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AlvinsGiftsDis
01-13-2014, 01:15 PM
I currently own a fairly successful business that generates a decent income, but I am looking into diversifying my income by owning 2 more businesses that does not require as much attention as my first business. I'm looking for imput and even suggestions on how to manage multi-businesses. If you own more than one business can you share some secrets on your success?

Thanks in Advance,

AL

AliceT
01-19-2014, 02:33 PM
I run two distinct businesses under one umbrella company. One company is in manufacturing, the other is website development. They are both sole proprietorships, and all the bookkeeping is done under the name of the parent company. Before embarking on this, check with your local bylaws and tax regulations. Your accountant wil be able toset this up for you so it is done properly.

AlecD
02-03-2014, 09:25 PM
The real secret to success here is not to try to tackle the entire endeavor yourself. With your attention divided between to businesses, you will not be able to maintain your current business as well allowing for it's appropriate growth and expansion. Likewise, if you attempt to focus entirely on your current business, and try to have your second basically "maintain itself" will cause the surefire failure of your new business. My advice? Hire someone to manage your second business for you. Pay them modestly, so they stay happy. Make sure their goals and your own are in a line, and make sure they understand not only the business itself, but the world of business management as well.

canon_fan
02-03-2014, 11:08 PM
Well, what are you business now? Some can work really well together, like AliceT said, having an umbrella company. But also, like AlecD said, having one other person you completely trust to help start the other business would be a great idea. Have control of it, but having someone else to take care of the day to day stuff will free you up to make sure your other businesses don't suffer once the new one gets off the ground. Don't overwhelm yourself.

fredkawig
02-04-2014, 01:28 AM
You should go into similar business niches that do not require much attention or can be manned by a few to one personnel only. Depending on your business, you could try to branch out with much smaller investments. On the other hand you could go invest in another business or corporation like in the forms of stocks, bonds and other things which could boost your income by partnering or just by investing in other companies.

Thrix
02-04-2014, 02:19 PM
Not keeping all of the eggs in the same basket is really smart! If you have the money, will and time, you should to it. It's possible, it's more than possible.

My dad owns a coffee bar and a wood-processing business, both working well. He actually tied them together in few ways. For example, he discusses jobs and orders in the bar, and mentions the wood-processing business, and that spikes interest of some people. So you can learn from that. Even if they are completely different niches, same people might use both.

Rainman
02-18-2014, 05:15 AM
Why not try starting an online business? You could start by blogging about your hobby and sell products related to it. For example if you like golf, you could start a blog about golfing, sell golfing merchandise on your blog as an affiliate marketer. Since you said you want something that doesn't take up too much time, this could be the solution. Of course, you'd have to work a few years before you start reaping fruits for your work but the good tihng is once the moolah starts coming in. . .you could even sell your offline business to concentrate on internet marketing.

jubvman
02-19-2014, 03:31 AM
Why not try starting an online business? You could start by blogging about your hobby and sell products related to it. For example if you like golf, you could start a blog about golfing, sell golfing merchandise on your blog as an affiliate marketer. Since you said you want something that doesn't take up too much time, this could be the solution. Of course, you'd have to work a few years before you start reaping fruits for your work but the good tihng is once the moolah starts coming in. . .you could even sell your offline business to concentrate on internet marketing.

Definitely agree! An online business is easy as it's flexible. If you want, you can even hire people to write content for you and outsource graphic design etc. Plus the start up costs are negligible compared to other business.

Taru
02-20-2014, 01:14 AM
You might want to look into franchising or even just investing a certain percentage of your profits in stocks. Owning stock makes you an investor without needing to worry about management, and franchising is fairly similar to that too but with a bit more necessity for managing, so I'd say both options sounds like a good fit to what you are looking for. I'd advise you to search for ones that are in line with your current business though, just so you don't end up spreading yourself too thin with learning new trades and keeping up with events and news you'd otherwise never have to pay attention to.

foduu1
03-06-2014, 01:31 AM
I operate a pair of different companies under just one patio umbrella corporation. Just one corporation was in producing, another is web development. They may be both equally sole proprietorship, and also all of the bookkeeping is finished beneath brand from the mother or father corporation. Before entering this particular, consult any local bylaws and also taxes polices. Ones accountant wil find a way toset this particular way up for you personally therefore it is done properly.

owesem75
03-06-2014, 01:55 AM
You might want to look into franchising or even just investing a certain percentage of your profits in stocks. Owning stock makes you an investor without needing to worry about management, and franchising is fairly similar to that too but with a bit more necessity for managing, so I'd say both options sounds like a good fit to what you are looking for. I'd advise you to search for ones that are in line with your current business though, just so you don't end up spreading yourself too thin with learning new trades and keeping up with events and news you'd otherwise never have to pay attention to.

this is one of the best advice on this thread. Investing in the stock market is like owning part of the company - BUT although this doesn't require much work from your side, you need to increase your financial knowledge as well as learn some fundamental and technical analysis so you will be able to fully understand where you are investing, why and when to stop. Good luck.

alec
03-12-2014, 03:12 PM
If the other two businesses take less time than the first, you're already on the right track. You can try taking care of certain aspects of all 3 companies at the same time. Let's discuss accounting. Already paying someone to do your taxes and other money related tasks for the first business? Pass the taxes from the two new businesses to the same person also. You already know how he or she works and they do the same with you, thus, less time spent worrying about the issue. It also helps if the new business you start is at lest somewhat tangential with the first. This helps you work on both at the same time in certain situations.

angelicagapit
03-19-2014, 03:19 AM
Since your current business is doing well at the moment, try creating another business that can compliment or relate to your current business so you can easily promote using your current business.

Utilize the success you have with your current business by using that as a means of promotion. You can easily get the word out for your new business if you already have loyal clients/customers in your current one. Another plus is that if your new business relates to your current business, then you already have some prior knowledge about the new business that you're getting into.

Good luck!

SteakTartare
03-20-2014, 09:17 PM
I currently own a fairly successful business that generates a decent income, but I am looking into diversifying my income by owning 2 more businesses that does not require as much attention as my first business.

Excellent idea in general. In this unbelievably wacky economy, even more so.


I'm looking for imput and even suggestions on how to manage multi-businesses. If you own more than one business can you share some secrets on your success?

This will sound like I'm joking, but I'm not: be willing to put in insane hours. I have a "day job" that is pretty much Mon—Sat, then the side gigs happen around those hours. Being committed to that reality is the only way I've been able to keep focus on the different projects.

Beyond that, I've found deeply analyzing nearly every process and seeing how technology can make said faster, cheaper, and more reliable cuts down the workload.

gadgetised
03-20-2014, 11:55 PM
Maybe start a website and try get your business online. Or diversify by selling new products and creating an online presence.

mikelouis
03-21-2014, 12:40 AM
It all depends on the type of business that you want to venture into. If the other two businesses can be incorporated into one and be ran by under different departments, then am sure it will save you more time and cost of hiring new labor.

ursell
03-22-2014, 05:16 PM
I agree with all the advice that you got from the experts. I would like to start a internet business but not
internet marketing can you think of another business that I can start right away?

useruseruser
03-24-2014, 12:53 PM
Try not to do too much. This might seem obvious but I'm very serious. You shouldn't jepordise one of your businesses because you have too much on your plate. I hope you take my advice into consideration.

canoe
04-04-2014, 01:33 AM
It's always good to diversify your income. You've made the right and best choice OP. That being said, make sure you don't diversify too early (or too late obviously). You want to become very comfortable operating your initial business to the point that you've become an expert at it that you can simply monitor it from afar and let is run on its own. Only when that's established should you think about diversifying.

HeinrichM
04-04-2014, 04:07 AM
Going into business with people that you can trust is the number one issue. You will need a good accountant that can keep an eye on the financial performance of the businesses. Make sure that everything is in writing, signed and copied. Your time management will have to be good as well as your priorities.

trot12345
04-13-2014, 12:56 PM
Effectively, what are an individual enterprise presently? Several could operate really well collectively, similar to AliceT believed, having a chain link outdoor umbrella corporation. But, similar to AlecD believed, keeping the up coming gentleman or even women of all ages an individual completely assurance which can help commence the next enterprise has to be good plan. Have demand than the item, on the other hand having other people to keep up the particular day-to-day items may absolutely free an individual technique upwards to be certain your own personal different corporations certainly not experience following new a real will get above surfaces. Usually do not overwhelm all on your own.

Accountingpayroll
11-26-2014, 10:39 PM
Firstly i would suggest you that that your first business is going to earn only decent income so i think you have more focused on this but if you want to really target mult- business so i think you can make a proper plan so that you know at what moment you have to pay more attention on which business. and lead to not too much worried
But be sure that make p[an first to handle multi business at same moment.