Coping strategies for running multiple businesses / income streams

Start off with one business – Richard Branson

  • The first business will set the standard for the others.
  • The first business allows unlimited testing until you get it right.
  • You will learn a lot about all the various practices that makes a business works.
  • You will learn how to run a business.
  • Trying to attempt to learn all these principles whilst juggling multiple businesses could potentially lead you to burn out. The balancing act becomes increasingly difficult.

Ensure that you know whether the income streams are making you money or bringing in worth

  • Sometimes you can spend multiple years on making separate income streams work. And until the time where you sit down, and look at the books and time spent on each income stream, you will not know whether certain income streams are profitable and time wasters.
  • Are you putting enough time and effort into each business? If you are not putting the effort into a business, the results will be negative because of the lack of attention and effort. Sometimes you might even need to put money into a business to get a return.
  • Prioritise the income stream that is most satisfying and most profitable. You will need to be able to say no to income streams that are not bringing in worth for you, whatever that worth might be.

Physical practices and tools to assist your businesses

  • Make lists and give a number of priority to each listed item to avoid time wastage on items that are not vital at the time.
  • Use tools to create flow within your business.
  • For marketing, use tools like Later to schedule social media marketing posts. It removes you from the opportunity to procrastinate on social sites.
  • Tracking tools.
  • List tools like Asana app.
  • Even invoicing apps like Wave.

 

Prioritise

  • Priorities are about boundaries.
  • Prioritise time for yourself and your family.
  • As much as it is important to prioritise a certain income stream, it’s also important to prioritise the most stress-free income stream. Killing yourself with stress is a very real factor.
  • Don’t procrastinate. Prioritise.
  • Prioritize creative projects that give meaning to your life. Don’t let a styled shoot or illustration drawing slip, because of workload and work management.

 

Know when it’s time to expand

  • It can be scary to expand and let others become a part of your business.
  • Be willing to let go.
  • Budget constraints might only allow you to be the only one present in your business. But at some point, you have to evaluate the value of your time, and either outsource or employ. Both can have benefits. Having a team on hand, is like having an extended family to trust. It can make your life easier, and create a support network around you. Outsourcing to trusted vendors can also allow that flow within your business, without the necessity of providing office space, and equipment to them.
  • Trust your team.
  • It creates support.
  • It brings in a different perspective and skillset.
  • BUT also, choose partnerships and employees and vendors very carefully. Apply proper protocol like contracts to those partnerships.

 

Integrate the multiple businesses

  • If you are able to bring the businesses together, it will make your life simpler.
  • For starters, your extended team can work on both businesses.
  • It makes it easier to prioritise and see income streams.
  • You may feel more completed. And less scattered and stressed.
  • Let each business operate from the same space.

 

Flexibility

  • Times change.
  • Be open to change.
  • Today one income stream might be the winner. But tomorrow that could change.
  • Be aware of the multiple income streams’ resources and execution at all times to have a grip on when to change and adapt.
  • Be flexible with staff.
  • Be flexible with yourself.
  • Be flexible with budget, and finances.
  • Flexibility = futureproofing.

 

Thank you for reading my blog. If you are interested in mentorship or consultations for your business, send me a mail: info@lizbharo.com

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