Here’s How You Can Launch Two Businesses Simultaneously
Many people out there wish to be their boss, and that’s why they take up entrepreneurship. However, owning a business implies that you can’t stick to the typical 9 to 5. You would have to devote yourself beyond that. Though a few entrepreneurs might sneak out time for themselves, quite a significant number has been reported to be working almost 95 hours in a week.
Even if they are not physically present, they are always prepared to address anything related to their business all round the clock. This kind of dedication is required when you aim to start your own business. Taking this into account, opening a second business side by side might seem like a weird idea. But it is possible, and some people have proved it. How? Read on.
You Have to Delegate Wisely
Outsourcing and delegation are two basic things that you need to follow. This will help you overcome feeling overweighed and overwhelmed from the responsibilities of running two businesses simultaneously. A critical analysis is necessary to determine those areas you need to focus on and what responsibilities you can trust your employees will shoulder efficiently. Instead of your employees, if it’s a freelancer or, in that case, an outside agency, so be it. You need the work done.
If you want a successful delegation, you need to take the right teams on board. The co-founders also have to be on the same boat as you so that work can progress smoothly. They must have the same vision and philosophy and have the potential to handle the major operations. Delegating the administrative duties as well as marketing tasks can bring down your workload by 40%.
Keep an Account of the Time You Spend on Each Business
The major hurdle that you might face while handling two businesses is that one of them would get attention over the other. As a result, one business would thrive while the other would get neglected and, therefore, wither. To avoid this situation, you need to keep track of how much time you are devoting to a business.
Make a schedule about the time you will dedicate to the two teams from two companies. If you are spending your morning with the logistics team of Business X, devote your afternoon to the marketing and sales team of Business Y. But you must ensure that you are making good use of your time. It has to be effective. You can take the help of a time-tracking tool. With the tool, you can get an idea of how much time you are devoting to each team.
Aim for a Single Location for Your Businesses
The two businesses need to be separate as far as their legal structures are concerned. But, try not to have two different locations for them. A single location for both companies has benefitted several founders to date. Staying involved with both the businesses regularly will become a lot smoother. Moreover, traveling continuously between your companies will be tiresome and time-consuming. Having them at the same location would save your time and energy.
Also, managing the teams will be easier. A joint location will help the teams collaborate and utilize the time and resources properly. A single location implies that you wouldn’t be under that much physical, emotional, and mental pressure. A burnout that is quite evitable while handling two companies is something avoidable.
Benchmark Successful Procedures
When you start two businesses at the same time, you are in an advantageous position as you can identify as well as a benchmark all the successful procedures and put them to use for your companies. Remember, forming a company is more or less identical to baking a cake.
If you don’t have the right kind of ingredients and that too in perfect proportions, you won’t get what you are aiming for. If your companies operate in two separate niches, you can learn and imbibe a lot from both the success and setbacks that your companies face.
Laying the foundation stone of two businesses and running them simultaneously can be quite challenging. However, it’s equally rewarding as well. Your perseverance and detailed planning can pull things off.
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