Running multiple
businesses
by Tash Hughes
of Word Constructions (www.wordconstructions.com.au)
You don’t
have to be a millionaire or a media
magnate to consider running more than one business,
although a large budget would probably make it easier!
It is
certainly possible to run multiple businesses
successfully, but it requires organisation and
discipline.
Choosing
to run multiple businesses has some advantages over
running a single business:
- It
diversifies your income sources which can offer
greater financial security
- You
will have a greater variety of tasks
- It can
even out cash flow for you especially if you have
seasonal fluctuations in one business
- Each
business can help promote the other. This can be
particularly valuable if one business has high
website traffic for instance.
- Your
business skills and learning can be used more than
once.
Of course,
there are also disadvantages to running multiple
businesses
- You
may face “conflict” between promoting one business
or another. For example, at a networking event you
may need to choose which business to represent.
- Your
administrative tasks increase with multiple sets of
accounts, websites, tracking and so forth
- It can
divide your focus and finances so neither gets
sufficient attention
- You
need to deal with practical issues such as which
business to name when you answer the phone
- You
may have multiple industries to stay abreast of
- You
will have more competitions to monitor
It will
depend upon the business themselves, your time
constraints, your personal needs (e.g. do you prefer
variety of work or less admin?) as to whether the
advantages outweigh the disadvantages.
If you are
considering running more than one business, the
following points may help your decision:
- One
very seasonal business reduces the workload and
stress for much of the year
-
Businesses that compliment each other allow easier
cross promotion and development
- Having
a manager for at least one business gives you
diversity and opportunity without the increased
workload and juggling of running multiple businesses
yourself.
- It is
generally easier to focus on starting only one
business at a time. Once it is established, you can
consider starting another.
Clear communication is critical to
the success of any business, but it is often left to
care for itself in many businesses. Tash Hughes is a
professional and skilled writer who makes technical and
otherwise boring information accessible for everyone a
business needs to communicate with. Next time you need
webcopy, articles, newsletters, reports or any other
business document, visit
www.wordconstructions.com.au to
see how Tash and her team can help your business
succeed. |