Time and time again I mention, not just in my blogs but in countless blogs about how running a start-up needs a lot of hard work. Dedication is important and you have to devote yourself to shape your start-up’s success. Running multiple start-ups at the same time is no easy feat. However, some people equip themselves with the right tools and mindset to carry out the tasks of handling multiple businesses.
The saying ‘don’t bite off more than you can chew’ is an apt one. It teaches us to choose wisely and to pick up tasks that we are sure we can handle. However, some people are just able to take bigger bites and in turn, can chew a lot more. With that, you must have a basic understanding of how and when to take certain decisions. Moving too fast most of the time leads you into catastrophe. As such here are some basic tips that entrepreneurs would be wise to employ should they choose to start up multiple ventures.
Playing Favorites is A No-No
If you plan to take up multiple ventures at the same time, be sure to divide your time among all equally. Playing favorites with business leads to more problems than solutions. You must treat each business as an equal. Divert your time in such a way that you can tackle problems equally and give enough attention to each business.
Bring Your Businesses Together
Your start-ups will normally be in completely different niches, find ways to bring them together. You can try and combine certain processes of the businesses such as business plans, marketing, sales, etc. Hire the same business plan consultant, start-up mentor, marketing teams, etc. This not only helps you prioritize both businesses but also speeds up the process for both companies. Sometimes you can combine the marketing and sales efforts of your businesses if they have similar niches.
Work in Tandem With Your Team To Make Your Workload Easier
Multiple businesses can keep you busy and with large businesses, you require a killer team. You need to have a dedicated team behind you that helps you with the smallest of things with the business. Business advisors, start-up mentors, managers, etc. all need to work in tandem with the heads of the departments. Treating your employees with respect and care is important. Since you can’t be in multiple places at the same time, you must place your trust in your employees and delegate work accordingly.
Your investors and angel investors can also help. They provide their professional expertise that can help improve the business.
Use The Same Physical Space for Your Business
Having a central location for your businesses can greatly help you juggle them. It helps in saving time and resources as well as capital, also allows you to give equal attention to all your businesses, and helps in maximizing your time and resources.
To Sum Up
Managing multiple businesses is a task and requires a lot of dedication and hard work. However, don’t let people tell you that it isn’t possible. If you can dream it you can do it.
About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps in start-ups funding India from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. Being a business plan consultant he has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.
Check out a blog about Lakhani Financial Services written by Karo Startup here.
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