Benefits of Doing More Business
Because all my businesses are in the same area, we often encounter similar problems.
So the good thing is that once we figure out how to do something once, we can apply that lesson throughout, which saves us a lot of time and headaches.
Information Decision Making
If you have a lot of business, you have the opportunity to explore many things at once, which is a huge improvement in decision-making.
But there is another benefit here, too.
As long as you can hire a strong leadership team or individual donors, you will find that running multiple companies does not take that long.
Your role is to make all the decisions for yourself, to remove obstacles to helping intelligent people reach their decisions.
This is very clear – and it has never been more effective than during a pandemic that has had a profound impact on the global economy.
If you have a lot of business, it means that even if one of them goes down, you still have the potential to make good money.
Using My Set of Skills
This is a personal point – it may not work for you. But as I said earlier, running a lot of business is using my energy to the best of my ability.
For me, it is easier to build $ 10 million in business than to build one $ 100 million business.
My ability lies in building businesses from zero to $ 10 million. I have never started a company bigger than that. So all I do is focus on repeating that many times.
Buy Companies To Grow
It’s not like I’ve built all nine businesses from the ground up. Some I did, but some I got along the way.
I was too early to do this – it’s the way it is now. I have been able to buy companies with good deals and do things that can be very difficult and very expensive today.
Cons of doing multiple businesses
You, Will, Spend More Time On Other Companies
You may think that when you run nine businesses, you will end up splitting your time equally between them all.
But that is not the case. Some of these businesses probably take one hour a month; others take zero. Some require my attention 30 hours a week.
Within a few years, the winners and losers appeared.
Some of those businesses – such as Mailshake, Inbox, and Zoomshift – have been successful due to the growth rate and market size.
Some would not be great drivers of growth, so we put them in a self-examination, found people to operate on them, sold them, or killed them.
That second group was not really “stupid.” For the most part, they were like the middle ground. There was a chance that most of them would succeed, but the time came when we looked at them and said, “If we can triple, can we go to dinner and celebrate?”
For some of them, it would not make a difference in our lives, so we decided to sell.
As I said, I have no regrets about running many businesses. But if I could do it all again, I probably wouldn’t do it nine times!
When Things Go Wrong, They Get Worse
Take a look at LinkedIn and you will see dozens of founders and owners who are concerned that their businesses are being phased out during Covid.
The epidemic has had a huge impact on the revenue of all my businesses.
That’s emotionally painful – I have no problem admitting that Covid killed my dreams for a week or two. It has left me depressed.
But fortunately, because I developed this thick skin, I came back with new dreams. I found ways to keep businesses going.
So there is good in here, too. Everyone knows you learn a lot from your failures, right? Well, when you fail five times, you are about to learn five times more than other people. You end up being smart and progressing fast.
You are Silenced as a Founder / Entrepreneur
If you have a lot of business, you are always busy.
That means you do not have time to sit back and think about the big picture or to read and improve.
Look at the many successful businesses you will see that have worked because someone came up with a great plan, built it, and then hired a lot of great people until a team that could measure things.
If you have nine businesses, it is really difficult to get rid of them from daily involvement.
When I was working on this blog post, I was responding to a $ 2,000 email closure email. We don’t have a sales team for this particular business, so all that stuff comes to me. I just wanted to work on my blog, but something is always bothering me!
I mentioned that one of the great things about running many businesses was diversity and economy. Those two things help you to cope with a storm when the recession hits, like an epidemic.
However, there is no escaping the fact that running multiple companies requires a lot of money. When you have an expense in a business register that starts to lose revenue, most of your money is suddenly tied up.
You need to have a cash flow, as well as a set amount to continue paying your bills, such as payments, equipment, software programs, or other non-magical bonds simply because the income is in the fall free.