5 Ways To Set Up and Structure Multiple Business

Some people have a very focused demeanor - they will focus and focus on a business and grow it consistently. They are known to be disciplined and patient.

But there are others (like me) who are bored with consistency and want to keep trying new things. These are commonly referred to as serial entrepreneurs and must effectively manage multiple businesses to be successful.

It's very common to feel overwhelmed when running multiple businesses. Running a single business involves managing manpower, creativity, implementing ideas, problem solving, analyzing and exploiting the full potential of the business.

1) Knowledge leads to faster decision making

The first thing you need to run multiple businesses is knowledge of each business. If you run a web design business and also want to act as an Android app developer, but you don't know Android code, you might fail miserably.

Your time spent learning the new business will cause the old business to suffer. Both businesses will suffer because you grew very quickly with less knowledge of the new vertical. This is applicable to any business, whether online or offline.

2) Time management is the holy grail

Many people have the knowledge but cannot run multiple businesses due to lack of time! In fact, it's not a lack of time, it's a lack of time management. Even billionaires have the same 24 hours as normal people. But there is a big difference between time management methods.

Time management, even for a single company, is difficult because you can't prioritize what to do first. Multi-business time management is truly an art form and you have to be the Leonardo da Vinci of this art if you want all of your multi-businesses to be successful.

3) Outsource or delegate to reduce your workload

You can't do it all by yourself. And the more activities you do, the greater the strain on your brain and body. After all, the quality of life and work is important.

It's better to learn the art of outsourcing and delegating your work, than trying to do it all yourself. If you try to manage everything yourself, you become the bottleneck of your business. You are the signal that keeps traffic from moving faster. And your light is still yellow because you're micromanaging.

Micromanagement poses many problems. One of the main reasons you run the mic is for confidence. You don't trust your employees to do a perfect job or you have very high expectations of them. And when you outsource, you don't want to pay money to someone who might give bad solutions to your problems.

4) Keep your goals and follow them

I'm not talking about a mission or a big picture for your companies that is the same for all employees. I mean actual monthly, quarterly and yearly goals for each of your activities. It will help you accomplish tasks that might otherwise be left behind in the daily hustle and bustle.

There are times when you are so overwhelmed that you don't know what to do next. At times like these, having goals in front of you can help you prioritize. Another example: Work motivation is low only when you have completed an important task. So if you have goals to achieve, your motivation will rebound.

5) Analyze your activities separately

This is one aspect of your business that you can outsource to consultants and have them work on. Analyzing your business helps you determine where you are weak or poor in implementation. Analyzing your financials from time to time (from each of your activities) can give you feedback on what to do next (which activity needs more attention from you).

An important part of my beginning of the month ritual is to analyze the profits of each of the companies I manage. It helps me understand where I went wrong last month and how I can improve this month. Of course, the next 30 days were spent fixing the things that were wrong.