While it may be advisable for business starters not to do two businesses at the same time without anyone of the businesses being well established, it does happen that people without enough knowledge and experience launch into the business world trying to pull off some stunts. Sometimes, the business owner manages to balance the businesses and put them on their feet after many rough roads and crashes, but most of such starters end up starting again. It is like driving a car after a few lessons and trying to participate in an F1 race where even professionals crash. This article looks to give a guide that works for both beginners and professional business owners when it comes to successfully managing two or more businesses at a time.
USE A NOTEPAD – This may seem unimportant but when you begin to use it, you will find it very important. This is because one major thing that poses to be a problem is that the businesses need focus and dedication to thrive, but they can also be the distraction from one another. A notepad will help you to savage the situation. You need to plan your day to focus on one business at a time. You cannot stop the ideas of other businesses from coming to your head, so what to do in order not to lose focus on the business that owns the time is to document those ‘priced distractions’ so that you can focus on one business and go back to the ideas later. While you may want to use the notepad on your phone, studies show that a phone or any other electronic device may be a distraction on its own, so pen and paper may be the most effective.
TAKE REPORTS – Reports, especially of finances, is very important to keep a business in line. Reports of everything concerning each one of your businesses should be taken at a given interval. This will help you to monitor where you are doing well and the other places that need reinforcement. This will help keep you on top of your game in both businesses. Remember, everything needs to be reported, and at the minimum interval possible (maybe at the end of even week).
CREATE GEOGRAPHICAL BOUNDARIES FOR YOUR BUSINESSES – This could be particularly psychological, but it has been proven to work by many multi business owners. Try not to work from the same location or office on all your businesses. Remember that you need focus and the businesses can distract you from one another. Working from the same location can make things confusing and worse. Different locations will help you remember what you need at a particular time in that particular place because the environment identifies with one business. This really helps focus. Even if you work from home, try to work from computers at different places in your home.
Managing one business effectively requires hard work. So, managing two businesses will require double and even more. If you have a team, make sure you invest in them and treat them like the life of your business because they actually are. Train them to apply as much passion as you would and drive them to focus. It is easy, but requires hard work.