Running Multiple Businesses
Your dream of running multiple businesses has come true, more than once! You now run or are about to run more than one business. Running one company can be tough enough, and you need to balance several. Worry not — we have put together some tips to help you run multiple businesses.
How To Run Multiple Businesses
1. You’ll need to decide how you will structure your companies
You can make them completely separate or together. If they are separate, you will need to
keep separate books and file taxes separately. Another option is to form an LLC that each business is a part of. It’s smart to consult a professional when making these kinds of choices to ensure that everything is done correctly.
2. When running multiple small businesses, time management is key
To help you balance your time, you might consider having a central office for all of your
businesses. Carefully plan your time to give each the attention it needs.
3. If you find yourself becoming overwhelmed, don’t be afraid to ask for help
Getting some help can free up some of your time to focus on other important matters. Let a trusted colleague or employee manage some of the smaller tasks. Getting help when you need it can also keep you less stressed, which will make you a better manager.
4. Letting parts of your companies intermingle can help you grow all of your
Your businesses can promote each other and help one another grow. Customers from one can be offered a discount at another. Even if your businesses are separate, they can still build and complement each other.