Entrepreneurs want to be daring, exploring untapped opportunities and dreaming of expansion or diversification. It is increasingly evident that entrepreneurs aren’t ready to settle for a single revenue stream. The urge to create a new product line or tap on new service provision that will satisfy customer`s demands/needs is getting real. The current wave of multitasking is also attracting many people in employment, people want to run a side-hustle and boost on their income streams. Depending entirely on a single traditional job is undauntedly overtaken by events, currently, you will meet an advocate at daytime and a taxi driver in the evening, same person. A professional teacher who multitasks by running several businesses in totally different service industries. How do they achieve productivity? That is a question that many have failed to master, the art of running multiple ventures.
Entrepreneurship is like a jungle, it requires drastic plans and decision making to survive. It drops down to working on viable survival tactics to stand out and keep on exploration. Running a single business has been a daunting task for several entrepreneurs, consequently, they still find it hard to even think of managing ventures. Importantly, learning from others in the industry has a lot to transform your entrepreneurial journey. We have success stories and failure stories/experiences bigwigs and small fish in the industry that offers proper learning script. Some are physically absent from their workstations and are spending time with their families, are always on vacations or other activities unrelated to business. Behind all these, they run multiple businesses. How do they manage all this? What are the secrets?. In this article, I will compile workable tips that you can consider to manage multiple ventures and side-hustles.
The secret lies bind hiring workforce; It is logical that you can`t be physically present to run your multiple ventures every moment due to the time & geographical constraints. A delegation of roles and support from a hired workforce comes in to bridge the gap. The hired workforce can negatively or positively impact your business productivity hence requires close and prudent evaluation. You must strive to group a strong workforce that diligently discharges the business duties even in your absence. It starts by getting professionals that understands and buys in your business vision, people of integrity and focus that wins your trust every single day. Having multi-skilled, independent and the responsible team helps the seamless transfer of skills across the ventures whenever the need arises.
Time management remains critical; Managing multiple businesses and side-hustles brings the greatest test of time management. It demands utmost productivity for every venture without overriding other businesses. The point lies around having proper schedules and being disciplined to every program within the stipulation. You must be very cautious and avoid time wastage, fruitless meetings, and appointments that may have a negative effect on your energy levels, focus and creativity levels. Proper planning and minimizing any kind of distractions when undertaking business duties play a massive role in your success. Taking advantage of technological advancements such as teleconferencing helps deal with geographical and time constraint challenge. It boosts time management helps in controlling and managing your multiple businesses in record time.
Stabilize your first business; before thinking of diversifying your product line and opening other new businesses, it is critical to put your primary business in order. Allowing quality control lapse at the initial store can turn out to be a huge undoing that may be transferred to other ventures. The strong foundation built at the initial store set a good pace to build on other businesses. It will give you the comfort and confidence for more entrepreneurial exploration.
Maintain up to date reports, performance evaluation and accountability; Recordkeeping and data plays a crucial role in every business. You must be able to maintain or access the crucial information for each business and analyze them separately to get a close picture of the business performances and identifying areas of improvement. Continuous analysis of the business data on money spent in relation to budget, time investment and other resources brings considerable insights for steering the businesses to productivity.
Clear and realistic goals; As a team leader you must set clear guideline and objective that pulls everyone in your businesses in a singular direction. It helps prevents chaos and distractions that may affect your operational productivity over time. The workforce must understand the company`s vision and know the objectives that must be met to stay on the track of success even when a problem arises. Have short-term goals: monthly, quarterly & yearly achievable goals for each venture, it will make it easier to achieve tasks that might be overtaken by daily hustles. The goals enable you to prioritize and offers motivation to complete tasks for every business without any overshadowing. Once one goal is completed, you definitely get the boost to face the next goal of another business.