likely require about the same amount of attention. Either way, the more businesses you own, the busier you become. In a fluid environment, business priorities can change as what is important one day becomes less important the next.
“Prioritize and stick to your priorities,” Romanelli says. “It's easy to fill your day with busy work, feel like you've had a long day, and then lament that you didn't accomplish something important but difficult. An employee when you're on someone else's payroll If so, that might work, but not if it costs you money.”
Romanelli says one way to prioritize your business is to tackle the tasks you don't want to do first. Once you do that, you'll be able to focus on other tasks more effectively without distractions.
4. Don't sweat the small things.
Charles Bibilos is new to the world of multiple businesses. He has two, and he says it's harder than he thinks because they're so different.
Bibiros, who is based in Denver, has run GMAT Ninja, an online test prep coaching business, for 20 years and last year acquired Cherry Bean Specialty Coffee, a coffeehouse.
“When we added a second business, the biggest lesson was that we can't be exactly the same perfectionists we were before. But it was hard to come to terms with all of that at first,” Bivilos says.
But he made the most of it and maintained a good attitude throughout. “I'm always learning things in each business that can help other businesses,” Bivilos says. “For example, I think managing a team of baristas has allowed me to grow more – in building a strong culture in the tutoring business. The challenge is to look for opportunities to learn from each business in a way that helps each other’s businesses. That’s all.”
5. Use tools to ensure efficiency.
As your business grows, so does your to-do list.
Still, the more you can streamline and standardize the process, the better, says Adena Bayo, who owns four IHOP locations in New Jersey. She also co-founded Cornbread, a soul food restaurant with three locations (two in New Jersey and one in Brooklyn). She also runs a 100% vegan fast-casual restaurant, Brick City Vegan, in downtown Newark.
Bayo was 27 years old when he bought his first franchise, IHOP.
“We were told by many banks that this would not be a successful business, but we opened in 2007 and by 2010 we were proud to say that IHOP in Irvington was the fastest growing IHOP in the Northeast. '' says Bayo, who is based in Irvington, New Jersey.
“Once I stepped into the world of business management, I was hooked,” Bayo says. And she advises anyone who owns multiple businesses and wants to be successful in business not to get discouraged.
“What I always tell young, inspiring future leaders is that there is never a right or perfect time to start chasing your dreams,” says Bayo. “Sure, there are countless external factors that are out of our control, such as inflation and other economic or socio-economic issues. But in my opinion, there is always the best time to chase your dreams.”
Bayoh says the more you streamline and standardize processes across your business, perhaps using industry-specific management tools, the better off you'll be.
“Creating templates, best practices, and standardized procedures ensures consistency and efficiency,” she says.
Bayoh is a fan of time tracking tools and anything you can do to manage your time.
“It's important to maintain a well-planned schedule. A good calendar, along with time management techniques, will help you allocate time for each task and prioritize tasks. Calendar, Task List, Powerful Tools like a good filing system can be really helpful in keeping everything organized and under control,” says Bayo.
6. Keep reports on each business to evaluate results and maintain accountability.
Business goals and results are critical to any organization, but if you're juggling multiple businesses, it's a good idea to create reports on your progress so you can track your company's progress. You should think about it.
When introducing a new product, it is necessary to obtain sufficient data before launching. If you're looking to grow within a year or within a specific quarter, you'll need lots of numbers to show your progress.
“It’s important to regularly review the performance of each business,” says Bayo. “Analyze key metrics and KPIs to identify areas that need improvement or where opportunities can be exploited. This data-driven approach helps you make informed decisions and optimize your business. It will help guide you to success.”
7. Work with your team to balance the workload.
Every business is different, but if you have a team of people you manage, you'll need to communicate with them regularly, including through an employee management platform. Your leadership style is also important, says Bayo. First of all, you need to trust your employees and not feel like you need to micromanage them.
“One of the key elements of managing multiple businesses is building a strong team and trusting them with day-to-day operations. Hiring talented managers and delegating responsibilities is essential. . Your team can certainly be a game changer. They can oversee operations and make sure each business is running smoothly.
8. Hire experts to handle certain aspects of your company.
Whether you're outsourcing business processes or leveraging your own team of employees, when you run multiple businesses, the last thing you want to do is damage your business by having the wrong people at the helm.
For example, he says Bibiros' online test prep tutoring business is very different from his coffeehouse. “It's difficult to use the same staff and vendors for both. I also use another accountant and another digital marketing consultant.”
What works for one business won't necessarily work for another, Bayo says. “It is essential to adapt these strategies to your specific situation and business, while being flexible and responsive to change,” she says. “Ultimately, the key to successfully managing multiple businesses lies in effective delegation, organization, and a clear vision for each business.”
A version of this article was first published on July 17, 2017.
Photo: Getty Images
