The More, the Merrier: 3 Compelling Reasons to Have Multiple Businesses
While a lot of people reached success by focusing (and doing great) on one business, there’s also merit in running multiple companies. More businesses mean more chances of success. Entrepreneurs commonly have the Type A personality, that’s why jumping into such kinds of endeavors are somewhat a natural decision. Here are other reasons they are doing it, and you’d probably find inspiration in running multiple businesses:
It offers financial security.
When you look at the statistics, a majority of start-ups fail. It’s a sad reality that most budding entrepreneurs end up not seeing their business vision completely come to life. But a more grim reality is people lose a lot of money in such stalled endeavors. If you want to have a better sense of financial security, don’t put all your eggs in one basket.
Seasoned entrepreneurs venture into different businesses. Some go after economy-proof businesses, like restaurants or healthcare services. Others build their financial security by seizing what’s profitable today in the market or riding on already established brands and exploring, like co-working space businesses or an office franchise opportunity.
It enriches the entrepreneurial experience.
Running multiple businesses builds up expertise. It offers different perspectives, as you go into different industries. With a broadened expertise, you become more equipped to tackle dilemmas and challenges in the changing business landscape.
Furthermore, multiple businesses allow you to explore further your other interests. Most entrepreneurs try out endeavors that appeal to their hobbies. Take Steve Jobs, for example. When he was ousted from Apple, he picked up on his love for creativity and bought Pixar. He was able to play on his interests and not let it waste away (not to mention make good money out of it).
It establishes your influence.
With the ability to juggle businesses from different industries, you’re able to establish and grow better your influence. You get to be invited to seminars and conferences, write books and blogs, and give advice to starting entrepreneurs. This enlarges your network, exposing you to a lot more business opportunities and success.
Consider running multiple businesses. If you have that work efficiency and enough funds to do it, go ahead and do it.