the best strategy for owning multiple businesses

When you’re at the point of beginning your second business (or maybe even more) you’re doing a great job.

But only do it when you are completely sure that you can handle it. You won’t be the first who is not succeeding because the lack of time/attention to your second business.

I have three tips for you on how you can combine running multiple businesses.

1. Find yourself a great team

If your company get’s bigger and bigger it is logically that your time goes from running a business to managing and developing a team.

In my opinion having a great team is essential if you want to start your second business. Your team will be on the frontline of your business.

Treat your team with respect and act like your business depends on it, because it really does. A great team will save you a lot of troubles and time.

Time that you can spend on your new business.

A team can also help you keeping you up-to-date. Let them write a report, or let your manager report to you, every week which included what happened and what they are going to do in the future.

Measurement improves performance and reports are your measurement showing improvement or drop-off within the business.

2. Use note-pads

In todays digital era almost everything is going through your phone or laptop.

Almost everyone uses their agenda on their phone to make appointments and makes notes on their digital notebook, but I still use a whiteboard or simple pen and paper and I really enjoy it.

Notes are necessary for multiple reasons, the king of which is focus. When working on one business have a notepad always by you.

When other projects or businesses pop into your mind write it down and refocus on your current plan to be effective.

Focus and intensity are required to have momentum and with more than one business you can lose momentum which is the lifeblood of business.

When your mind wants to go elsewhere, write it down and refocus on what you’re working on now. Notepads will help you to stay organized and focused.

3. Work in different locations

Working in different locations can be really good for yourself.

Sometimes I work in my office but other times I order a cup of coffee and start to work in a restaurant.

It is proven that working in different areas is good for your memory.

Get in the habit of working on businesses in different places even if it’s on the computer at various parts of your house. Locations defined for business will help you to maintain boundaries mentally and recall when you need to.

I hope these three tips will make it easier for you to manage multiple business.