4 Monster Tips to Manage MULTIPLE Businesses

LLC members may be individuals or business entities, such as an LLC or corporation. Many business owners choose to form a new LLC for each of their business ventures. In most states, there are no restrictions on how many LLCs an entrepreneur may create.

He is the founder of the calendar productivity tool Calendar. It also gives you a chance to recognize your team in person, address any sensitive issues and deliver clear and concise communication. While attempting to get Virgin Atlantic off the ground, Richard Branson was also working on Virgin Films. The now-defunct project was consuming too much time and too many resources, putting Virgin Atlantic in jeopardy. Running more than one business at the same time isn’t so crazy if you’re working all the time already anyway.

Taxes & more

Having this central location has helped me get more done, plus staff members like to interact with each other and even assist on projects with both. (I’ll share how I make those cross-business collaborations possible later.) This helps further maximize the assets I have at my disposal. Simply put, if one of your businesses is draining your resources — mainly your time and money — then re-evaluate to see whether it’s worth pursuing. If the business’ profit margins are large enough that you can hire a quality operator and still hit your personal profit goals, then yes, that’s enough. So Matt made himself a promise and created a system to ensure he kept it. Every week, he holds something he’s dubbed ‘Financial Fridays’, where he goes over the finances of all his businesses every week to keep a pulse.

• For instance, you can recruit freelancers or outsource to virtual assistants.
• All users of our online services are subject to our Privacy Statement and agree to be bound by the Terms of Service.
• So if anything ever happens to my businesses today, it just doesn’t seem like a big deal, which means I can get straight to work on figuring out how to fix it.
• The serial entrepreneur — prefers to run more than one company at the same time.
• Cross pollination helps you get backlinks and other organic growth.

It’s smart to consult a professional when making these kinds of choices to ensure that everything is done correctly. You may just want to build a side hustle on Etsy or eBay to boost your earnings. But would you have to go through the loops and costs of registering a new company?

How ‘Product As A Service’ Manufacturing Is Transforming Business Models

In other words, I know if I waste time focusing on little ways to save money , I may miss a big opportunity to acquire a new customer or make a sale. This means moving away from the concept of being a sole proprietor and, instead, pairing up with one or two qualified business partners. By sharing the demands of the second business with other Running Multiple Businesses owners, you reduce the physical, time and mental demands that you have to take on personally. If you realize administrative tasks are eating up a lot of this focus time, start making a list and consider hiring a VA to take those over. It’s no coincidence that my most successful companies are fairly related in terms of the market they serve.

A truly beautiful calendar — can hold all of your information — but not look cluttered. Thankfully, there are ways that you can successfully divide your time between all of your businesses so that you don’t get burned out. Juggling your https://www.wave-accounting.net/ time between all of your businesses can be brutal. Brutal is both the downside and the upside of owning and running numerous businesses. Think about putting in an eight-hour day at work and then coming home to work on your side hustle.

Make lots of lists and follow them.

Passive income is the golden ticket for companies. Let’s say you have a consulting business and you’ve developed a playbook for one aspect of it. Consider setting up a course or some reading materials to sell. The content is already there, you may just need to expand on it. Most course writers I’ve met with won’t spend the time or effort on a subject they don’t know.

When you’re running multiple businesses, you’re busy all the time. I’m able to run my businesses from home because my team works remotely. This saves me a lot of commuting time each day — that time is spent managing three different businesses instead.

What Is ENOUGH MONEY?

At a minimum, hire a VA to make your dentist appointments. You’ll make more money if you can focus on strategic planning. You might assume that when you’re running nine businesses, you’ll naturally end up splitting your time pretty evenly between all of them.

As a co-owner, I only have to focus on part of the business (in my case, long-term strategic marketing), while my partners handle the day-to-day operations. I am happy with this arrangement, and so are they. Recognizing what you don’t like to do or may not be good at is one of the first steps to relieving the stress of owning a business. Entrepreneurs are naturally hard workers and DIY-ers, so it can be hard to let go of even small things like mowing the lawn.

Separate bank accounts

Then you’d have a have an agreement in place between the staffing company LLC and the 4 operational LLCs. Basically, the staffing company provides employees and staff for your operational LLCs for a fee. This will keep all payroll and benefits in one company. • The second is a more experienced business person. They’ve established profitability or are confident in what they’re doing. They decided to “do it right” from the start, form two LLCs, and keep the liability separate.

The other trick is figuring out how to make two of your businesses to lean on each other. If there’s a way you can get two to work co-dependently, you don’t have to stress as much. It was almost the +1 in the activities I wanted to do. So run everything else, somehow manage it and then start PriceBaba on the side. Last year, we served over 30 million users as PriceBaba, I can assure you that wouldn’t have happened if I wasn’t 150% focussed on just one venture. I have three offices — one at my main business, one at the automotive dealership and a home office — and I usually have to access files for more than one business on any given day.