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Owning More Than One Small Business

Adam Groff

October 01, 2013

If you think owning and operating a small business is difficult, try doubling or tripling your efforts.

Although it doesn't take a multi-tasking mastermind to run more than one small business at a time, it's still hard work. But, more and more entrepreneurs take on the challenge every day without falling off the time management deep end.   

So, if you're looking to add another small business to your entrepreneurial laundry list, here are just a few things to keep in mind:

Set Small Business Priorities

When juggling more than one small business at a time, it's not a matter of devoting enough attention to each business, but rather not neglecting one business because of the other. In other words, it comes down to priorities.

Naturally the business that results in the most revenue is the highest priority, but your other businesses should come in a very close second. And, if one of your small businesses starts failing, it's perfectly fine to switch your small business priorities until the weak link gets back on its feet.

Time Management is Everything

Business management and time management go hand in hand, which is why it's crucial to delegate your time accordingly.

Scheduling your personal workload is tricky considering many small business owners tend to go full steam ahead at first, only to burn out later down the line.

So, put in the necessary amount of work to keep your businesses prospering, but also give yourself enough time each workday or workweek to decompress. After all, if you fail physically and mentally, your businesses will quickly follow.

Hire a Team of Dedicated Helpers

Hiring help is sometimes the only route to take when multiple small businesses turn into more business that one person can handle.

But, the key to hiring is finding a person or a team of people that you can trust to do as good of a job as you would. Besides, constantly micro-managing lackluster employees proves to be a full-time job in itself.

Another thing to keep in mind when hiring help for multiple small businesses is hiring stationary employees, not circulating ones.

A stationary employee who manages only one of your businesses will do a much better job than an employee who jumps back and forth between your businesses - that's your job.

Balancing Business with Life

Although time management and balancing business with life may seem like the same thing, they really aren't. Time management boils down to devoting your time between businesses whereas balancing involves devoting your time between yourself and business.

The real achievement in business is still having the time to devote to yourself, your loved ones, and the things that make you happy. If this balance comes at the price of dropping one of your small businesses, then so be it. If the scale leans more toward business, your entire life will feel unbalanced.

By keeping the above factors in mind, you'll have an easier time owning and operating your small businesses, which will fuel your entrepreneurial spirit even more.

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