For many event professionals, branching out to new business endeavors can be a means to explore new passions and gain more profits. In an industry filled with creatives, it’s only natural that a steady flow of ideas will eventually turn into a real-life concept.
While managing multiple business endeavors can certainly be exciting, it’s just as easy for it to become overwhelming if you don’t have the proper systems in place to keep you productive and organized. If you’re ready to start on a new path, it would behoove you to be proactive in your approach to ensure that you’re never biting off more than you can chew.
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As advantageous as it is to launch a new project, it’s a risky feat that must be done with care and attention to ensure the solvency of all of your brands. Here are a few ways to keep yourself afloat while building your secondary (or tertiary) brand, so you can find success in multiple directions.
Ensure your first brand is sound.
Feeling inspired to take on a new project is exciting and can spur you into action, but don’t jump the gun before shining a light on your current brand(s) first. Whether you’re taking on a new side hustle or launching a full company, you will need to dedicate time and energy for several months at least. You need to be confident that you can step away from your existing business without having it fall apart. How you go about this can vary—you may be inclined to hire a team (if you don’t have one already) who can take over in your absence, or it might be a matter of implementing more efficient SOPs and automated systems that can keep your company on autopilot for some time.
Get used to taking plenty of notes.
Juggling multiple brands often means finding inspiration unexpectedly throughout the day. In order to keep yourself organized, keep a notebook, voice recorder, or your phone’s notes app handy to jot down thoughts as they pass through your mind. Perhaps your onsite for an event and you have an idea for your new venture; you can’t drop everything to pursue it, but you also don’t want to forget about it amidst your busy schedule. Once you have time to settle down and review your notes, they’ll jog your memory so that you can pick up your train of thought from where you left off.
Set firmer boundaries.
It’s time to make use of that two-letter word that sometimes scares those of us in the hospitality industry: “No.” After all, hospitality is about pleasing people and making sure they are as comfortable as possible! Saying “no” might feel like you’re going against your nature, but it’s a necessary step if you want to successfully manage multiple brands at once. You cannot be in every place at once, so you need to set priorities to ensure your attention remains where it needs to be. You might have to sit out a coffee hangout with friends, or perhaps it’s time to finally kick that social media habit. When you set firm boundaries with yourself and with others, you free up your energy and mental space for the work that matters most.
Once you’ve assessed every corner of your existing brand(s) and can confirm that everything is sound, pursuing your bright idea and taking on a new venture becomes an exciting and advantageous move. Will it be perfect? Not a chance. Will you make mistakes? Absolutely! But, you’ll also achieve great things and provide a service to your community. Building any business is full of ups and downs, which is only magnified when you have multiple brands in your domain. If you want it, go for it—as long as you stay committed to success, you’ll find your way.