Entrepreneur x 2! – Four Practical Tips for Managing Two Businesses at the Same Time

The most successful entrepreneurs today are also the best multi-taskers, right? Although the ability to juggle various tasks and requests coming in from every direction is vital to running a business, there’s also tremendous value in being able to focus.

What about the ambitious chef who opens a new restaurant, yet maintains their original establishment as well? No matter what your field, bright and motivated business owners often have ideas beyond the one they get started with.

Operating two businesses at once may seem like an impossible challenge, but with careful time and personnel management, there are many ways to juggle two companies without running yourself into the ground.

1.) Manage (but don’t Micromanage)

Be careful with your hiring process — putting people that you trust in positions of responsibility is integral to success as a business owner.
You can’t do it all yourself, and you shouldn’t want to or need to. Do you think that Ted Turner personally handles the day-to-day decisions at CNN? Of course not! If he did, he would never have had time to run TBS, the Atlanta Braves, or MGM Studios.
Keep a watchful eye to ensure that you’re headed in the right direction, but let your employees do the work they’re hired to do.

2.) Don’t Start Unless You Love the Work

When You make the leap into owning a second business, it should know because you'll I love the challenge and want to get those extra bucks. As a person, decide your primary needs. You can consider opening multiple offices, but the demands of that enterprise would limit your ability to pursue other interests if it takes all your available time.
A different business will feel more like a hobby and a break from your regular job. You can do a lot of work when your wife and children are sleeping. Because you cant be on the computer all day as a another business demands, the task of working numbers and accounts online in the evenings never feels like a chore.
With the first job you'll feel more of a physical labor. You have to physically be there and perform procedures. But with any business supplying bulk products, it’s more of a mental challenge, so you can do the work at night and devote the time that the company requires.
To clarify, it’s not even the products themselves that get me most excited, but the challenge of managing accounts and running sales numbers. I recognize that this kind of work is not for everyone. If you’d rather be surfing, then start a surfboard company, but hire people to manage it so that you still get time on the water!

3.) Recognize Your Progress

After some decades, your regular job may become a bit of a routine. Still, You need to enjoy seeing the product of my work. Whatever your trade, look for your handiwork in small tasks and give yourself credit for a job well done.
Perhaps the new business you opened  just now will grow dull after another 15 years, but for now, check your progress & be persistent. New things pop up all the time.

4.) Don’t Put All Your Eggs in One Basket

It’s an old euphemism, but it’s one of the most important. If you already run a successful business, don’t risk all of your assets to begin a second company. You’ll be left with nothing if it goes wrong.

Posted in: Management,new business