Triple Win: 3 Ways to Succeed Owning Multiple Businesses as a Female Entrepreneur
It is possible to own several successful buisinesses at once as an entrepreneur.
Entrepreneurship is a dream that many individuals desire to pursue for a variety of reasons, from acting on a passion project to leaving a job that no longer aligns with their career goals. After the pandemic, entrepreneurship boomed – with women having a major part in leading that charge.
Female entrepreneurship, from startups to buying existing businesses, has continued to change the business world landscape, and women taking the entrepreneurial charge has been the biggest difference between 2019 and 2023 business rates.
As female founders continue to succeed within the business community, the idea of owning or pursuing multiple business ventures can arise quickly as the next career step. Multi-entrepreneurship comes with many benefits and allows entrepreneurs to continue growing their network and empire, but there are a few things to keep top of mind when looking to own, launch and run multiple businesses successfully.
Invest in Your Skills and the People Who Will Support Your New Business
When looking to add another business to your portfolio of entrepreneurial ventures, investing in your skills and knowledge is key. Before you even start, take initiative to learn as much as possible about the industry you’re about to enter, even if you think you’re an expert already.
Attending workshops and finding industry veteran mentors will help build a solid foundation for your new business early on. Don’t forget that stepping outside of your comfort zone to take on new challenges is where growth happens, too, so don’t feel the need to limit yourself and the business or businesses you want to pursue because they’re not something you’re currently familiar with. Take the time to learn from others and give yourself grace to master a new industry if that’s what you’re passionate about.
Surround yourself with a support circle of mentors, peers and advisors who offer unbiased guidance and encouragement that focus on building you up along the way. While “it can be lonely at the top”, you don’t have to be lonely on the pathway to thriving with a new business.
When looking to start your next business, find a community that empowers female leaders and entrepreneurs. Connecting with others who want to see you thrive and with others in your business’ community can open doors for you, and when times get tough, provide inspiration and a safety net.
Build Your Teams Strategically with Your Business Vision in Mind
Prioritizing the teams that you entrust to run the day-to-day across multiple businesses will ensure that they thrive in the long run. When building your teams, first look for individuals who share the core values and goals that you have for the company yourself to create a clear vision for the business. Once you’ve found your team, it’s important to give them a sense of purpose and a role in the success of the business. One way to do this is to encourage their involvement in operational and customer service strategies that align with the brand vision.
Aside from creating an environment where employees are encouraged to be involved with strategy, it is important to ensure that the managers who will oversee them are focused on driving their individual career goals as well. This can look like inspiring them to take risks that take them outside of comfort zones and providing opportunities within the business for continuous learning.
If an employee feels they’re consistently developing new skills, being encouraged to take ownership of their role and taking an active part in the business, you can have more confidence in the team’s ability to maintain your business even when you’re not there.
Avoid Overbooking Your Time and Energy
The life of a multi-entrepreneur can be thrilling to start, with the excitement and momentum that comes from opening your new business. Although, maintaining the success of your ventures both old and new can catch up to you if you’re not mindful with your time.
Delegation is essential to a thriving system of businesses, though it can be hard to let go of some of the control behind them. As a multi-entrepreneur, you can't have your hands in every aspect of every business all at once – that's just not realistic. It's important to delegate tasks to the team members you took the time to curate who share your vision and values.
Empower them to make decisions and take ownership of their roles while keeping open communication channels and providing regular feedback to make sure everything aligns. Delegating allows you to free up your headspace for big picture thinking and helps prevent burnout.
Making good use of your time without overbooking yourself between businesses also means keeping organized on every level of each business. To stay organized, you will need to develop efficient systems and workflows within each organization.
You can streamline operations and use technology to your advantage such as tools to manage tasks, track project progress and facilitate fluid communication. Create a structured schedule for yourself that carves out time for each business, but also builds in personal time for self-care. Effective time management ensures you can give your all to each venture and make informed choices to help them thrive, but it also prioritizes including time for yourself, whether that be wellness, family time or dedicated time for hobbies.
Throughout the management of your many businesses, it’s important to regularly assess how each business is doing – look at what is working well and what could improve – and from there note any overlap or disconnect between them.
Regular evaluation combined with an investment into your skills and support system, strategic team curation and effective time management will provide you with a solid ecosystem for mastering multi-entrepreneurship with businesses that are set up for long-term success.
Christena Garduno is an award-winning, inspirational female entrepreneur and leader recognized for her success, determination and creativity. She is CEO of Media Culture and Elite Derma, and Founder of CAG Ventures. She was named a 2023 Bronze Stevie® Award winner as Female Executive of the Year in Business Services, 2023 Gold and Bronze Globee® winner in multiple Women Leaders in Business categories, is a member of the Forbes Agency Council and the recipient of an Echo Award for her work with Turbo Tax.