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Entrepreneurship

Tips on Running Multiple Businesses

running multiple businesses
running multiple businesses

According to a study by the Small Business Administration, multiple business owners are more likely to be classified as high income and high wealth. If you play the stock market you have a diversified portfolio of different types of stocks. So why not have a portfolio of multiple, diversified businesses?

I used to have one business. During a booming economy, that was great! Sales were through the roof and I was flying back and forth to the factory manufacturing orders and traveling ‘cross country on a PR tour. But then the Great Recession hit. This was on top of the fact that I now had counterfeiters stealing my product. It all came to a screeching halt.

 

Running Multiple Businesses

 

This is when I learned the value of running multiple businesses. It sounds crazy, I know. It’s hard enough to run one business. Why would anyone take on the herculean task of running multiple businesses? Well, for the same reason you diversify your stock portfolio.

I started reaching out to other business owners and found that the idea isn’t as crazy as I thought.

 

Hiring for Multiple Businesses

 

My name is Dave Chesson and I definitely enjoy running multiple businesses. I’m the:
-Creator of Publisher Rocket, a book marketing software
-Founder of Kindlepreneur.com, an advanced book marketing website.
-Part owner of GunUniversity.com a source for learning about guns, reviews, and courses.
-Part owner of a software development company
The biggest leap that helped me to run multiple businesses more effectively and efficiently was when I started hiring people for responsibilities. This was instead of task based work. I used to bring people one with a set of tasks that needed to be managed. However, when I started giving people an area of responsibility, this required less micromanaging on my part. This freed me to take an overall strategic position in my organizations.

Hire Your Kids to Run Multiple Businesses

 

I’m the director of our Neighborhood Creative Arts Center, Children’s Voices of Southern Maryland, The Thinking Kid. I also run an Airbnb and a backyard breeding business. Why? Because I have a large family with never-ending expenses. With 14 children and a desire to serve my community, it has been a creative experience to create these businesses and programs from scratch.
However, I have enlisted my older children to assist with our social media, web design, marketing, and other services needed to lead us to success. This has proved to help them forward in their own lives. Realizing that their actions can make or break a marketing plan. They are important and essential for success, and provide grounding for them so they have a more tangible plan for their own careers. And helps them develop essential soft skills.

Find Quiet Time to Work When Running Multiple Businesses

Personally, I have found that finding quiet hours to work and organize each businesses’ daily tasks and long-term needs is essential. This is better in the morning or late at night before I go to bed. Once the day starts with a normal stream of interruptions and commitments, smaller tasks can still be completed. But deep thinking is impossible. Organization is key. I am a die-hard organizer. I keep the paperwork for each business in its’ own binder (for longer-term) and folder (for shorter-term).
Each week, I go through the folders and move long-term paperwork to the binder. No one touches my desk or notepads. I keep a post-it notepad and pencil by my bed, my bathroom sink, in my purse, and in my van. At the end of the day, I collect them and add the notes to my daily plan for the next day.
I do sleep, however, I think about my programs, businesses, and family all the time. Raising a large family and running marathons has provided excellent training. One never stops because stopping means falling behind. With so many layers of responsibility, catching up is almost impossible.
Georgia Bonney, Executive Director of The Thinking Kid thethinkingkid.org

Running Multiple Businesses Takes Proper Planning

Tips for running multiple businesses:
1) JW Document Services, a full service paralegal firm located in Deland Florida.
2) J’s cakes a retail bakery located in a busy mall in Sanford Florida.
3)I am also a licensed practicing Florida realtor, and co-owner of a real estate investment firm IAM Holdings.
4) Lastly, I am a published author of The 60 Day Start Up and currently working on another book.
I believe the key to successfully running multiple businesses is proper planning and intense focus. What I do is plan my goal for each business at the beginning of the month. Every night I create my schedule and list of activities that need to be completed the next day. From there whatever business I am currently working on receives my full and undivided attention. For example, when it is time for me to work on Bakery tasks I completely remove myself from the office. I’m not available for phone calls, appointments, or checking emails. I am completely dedicated to my bakery task at that time. It’s called time blocking.

Employees are Essential

Employees, whether they are full-time employees or VA are essential. I believe as business owners you cannot spend your precious time working on tasks that can be delegated to others. Instead our time is best used to oversee the process and put the right people in charge of things. It’s kind of like looking over a chess board instead of being one of the ponds. If you’re a Pawn on the board you can’t see what’s happening or the direction everything is going.
But when you are looking overhead at the pieces you can see everything clearly and know exactly where they need to be. I use a combination of traditional employees and virtual assistants. I have an answering service that handles all my calls at the office and sets my appointments. I have employees who assist with preparation of documents. At the bakery a virtual assistant would not be beneficial and I primarily use traditional employees to fulfill customer orders. You have to find out what works for you and your business needs.

Running Multiple Businesses and Sleep

In the developmental stages of the businesses you will lose sleep. You should be prepared to lose sleep. But you don’t look at it as losing sleep. When you are in that moment you are so focused on completing your goal it doesn’t feel as if you are losing sleep. You would actually prefer to be up working on your plans, your website and your systems that you almost feel guilty for sleeping. But once you have set the system in place and everything is operating you will see that you get to some sort of normal. I have actually gone 72 hours with no sleep!
Janelle Woods

Keeping it in the Same Industry

I run multiple businesses and I do many things. They say if you want something to get done, ask a busy person. I have a DOER mindset and I’m a Capricorn. I started my first company Whitegate PR INC, a PR firm that specializes in the pet industry in 2007. After that I launched “The Pet Lady” a brand that is focused on teaching pet parents tips and tricks about pet care. This is a trademarked brand, www.thepetlady.net.
Eight years ago I started a pet trade show with a business partner, my co-founder Nancy Hassel, for the NYC Retails and Sales Pet Expo. This year, May 2020 was to be our 8th annual business to business trade show, which is now postponed until November 10th 2020. http://www.retailsandsalespetexpo.com/

I started a women’s choir called the Rockaway Resistance Revival Chorus in the Fall. Also teach, I used to teach at FIT (Fashion Institute of Technology). More recently have been teaching at Baruch College. I am now launching a Life Coaching business.

Dana Humphrey

www.whitegatepr.com

 

Create a System for Everything

 

I’m Rachel Williams. I work full time in corporate marketing. Our family owns Amity Harbor Sports. My husband and I took over The Rinx Pro Shop from the former owners in 2005, and we just launched Long Island Hockey Co.

If popular hobbies were a category on Family Feud, you may hear answers like running, hiking, reading, etc. If you asked me my hobbies, I’d say,
building businesses and supporting our local community. It took me a while to learn how to put my passion into practice, and accept that this
truly was a hobby. But now I’m happier than ever. I love watching people grow, thrive, and support one another. I don’t sleep as much as I
should. But I wouldn’t have it any other way. After all, you only have one life to live. Why not consciously create the life you’ve always dreamed of?

How do you keep everything straight?
I’m very type A, so I create a system for everything, and continue to evolve it until it’s as efficient as possible. I studied Communication
and Education in college. Have a degree in both, which I attribute the majority of my success in this area.
We also try to surround ourselves with people who can push us, make us stronger, and help us grow. If you are the smartest person
in the room, you’re in the wrong room. We place a very big emphasis on feedback. Feedback from one another as partners, feedback from our employees, feedback from our customers, etc. We’re only as good as our weakest link. You constantly need to evolve to ensure success.
Do you have employees?
I pull from what I learned studying communication and education. Leveraging technology, innovation, and some good ‘ol customer service.
We’re able to set multiple companies up for success, as well as our employees. We’re so grateful for our wonderful staff who take immense pride in their work, and help to bring our dreams to life. Especially in the epicenter of COVID. We are thankful to be able to continue to employ our
community members, while unemployment is skyrocketing.
At the end of the day, we are all people, with complex feelings. We are here to support one another, and make sure everyone reaches their highest potential. It’s easy to work towards your dreams when you are surrounded by people working towards theirs. You’re all working to build each other up!
Rachel Williams
Long Island Hockey Co.

Have a Flexible Schedule

 

I’m Neal Taparia. I founded Imagine Easy Solutions, a software company I grew and sold. Also served as an executive at Chegg, an NYSE public company. I currently am incubating and running a few companies. Including my new, Solitaired, where we tie classic games to brain training, along with past companies.
There are two effective ways to run multiple businesses:
Properly schedule your time among your businesses with flexibility. Every week, I will mark dedicated days to each business where I can focus on them. From 3-6PM though, I will make that a flexible period where I will work on any business based on what the priority might be.
Delegate once processes have been established. I’m hands on during the early stages of the business, as we try to figure out product market fit and how to scale the business. Once that’s been established, I will put a senior person in charge of that business. I rely on that person to run the business. That person will give me daily email updates, and I’ll meet with them once a week, to make sure everything is running smoothly.
Neal Taparia
Solitaired – Bringing brain training and classic games together.

Be a Good Delegator

My name is Larissa Castelluber. I have a Marketing Company and I am in the middle of building a Wine Bar in South Florida.
How do you keep everything straight?
Meditation (good mental health) and staff. Delegation will be the key to your success here. One person can barely run one business. You need a team that agrees with your vision and trusts that you will help them grow along the way.
With your mind right, you can focus on what’s important. You need to prioritize your health to be able to work optimally.
Do you have employees?
I have a few employees, and some contractors to help with jobs not as frequent. Good people take time to hire but make sure you are honest with your expectations and your staff.
Do you ever sleep?
Sleep and meditation is actually recommended. But you will need to wake up earlier than you are used to be able to upkeep the demand and still have time to relax at night.

Larissa Castelluber

dmoves.com

rebelwinebar.com

Surround Yourself With the Best People

 

I’m Rachel Williams. I work full time in corporate marketing, our family owns Amity Harbor Sports, my husband and I took over The Rinx Pro Shop from the former owners in 2005, and we just launched Long Island Hockey Co.

If “popular hobbies” were a category on Family Feud, you may hear answers like running, hiking, reading, etc. If you asked me my hobbies, I’d say, “building businesses and supporting our local community.” It took me a while to learn how to put my passion into practice, and accept that this truly was a hobby. But now I’m happier than ever. I love watching people grow, thrive, and support one another. I don’t sleep as much as I should. But I wouldn’t have it any other way. After all, you only have one life to live. Why not consciously create the life you’ve always dreamed of.
  • How do you keep everything straight?
    • I’m very type A, so I create a system for everything, and continue to evolve it until it’s as efficient as possible. I studied Communication and Education in college, and have a degree in both, which I attribute the majority of my success to in this area.
    • We also try to surround ourselves with people who can push us, make us stronger, and help us grow. “If you are the smartest person in the room, you’re in the wrong room.” Place a very big emphasis on feedback. Feedback from one another as partners, feedback from our employees, feedback from our customers, etc. We’re only as good as our weakest link. We constantly need to evolve to ensure we are set up for success.
  • Do you have employees?
    • I studied communication and education, and leveraged technology, innovation, and some good ‘ol customer service. We’re able to set multiple companies up for success, as well as our employees. We’re so grateful for our wonderful staff who take immense pride in their work. They help to bring our dreams to life. Especially in the epicenter of COVID. We are thankful to be able to continue to employ our community members, while unemployment is skyrocketing.
    • “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” Maya Angelou – At the end of the day, we are all people, with complex feelings. We are here to support one another, and make sure everyone reaches their highest potential. It’s easy to work towards your dreams when you are surrounded by people working towards theirs. You’re all working to build each other up.

 

Tools to Manage Time When Running Multiple Businesses

I run two businesses. Both are similar but also have several differences.
Running multiple businesses is a challenge but can be done. I know because I’m currently doing it.
The first business is an insurance wholesale business. I started AMP Strategies, LLC (www.ampstrategies.com) 10 years ago when I left corporate america. Insurance wholesalers work with the agent or financial advisor instead of the public. We help the advisor source the best insurance or annuity products for their clients. It is very consultative and involves a lot of back and forth.. I have two employees that help me manage the day to day and I normally get involved on the more complicated scenarios.
I started High Income Protection specifically to serve retail customers. We primarily focus on disability and life insurance and operate 100% online. Essentially, we are an independent (which means we represent multiple carriers) online insurance agency. I have a virtual assistant who works with me in this business.
While I split my time between the two, AMP is a much more mature business and since two people besides myself work for the company, it doesn’t require a ton of my time.
High Income Protection requires more work, but a lot of that is marketing focused.
We use Slack, Trello, Asana, and several other tools to manage time and communicate. It can be difficult to keep everything straight but we make it work. One thing that I’ve found helpful is to separate my day into “AMP” or “High Income Protection” time blocks. I will normally work on AMP three separate times per day, fulfilling quote requests, returning calls, and checking in with my team. The rest of the time I devote to marketing and serving the clients of my retail agency.
It’s not easy, but running multiple businesses insulates me when one isn’t performing up to expectations. I do work 10-12 hours a day and have to play catch-up on weekends but it can be very rewarding and I still find time for personal and family activities.
Raymer Malone

 

 

 


The #1 Reason For Being an Entrepreneur

After watching the documentary “Burt’s Buzz” I was reminded about why I have to be an entrepreneur. Everyone talks about passion, but the real reason for being an entrepreneur is freedom.

being an entrepreneur
being an entrepreneur

This was the running theme in the film about the unconventional life of entrepreneur Burt Shavitz, the icon and co-founder of Burt’s Bees. Before there was ever a billion dollar, all natural brand of personal care products, there was just Burt and his bees.

On the surface, Shavitz seems like an unlikely businessman. But if you trace his history, being an entrepreneur was really the only thing he was ever suited for. He had no interest in a 9 to 5 job, and ended up using his skills with a camera to pick up freelance photography work for publications like The New York Times and Life magazine. He was in the right place at the right time and capitalized on the turbulent times of the ’60’s in New York City. But as TV became more popular as a way of highlighting the emotion of the times, he saw that as his chance to move out of the city and reinvent himself in a small town in upstate New York. [Read more…] about The #1 Reason For Being an Entrepreneur

5 Reasons Entrepreneurs Should Hire Young Talent

Reasons Entrepreneurs Should Hire Young Talent

entrepreneur
entrepreneur

Are just starting out as an entrepreneur? Creating your first business? Or are you a seasoned professional? There seems to be one thing people tend to overlook when seeking out talent. There is an ever growing untapped resource you can use as leverage to help make major moves and grow your business. It flies under the radar at times and can be considered a secret: hire young talent!

 

Below we are going to outline why entrepreneurs should hire young talent, as they can really help you grow, save money and push your business to new heights.

Economical

There is no way around it, if every entrepreneur had their wish, it would be top talent across the board. However, when seeking out individuals with years of experience under their belt, you better be prepared to pay a lot of money for them. Yet when you begin to widen your search, in the hopes of saving your profit and losses (P&L) table, you will notice that hiring a young professional, or someone just entering the field, can save your business a lot of money and still push you forward. Sometimes, you can even hire two people for the same amount it would have taken you to secure one seasoned person. A bigger reason for doing this is covered next. [Read more…] about 5 Reasons Entrepreneurs Should Hire Young Talent

Where are the Entrepreneurs?

Where Are the Entrepreneurs?

I wrote a post several months ago called “Is the Entrepreneurial Spirit Dead?” Well, according to new research at the Brookings Institute, it appears it very well may be. Their data shows that new business creation has been on the decline for the past several decades and for the first time in many years the failure of businesses is outpacing the creation of businesses. It seems that entrepreneurs across the country are getting discouraged. So, where are the entrepreneurs?

entrepreneurs
entrepreneurs

This is a scary thought. According to the Small Business Administration roughly 64% of all net new jobs that were created between 1993 and 2011 were created by small business owners. If we aren’t cranking out any new entrepreneurs, we aren’t creating enough new jobs.

Before the economic collapse I had 3 great employees. As much as I tried to hold on to them, eventually I couldn’t keep them. Payroll is one of the biggest expenses a small business has. If there isn’t enough business coming in to justify having them, you have to let them go. And believe me, no one wants to lose a great employee. [Read more…] about Where are the Entrepreneurs?

How Demand Economy Will Create More Entrepreneurs

on demand economy
on demand economy

On Demand Economy

With more people working more hours, consumers are becoming more demanding. I don’t mean that in a bad way, but we’re just too busy to be tied down to a time frame. If you don’t believe me, when was the last time your entire family sat down to a scheduled dinnertime? Instead we’ve become an on demand society and an on demand economy.

So, what does that mean for the entrepreneur of the future? More money, more markets, more customers, more products and more services. But they have to be delivered on demand. [Read more…] about How Demand Economy Will Create More Entrepreneurs

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