Every entrepreneur is familiar with the many challenges faced when building a business. Staying on top of all the moving pieces can feel like a lot—so it only makes sense that the pressure multiplies with every brand. That’s not to say you cannot—or should not—launch more than one business.
In fact, multi-hyphenate entrepreneurs often find that developing multiple brands isn’t just a profitable move. It’s also an excellent way to stretch your brain, discover new opportunities, and flex your creative muscles.
Of course, it’s not a decision to take lightly. If you’re thinking of starting another brand, these best practices will help you manage your time wisely while keeping all of the plates spinning.
Plan ahead as much as possible.
Operating a single business by the seat of your pants is stressful but possible to a certain extent. But when you’re juggling more than one brand, a figure-it-out-as-you-go approach is simply not feasible.
The Restart Specialist, Meredith Ryncarz, stresses the importance of proactive planning to keep both businesses on track to meet their goals.
“Take each month and look out over the immediate, mid-range, and long-term needs and goals of each business,” she says. "From there, content, marketing, and client needs get planned out and tasks are divided out to each part of the month.”
Bring your team along for this monthly exercise to ensure everyone is on the same page about their responsibilities and deadlines.
Practice time blocking for peak efficiency.
An email here, an Instagram notification there—there will always be distractions vying for your attention, so it’s essential to learn how to carve out uninterrupted time for each business. Otherwise, you will inevitably drop the ball in one court or another.
“I find it's even helpful to put subblocks inside the larger time block, so you know exactly what to focus on them and ensure there aren't distractions to take you away from the topic or project at hand,” Sheils adds.
A digital calendar, like Google Calendar or iCal, is invaluable for block scheduling. Set it up in advance, mix up the colors to your liking, and let your calendar keep you focused.
Outsource where you can.
It’s hard to run a business alone, but it’s virtually impossible to do so when multiple brands are on your plate. So consider this your sign to find help before getting too deep into another company!
“It’s going to be all about delegation when it comes to managing your multiple brands,” assures Courtney Hopper, co-founder of Hustle + Gather. “Don’t be afraid to bring in team members to help ease the growing pains, but remember—the main rule of thumb is to not neglect your established business in order to find success in another.”
Fellow Hustle + Gather co-founder Dana Kadwell adds, “Make sure you’re putting the primary business first in the sense that you’re not letting it fall to the wayside to pursue your shiny, new secondary venture. While you have your hands in multiple brands, it’s crucial to make sure your team is reliable to help back you up when it comes to streamlining the day-to-day tasks to keep everything moving seamlessly.”
As a creative professional, you surely have brilliant ideas flying through your mind all the time. So next time you think about capitalizing on one, know that it’s well within your reach—just make sure you have a solid team and streamlined systems to ensure everything runs smoothly!