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Owning multiple businesses

Moseschidera

Moseschidera

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Owning multiple businesses can be risky if you don't have the right systems and team in place. When you're stretching yourself across different companies, it's so important to find people you can trust to help with daily management so you're not trying to do everything alone. You need good processes for things like financials, operations and marketing too so each business has stability without your constant involvement. If you don't set yourself up properly from the start, it would be very easy for things to fall through the cracks which could jeopardise the health of one or more of your companies. It's definitely not an easy task but with the right framework and support, multiple businesses can thrive even if you can't dedicate all your time to each one individually.
 
One thing most people fail to understand is that it is not even about just owning multiple businesses, but your business needs to grow to a stage where it can function by itself before you can think of going into other business.
 
eLdavis said:
One thing most people fail to understand is that it is not even about just owning multiple businesses, but your business needs to grow to a stage where it can function by itself before you can think of going into other business.
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It is hard to handle one business. It will be harder to handle more than one business.
 
saoussen5765 said:
It is hard to handle one business. It will be harder to handle more than one business.
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Exactly, handling a single business is not an easy task, this is why it is better to focus on one and grow it to the point where the business can function and generate profit even in your absence. This way you can focus on growing another.
 
The easy to have high blood pressure is to involve yourself in many businesses. While it is good to be versatile, it is quite difficult to manage such businesses without losing your sensibility. One or two businesses are okay if you have good management system. Don't endanger your health because of money.
 
Sanjeev said:
One has to have a good knowledge in all the businesses if a person wants to have a multiple business. Also it requires more time and dedication to get them profitable otherwise there is no use of going for a multiple business.
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Yeah to succeed with multiple companies you must have the time and knowledge to run it just the way you should.
 
eLdavis said:
Exactly, handling a single business is not an easy task, this is why it is better to focus on one and grow it to the point where the business can function and generate profit even in your absence. This way you can focus on growing another.
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That is correct. Keep in mind that focusing on one business at a time can be more advantageous than trying to juggle multiple businesses simultaneously. By putting all your efforts into one business, you can give it the attention and resources it needs to thrive and grow to its full potential. This way, you can avoid spreading yourself too thin and boost your chances of success in the long run. Therefore, take the time to build a strong foundation for your business and allow it to grow to a point where it can thrive on its own before opening a new business.
 
freelancermaria said:
That is correct. Keep in mind that focusing on one business at a time can be more advantageous than trying to juggle multiple businesses simultaneously. By putting all your efforts into one business, you can give it the attention and resources it needs to thrive and grow to its full potential. This way, you can avoid spreading yourself too thin and boost your chances of success in the long run. Therefore, take the time to build a strong foundation for your business and allow it to grow to a point where it can thrive on its own before opening a new business.
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Yes this was a mistake I made, I was trying to expand my business while still growing it. Now I am more focus on growing it first before I start expanding.
 
SHAHID987 said:
In my view it's better to focus on one business and try best to expand it, as more as it have demand. When we involved in different businesses then usually we lose our focus.
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At first you need to run a check on yourself and see if you can operate multiple business if your capability is good enough then you can chose to do it if you see that your potential won't be enough then maintaining one business is the best it's bring focus and concentration thou there is profit in operating multiple business
 
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