Setting up a business and watching it grow into an established and successful company is a dream for a lot of people. If you have managed to do this, then you will know that it’s quite addictive. Many successful business owners will tell you that they often enjoy the buzz of building a business up more than the income that comes with it. So it isn’t surprising that the most successful business people have multiple companies.
Running one business often takes up all of your time, and you wonder how it would ever be possible to have two or even three companies to look after. There is an art to having multiple companies, and anyone with a portfolio of successful businesses will tell you that it all comes down to your teams. This includes teams that work within each structure and any outsourced experts that you use.
When starting your second business, you will have a head start on your first even if you are operating in a completely different sector to the last. Firstly you will already have an idea of any of the issues that come in the early days. You will have an excellent support unit too. You will likely have used multiple people during the build-up of your first company, and over the years you will have found a great team of key personnel.
Your accountant understands you, and you have a great rapport with them, especially if they have been part of your first company for years. They know how you work and will quickly identify any issues that you may occur. The trust that has built between you means that you will listen to them and take their lead in many areas. This will save valuable time and help you project the new company forward and a quicker pace. If your accountant is part of your original company, as an employee, then it may be worth discussing bringing them over to cover the new company and finding them an assistant who can take over the work in your first business. They can then have more of an overseeing role in the stable business while focussing on your new project.
If you haven’t used one before, now is the time to consider virtual assistant services to help you manage all of your communications. Your time is going to have even more pressures now, so having a team to take control of your inbox and emails will help reduce any wasted time that could lower your productivity. A VA will create multiple folders to organise all of your business emails. This includes ones from your team and clients or potential business opportunities. They can send you daily or weekly reports to ensure you know exactly what is going on and when. A VA can also manage your comms by agreeing to template responses to certain types of enquiry or concern.
With a great team in one business now is also the time to look at promoting from the pool of staff you already have. Maybe you have a great leader working in the original company and bringing them over to the new business could increase the chance of success. Sit down with your employees and listen to your leadership team, they may have identified some people within the structure who are more than capable of stepping up and leading the core team. Long term employees already have a culture of trust with you and have shown you their loyalty. This will help you identify a new team to place within your other business and will also give you time to spend on both of your concerns.
Using the teams you already have in place to help you grow and adapt a second business will give you a firmer footing and will reduce the time it takes to start getting established. Even if the market you are in is totally different to one they are used to if they can lead then half the battle is won. You also already know that you can trust them to work hard and to understand how you like things done so they will be able to get on without permanent direction. You will be able to focus on the essential parts of the new company and eventually have time to oversee both of your businesses.
Running multiple companies can be done. It will be hard work, but the feeling of accomplishment will be worth it!