You don’t have to be a media magnet or a multi-millionaire to start and operate multiple businesses (although a never-ending cash flow will make things easier). That said, some entrepreneurs dream of owning a single company, which never comes true. So, you might be asking, what makes me so unique that I can more than just one company? Well, the devil is in the details.
Usually, there are two types of business owners: those who own one company and those who own multiple ones. that said, running numerous businesses requires discipline, hard work, commitment, and most importantly, practical organization skills – something not many people in the business world have nowadays.
That said, if you’re considering becoming a ‘serial’ business owner, you have to ask yourself a few questions. First, are you ready to face a conflict of interest when promoting multiple businesses? Secondly, are you prepared to handle multiple websites, accounts, and employees? Thirdly, will you have the time to stay up-to-date regarding upcoming technologies and trends within your industry?
If the answer to these questions is a resounding yes, owning multiple companies is the right choice for you. There are tons of benefits of owning more than one business; let’s look at a few down below;
More learning opportunities.
Owning multiple businesses means you’ll have to deal with a lot more challenges than you would when owning a single one. But, on the other hand, such a thing will allow you to constantly challenge yourself and participate in learning opportunities to better your business and organizational skills.
One of improving your organizational business skills is acquiring a business-related degree. For instance, you can enroll in an EMBA program to brush up on your business-based skills and knowledge. But, if your business still fails, you can always have an MBA career change as you’ll have what it takes to obtain work and find an excellent job with an EMBA degree in hand.
Life will never be boring.
Being a business owner has its perks. Feeling a tingle down your spine is one of them. While some people become business owners to improve their earning, some do it because of the rush and adrenaline. After starting one business, you’ll want to create more if your first business is booming, of course.
Not to mention the daily obstacles and challenges you’ll have to navigate through to get both your companies off the ground. In the end, being an owner of more than one business means you’ll never have a dull day in your life!
Owning multiple businesses allows you to network more.
Networking is a valuable component of business ownership. When you start a business, you’ll meet with other business owners, entrepreneurs, service providers, investors, vendors, and other individuals who’ll help you grow your business. In addition, they will enrich you with valuable advice and guide you through your journey.
So, owning multiple companies means you can multiply the number of influential people you meet by two. Plus, if both businesses cater to different industries, you’ll have the chance to take advantage of diverse networking opportunities while firming stamping your foot and presence.
You’ll get your second business up and running a lot faster.
Starting a business takes time, dedication, patience, and money, of course. Plus, you’ll have to do your research, marketing, strategizing, etc. But, as you add more and more businesses to your resume, these time-consuming tasks will become quicker and easier to do when you do it the second, third, or fourth time.
Every time you set up a new business, the process will take less time. You’ll take less time to create a marketing plan, hire employees, write proposals, acquire funding, and so on. So, starting more than one seems like the right strategy.
You’ll become an influential individual.
Revenue and profits aren’t the only two things that will grow when you own multiple businesses. Your influence on your target industry will increase as well. Being a ‘serial’ business owner means you’ll always be in the limelight.
You’ll be called upon to participate in panels, speak at conferences, share your experiences, write blogs, train newbie entrepreneurs, and give interviews. In the end, such influence will be both rewarding and exhausting. It will help you build your image, which you can leverage to earn more money.
You’ll acquire more experience.
One of the most significant advantages of owning more than one business is that you’ll build your experience as a business person. That said, such expertise is meant to be shared, acted upon, and used- not wasted.
When you acquire the knowledge and understanding of starting multiple companies, whether unsuccessful or successful, you can utilize your knowledge and understanding to set up more businesses or obtain existing ones.
If not this, you can always use your business-related experience to teach rookie entrepreneurs how to succeed in business and life.
You’ll become more financially stable.
If experience is not what you’re after, financial stability might be something worth looking into. According to a Crunchbase study, new businesses sell for double on average. However, this statistic relates to successful companies only because there are nine that fail for every successful new business.
In the end, not every new business will have the same levels of success as Google, Microsoft, or Apple. These are rare exceptions and to be taken as general examples. That said, if you want to earn a ton of cash, typically, the more companies your own, the higher your chances of making more money.
You’ll make more informed decisions.
When you own more than one business, you will have a platform to test different strategies simultaneously, which will give a boost to your decision-making abilities. However, there is also another benefit here.
When you hire a strong team of leaders, you’ll see that running multiple companies won’t be much of a hassle. In the end, better decision-making is vital to avoid roadblocks and make decisions for yourself. After all, what good will being a business owner bring to you if you cannot improve your decision-making capabilities.
Clear communication is essential for success. It is even more important when running multiple businesses. However, most business owners don’t prioritize communication and instead only focus on earning a quick buck. So, if you want all your companies to succeed, make sure you’re communicating with your staff and convey your message across the board to ensure everyone remains on the same page.