The Art of Juggling Multiple Businesses and making it workapril 27, 2020 9:53 e m
Another option for running multiple businesses is to create individual LLCs for each of the businesses and then put them under one parent LLC that acts as a holding company. Typically, a holding LLC will have administrative significance, but no direct operations tied to it. Rather, it will own the assets required to operate the LLCs beneath it. 10X Growth Conference attendees represent an elite group made up of the thought-leaders, cutting-edge entrepreneurs, and business power players from every industry. People who come to GrowthCon refuse to settle for average when it comes to their businesses and their lives.
- Always check what laws apply to each of your businesses.
- I say it’s more about what you do with that passion in terms of actually rolling up your sleeves and putting numerous tools to work to get the job done.
- It didn’t help that it landed on my wife and I wedding anniversary and I just purchased a 911 GT3RS ($200k race car) the week before.
- The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world.
All of these are the keys to success when trying to juggle several companies. Surely, you’ll have some legal form of ownership over the businesses. It took me very little time to digest that in my context and give up everything else to pursue only one business that I wanted to master. Three years later, I think it is the best business decision I ever took. The amount of craft involved in creating a business & a good team to grow it is huge.
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Entrepreneurs are naturally hard workers and DIY-ers, so it can be hard to let go of even small things like mowing the lawn. At a minimum, hire a VA to make your dentist appointments. You’ll make more money if you can focus on strategic planning. If you realize administrative tasks are eating up a lot of this focus time, start making a list and consider hiring a VA to take those over. However, there’s no avoiding the fact that running several companies requires a lot of capital. If you have expenses on the book for a business that starts losing revenue, a lot of your cash is all of the sudden tied up. Look at LinkedIn and you’ll see a ton of founders and owners who are worried because their businesses imploded during Covid.
Can I have 2 self employed businesses?
Sole traders can have more than one business, but should remember that they're not legally separate from each sole trader business they have. This means that you must consider all of your sole trader income from each business to make sure you register for VAT when you're supposed to.
Hire someone who can go through the paperwork and resolve any issues that might arise. Running multiple companies is really an invitation to diversification. Not only can you diversify your products, but also the type of industries you work in. You can have multiple companies in the same industry, or you can take the challenge and expand from technology to healthcare using only your creativity and desire for expansion. Recognizing what you don’t like to do or may not be good at is one of the first steps to relieving the stress of owning a business.
Work with your co-founders and team to help balance the workload of running multiple businesses.
Each separate business has a general manager, and Bjork oversees all of the different businesses. He says he makes sure all the general managers have what they need and takes care of the “boring behind the scenes stuff”. To make managing multiple businesses easier, try to connect all your businesses in some way. Whether you can cross promote, repurpose content, or market your products to the same audience, it will help you avoid splitting your focus so many different ways.
- Cross pollination helps you get backlinks and other organic growth.
- The now-defunct project was consuming too much time and too many resources, putting Virgin Atlantic in jeopardy.
- But when you combine them all together, suddenly you have a multi-million dollar portfolio of diversified assets owned and controlled directly by you.
- ExecutiveBiz follows the executive-level business activity that drives the government contracting industry.
- With so much going on across multiple businesses, it’s important that I create tasks and items to address.
Especially if you’re working with more than one entity at a time, you’ll definitely benefit a whole lot by hiring experts to manage important daily tasks. When you have to create a business plan, work up a budget, marketing plan, and even sales strategies per business. I also invested a small amount in Mobstreet — a group buying site and actively consulted the venture which was run from the same Running Multiple Businesses office. And of course, every Startup Saturday, Blogcamp and Barcamp happening around had me as a lead volunteer. Many of the companies we acquire come from entrepreneurs who just don’t have the same focus and drive they once did for their FBA business. According to an internal survey, about 20% of sellers are shifting their focus toward a new venture, and another ~9% are retiring altogether.
Build an all-star team.
My skill set lies in building businesses from zero to $10 million. Personally, I’ve not founded a company greater than that. So all I’m doing is focusing on replicating that multiple times.
- If you choose this path of structuring your business, you should register your businesses as separate LLCs and place them all under a holding company.
- It’s no coincidence that my most successful companies are fairly related in terms of the market they serve.
- He juggles his day by spending his mornings at Twitter and afternoons at Square, batching both company locations to be across the street from each other.
- Prioritize what needs your attention and delegate the rest.
- You need to know what’s working and what’s not to make changes accordingly.
- It takes a lot of discipline to take money off the table and essentially put it on a shelf — neither making your bank account bigger nor being reinvested in the business.
But if you’re making a healthy profit and paying yourself a real wage, never do any job that normally pays less than an hourly wage you’re making or would accept for yourself. I.e. – if mowing your lawn can be done for $20/hour, and you’re making the equivalent of $100/hour, don’t you dare mow your own lawn. I’ve always felt that I want many interests and therefore running multiple businesses is the only way to go. $1 million in expenses for one company with $10 million in revenue is 10% of total revenue. But if expenses increase only slightly with multiple businesses to $2 million, but I now have $60 million in revenue per year, that’s only 3.3% of total revenue. I’d rather send that work out to the developers and talent I can find using various freelance platforms.
In short, writing things down in a notepad helps you stay focused and organized, both of which are greatly needed when running multiple businesses. I wouldn’t expressly say failure as much as I would say lessons.
When juggling multiple businesses, it’s easy to get bogged down with the day-to-day tasks of running each business. In the process, you might lose sight of what made those achievements successful in the first place. For the owners of startup companies — and especially multiple startups — the threat of burnout is real. To keep yourself https://www.wave-accounting.net/ fresh, productive and motivated, it’s important to maintain a good work-life balance. Balancing your personal and work time will keep you healthier and happier, which is good for you and good for your businesses. Your next option is to form one corporation or LLC and then set up separate DBAs for each additional business.
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You’ll need to perform market research to understand who your competitors are, the potential market size, any risk factors and the financials needed to get off the ground. When you manage multiple businesses, it’s critical to keep track of your data and results and measure your KPIs. The most important thing you can do to manage multiple businesses is to get the right people on board.
One of the most important lessons on how to manage a business is to be present in operations. As have several senior leaders at Thrasio, including Caleb Light and David Toledo. We know what it’s like to live with the stress of keeping the lights on. I’d be amazed if you could work more than 5 hours per day.