• Entrepreneurship

Smart Tips for Owning Multiple Businesses and Making Them Profitable by Entrepreneur Shivam Walia.

by CEO Editorial Team

January 30, 2023 12

When you have ideas for multiple businesses that you think may have real potential, you probably don’t want to let go of any one of them. But successfully running a business can have a lot of challenges. Adding another one to the mix can make it harder to figure out how to juggle building two or more ideas into full-fledged companies.

Dubai-based Entrepreneur Shivam Walia is working on multiple businesses at once, he has developed some tips that have helped him make all his ventures a success and is going to help all budding entrepreneurs. Shivam is the Special Advisor to the Chairman of Ramee Groups, the Director of the Flying Colour Group of companies, and the Chief Commercial Officer of Multiverse Labs.

Shivam accepts that owning multiple businesses can pose a challenge for entrepreneurs, but there are strategies you can employ to successfully juggle multiple businesses and make them all successful. He shares that owners of multiple startups have to be incredibly organized and manage their time wisely so that all their businesses get the attention they need. Hiring the right people for all your different companies can help you manage the workload and leverage the expertise of others.

Being someone who owns several companies, Shivam knows the process of managing multiple businesses is not easy. However, he chose to do it to have multiple streams of income. Here are more top tips for others by Shivam Walia who want to do the same:

Use a time-tracker tool for your multiple businesses.

One of the most important pieces of advice is time tracking. Shivam tracks his time on each business to determine if he is balancing all effectively rather than spending more time unknowingly on one over the other. This also helps him understand if there are any places where he can improve his productivity across all the businesses.

He also has a team that uses time tracking to help everyone understand where improvements can be made or where they might automate more of the process.

Be able to make quick decisions.

On this Shivam says, “Curveballs come at me multiple times each day and are often urgent matters that require my immediate attention. I’m used to this happening, and I enjoy it. I like how unpredictable changes make my days more interesting. If all my days were the same, I would get bored. For me, the key to resolving urgent matters that come up is to remain a bit flexible with my time block. I allow extra space within each day’s schedule to deal with unexpected problems that arise.

Hire the right people

The other significant thing you can do to manage multiple businesses is to get the right people on board. If you’re trying to control everything yourself, you’re going to fail. You need to trust others to help you.

However, it’s good to be picky about who you choose to work with for each company. Employees have a tremendous impact on your business’ success.

Prioritise Work-Life Balance

For the owners of startup companies and especially multiple startups, the threat of burnout is real. To keep yourself fresh, productive, and motivated, it’s important to maintain a good work-life balance. Balancing your personal and work time will keep you healthier and happier, which is good for you and good for your businesses.

My advice to serial entrepreneurs is always the same: simplify, systematize and manage multiple businesses like a boss — Shivam Walia.

To know more, follow him on Instagram @shivwalia31