Entrepreneurs are giving new definitions to the business these days and creating new milestones in each and every field. Apart from running one business there are many entrepreneurs who are managing more than one business at once and are called serial entrepreneurs. Managing and running only one business is a tough thing and doing that for number of businesses at the same time requires much more effort, hard work, passion, fund, managing skills and many more. But apart from this, we can’t neglect the fact that every start-up can’t turn as Google, Facebook, Ola. There is no security of success and profit in a business until and unless you achieve it. Running multiple business at the same time undoubtedly increase the pressure but it can minimise the risk and provide you financial support.
Advantages of Running multiple Businesses
- Provides financial security.
- Starting more businesses gives you exponentially more influence.
- With more number of business you become more informative.
- Increases your network.
Tips to Make Multiple Business Successful at Same Time
Managing your time between your ventures is one of the most important thing to do being a serial entrepreneur. When you give time to your venture then only you can get to know about all the requirements, challenges, and market value of your product. But when you are involved in more than one venture it becomes more and more difficult to keep a track of everything that is happening across different ventures. People while focussing on one venture forget another one or even if they remember they can’t manage it properly. So, in that case hire efficient people, who can manage everything even without taking much of your time.
Start Your Second Business Only After You Systemize Your First Business
Getting a good system for your business is the most required thing after which you can think of doubling your workload i.e. think of starting a new venture. First it starts with the everyday tasks to keep the business on track and running, which should gradually shift to systemize and increase in the efficiency. In other word start your business with small goals based on monthly basis, achieve it and then make bigger goals based on quarter and year. If you achieve it successful it means your business is going great and you can now start a new one to increase your capital. As you are already running a successful and well settled business it provides your idea about all the process, needs and many other things. But if you’ve two ecommerce sites, you need to process all those orders in one place and at the same time.
Things can go in a wrong when you start a new venture without systemizing the first one. Without proper system none of your business can grow as the basis backbone is missing. And handling two business at a time will make it even more difficult for you to manage everything at the same time.
After innovative ideas, fund is the most important factor for running any business. However, when it’s about maintaining two or more businesses, the requirement is even more. It’s hard for any entrepreneurs to get funding for a start–up. It’s important to start new business only when you have sufficient of fund for the first one. You can’t afford to take risk and borrow from market or bank for both. When you have enough fund for one you can make profit in that and use that for the second one when you are in loss with second business.
Build a Strong Team
If you have the good leadership quality, you can realize even greater efficiencies by implementing a strong and efficient team. Your goal should be to improve collaboration and share resources and best practices. Making your business stand in the market against your competitors should be the first priority of your team. Latter you can focus on being best.
Don’t break up with your old/first business. When one start a new venture they become deeply invested and passionate about its future and success.
When start a new company you can’t wipe off your attention from the previous one. Doing this can lead to losses in the first/previous venture.
The more you start, the more you get and the better you can become. A single business is the start of a promising and successful future as a serial entrepreneur but it’s only the beginning not the end.
The More You get Experienced, the Better You Become
First time you do anything, you’re not sure about it. The second time you do, you get more confidence and there are less chances of mistakes which happened in first attempt. And when it’s the third time, you have the confidence developed in you. The fourth and fifth time, you become perfect. Being a serial entrepreneur is a similar case.
The above said is true in case of businesses, too. With the number of growing business your confidence also grows which leads to your success. With growing business you build on knowledge, brand visibility, experience, marketing and many other resources, all these things makes you a better and successful businessman.