Entrepreneurs and everyday people alike are often encouraged to pursue multiple passions and multiple interests. For those who engage in business, this often translates into them being told to pursue multiple businesses in multiple niches. This does have some benefits as it means that there are multiple sources of income and their investments are protected because they are diversified. However, navigating multiple business niches can be quite challenging for a business owner as it means their time and resources are divided. However, this can be done. Zaf Baker, an entrepreneur who deals in both car dealership as well as real estate along with his brother Adam Baker across multiple countries and continents. They are proof that juggling multiple businesses in multiple niches can be done with a few helpful steps.
- Have a good team: Zaf and Adam Baker are at the center of the business, both the real estate and the car dealership enterprise. This sort of support system is essential if you are going to be juggling multiple business niches as it means that you will have help with whatever task you are caring out as well as guidance and overall, this boosts morale. Before you begin engaging in multiple passions, make sure that you have a support system behind you. This could mean your business partner, this could mean the team that you pay to carry all the day-to-day functions of the business or this could be professional such as your financial advisor. Either way, ensure that you have a formidable team behind you as it will greatly increase your chances of success and reduce the margin of error.
- Define and decide on all niches: Many business ventures fail before they even begin due to lack of planning and it is essential that you avoid this. Before you begin investing in multiple business niches, decide first on how many you are willing to engage in at a time. For some, it may be one or two and for others, it may be more. Once you decide on how many you have the time and resources to engage in, decide on which niches you want to go into. It is best to choose niches you are passionate about or have some sort of experience with to make the transition much easier for yourself and for those who will be working for you. Before you begin, conduct as much research as possible into the niche in question and make sure you know the ins and outs before you start.
- Allocate time for each: One of the biggest steps towards juggling multiple business niches is to divide your time and resources between each. This might mean focusing specific time of your day on one particular business and another time for the other. It might also mean deciding how much money will be invested in one versus the other. Decide ahead of time how much time and resources each business will be receiving and then take steps to properly allocate them. This involves budgeting, creating a concrete schedule to keep you on track as well as informing all members of your team.
- Delegate and automate: Running multiple businesses is bound to be taxing and time-consuming. To make the process easier on yourself, try as much as possible to delegate and automate tasks. This ties back into the previous point of having a solid team behind you just as Zaf and Adam Baker do. In terms of delegation, feel free to delegate tasks either to members of your team or professionals who work for you. Also, invest in as many automated services in order to take the burden off your hands. This includes automatic payroll software, social media posting apps, document generators, and so on. This will save you a world of time and effort in the long run.
- Know your limits: At the end of the day, there are a few things more important than knowing the limitations to your own power and acting as such. If you were only able to juggle two businesses at a time, then only invest in two at the time and do the best that you can. As much as they are many benefits to juggling multiple business and issues, attempting to do so without enough resources or experience can be catastrophic and can cost you money in the long run. At the end of the day, make decisions based on your own capabilities.
Juggling multiple business niches is not an easy task but it is one that can be done. Follow the above steps to determine the best way forward, following in the footsteps of entrepreneurs like Zaf and Adam Baker.