If I’m An Entrepreneur, Why Would I Need A Coach?
Once someone catches the entrepreneur “bug” they often find themselves involved in a number of different business initiatives. Entrepreneurs are a rare breed, many who simply can’t turn off the switch when it comes to new ideas and ultimately new businesses. If you find yourself constantly thinking of new businesses, or if you’re currently running multiple businesses and feel like you’re overwhelmed, it may be time to invest in multiple business entrepreneur coaching. Alice Pallum has years of experience as a business coach and can help you to prioritize your time so that all of your business endeavors can have the best chance of succeeding.
The Risks of Running Multiple Businesses
There are several risks to keep in mind if you’re thinking about or currently running multiple businesses, a few of which are outlined below:
- Lack of focus – Sometimes if your energy is focused on multiple businesses, you aren’t able to be successful at any of them. This is because you’re trying to divide your time among all of your businesses and you simply don’t have enough hours in the day to sufficiently run each one effectively. This problem can typically be remedied by investing in the right team to help you manage your different business endeavors. This may include internal personnel as well as outside advisors in the form of business coaches who can give you an unbiased opinion about how you are running your various businesses.
- Giving up when times get tough – Sometimes business owners will hit a rough patch in their businesses and instead of digging in and figuring out why their business is in trouble, they’ll completely divert their focus and start a new business. This is not the answer and could simply cause you to lose multiple businesses as opposed to salvaging the original business that you started.
Tips When Running Multiple Businesses
If you currently manage multiple businesses, there are several key tasks you can tackle to improve the chances that all your businesses will succeed.
- Don’t start a new business until you’ve optimized your first one – Starting any type of business can put a major strain on your finances and your life. Avoid overcommitting yourself and instead focus first on putting the necessary processes in place to ensure your first business is running as optimally as possible. This often means hiring the right team to manage all facets of your business so that you can focus much of your attention on other business endeavors.
- Share infrastructure if possible – The beauty of running multiple businesses is that you can often share some of the same infrastructure across your different businesses. Your IT team, receptionist and accountant for instance can likely handle overflow from your multiple businesses. This can help to reduce your capital expenditures as you launch multiple businesses.
- Hire a business coach – A business coach that is well versed in helping entrepreneurs who are running multiple business can be invaluable. A business coach can help you to focus on your goals and prioritize how your time can be best used across your different businesses.
- Focus on time management – When you run multiple businesses, every minute matters. It’s critical that you focus intently on time management to ensure you’re not wasting time throughout your work day.
Running Multiple Businesses? Reach Out to Alice Pallum Today.
If you’re running multiple businesses and feel like you’re never able to complete your ever expanding list of tasks, it may be time to reach out to Alice Pallum of AMP Business Coaching. Contact her today at (612) 799-3991 and she’ll be glad to sit down with you to learn more about your multiple businesses and how she can help you streamline your daily activities to help you focus more on growing your businesses as opposed to being stuck in the daily grind.