Managing a business can be a handful; you have to go through a process from writing your business plan, choosing your business structure, formulating a business name that would eventually work, and finally registering the company officially. However, what happens if you have multiple viable business ideas running around your head?
Yep, that may be is what we called an entrepreneurial virus! Cause ideas on how to grow your venture keep on spreading! And now, you are wondering. Is it possible for you to manage multiple businesses simultaneously?
And the answer is. It is possible. With the help of organizing processes accordingly, executing your ideas will be achievable!
From working closely with multiple business owner and a mentor, here are some helpful tips that I’ve picked up along the way.
1. You need to establish your first business and get it stable.
Suppose you’re the type of person who likes to get going and build another business whenever an idea pops out. You have to make sure that you already stabilized the first business you already have, to utilize this as the source of your other companies mainly. So, put your focus first on your venture until it became autonomous to the point where it can run with minimal supervision from you. In that way, you don’t need to worry about the small things that will happen, and you can harness this availability into focusing on your new endeavors.
2. Create a Standard Operating Procedure
In able for you to automate your system, you need to get your process together. How can you do it? Simple! Take a pen and paper or an iPad if this is too traditional for you, then list down your everyday tasks, including the smallest of them all, from the beginning of a transaction (say, answering a DM) up until you get paid for it. Write them down from your daily to weekly, to monthly, then document everything. From there, you can easily create a Standard Operating Procedure that your future people can use to run your business.
3. Pick a business that has an existing audience
It is always great to align your passion in building your business; however, this can sometimes be challenging depending on the type of market you are pursuing. But if you put practicality in the picture, then you can never go wrong with choosing a niche that already has an existing audience that is just waiting to be tap. Find a target market that is ready, willing, and able to spend and tap into that audience. There’s no harm in trying. It is the essence of venturing into entrepreneurship anyways.
4. Choose business niches that are adjacent to what you are doing
Sticking to a path close to what you are currently doing is beneficial for your transition, plus not to mention it is efficient. Managing multiple businesses can be daunting; however, if you choose the right business niche adjacent to what you are handling, you will take off the time of you spending more hours introducing yourself to new information. The possibility of running businesses simultaneously can be easy. Suppose you choose to be in a certain circle of niches— an Advertising company to an Events company. Don’t go from trucking to baking pastries. Help yourself and choose the right business circle for you.
5. Hire people to elevate your business
This section explains why you need an SOP. We were talking about automating your system and creating your process; for whom? For this! If you aim to manage multiple companies, you inevitably hire your people to elevate your business. When you’re finished segmenting your tasks from your system, you can now segregate them into roles.
For example, daily tasks are replying to the comment section, engaging on other accounts you follow answering DMs on Instagram sounds like a Social Media Associate/Marketer role.
From this passing of documented information, you can start to scale your business and move on to another step you’re aiming to take.
However, suppose you are ready to take on the challenge. You can register for this business mentorship we call Business Builder Round Table to learn and network with various entrepreneurs from different business niches. Want to learn more? Visit this link to register.
Gordon Mware Business 