Idea, execution, money—these are the three engines that launch any new business. Seeing and meeting a need for a new product or service; knowing how to develop, distribute, and market the idea; and finding the money to keep
the whole thing going long enough to stand on its own are skills that define entrepreneurship. Many successful entrepreneurs have not limited themselves to one great idea but instead have pursued several. Here we gather suggestions about how to run more than one business at the same time.
Pursue Your Passions and Delegate the Rest
Running more than one business requires admitting that you can’t do it all. Hire great people, and delegate to them the necessary tasks that you don’t have the skills or enthusiasm to perform. If your heart is in engineering, hire other professionals to develop the marketing strategies and crunch the numbers. Then, provide both support and freedom for your colleagues to do their best work in pursuit of your common goals.
Share the Umbrella
Locate your businesses under the same roof, next door, or across the street from each other. A shared location and services, such as human resources, payroll, and even catering, can create economies of scale. Where appropriate, teams from the different companies may find synergies that provide mutual benefit without interfering with each company’s competitive position.
Know When to Cut the Cord
Sometimes, it just won’t work. A great idea may require more of your energy and attention than you can muster to get it off the ground and keep it running. There is no shame in ceding control if a second business is sapping your focus from running your first. With the services of a professional business broker, you may be able to sell your business and let someone else take over the task of making it thrive. You may even be able to maintain a role in the business without a level of responsibility that is too burdensome to maintain.
Make a Schedule and Stick to It
Stories of burnout in entrepreneurial circles abound. If you’ve hired the right people and given them authority, support, and encouragement, you should be able to give yourself a break. Giving yourself time to renew and refresh your body and mind will do your businesses good in the long run. Salesforce’s Marc Benioff famously took two weeks off, unplugged, and retreated for a remote island vacation. He hired Keith Block as co-CEO and took more time to concentrate on doing things he likes best. The business continues to thrive.
Running more than one business at a time is possible with passion, planning, delegation, and shared resources.
