1. Use the same physical space to run both places.
This will help you to save time and also decrease your stress as you will able to run both the businesses from the same place.
2. Prioritize what needs your attention.
Focus on what is the most important aspects of running the two businesses together whether it’s funding or good product range. Identify and prioritize most of your time for that.
3. Try not to sweat the small stuff.
Don’t waste your time on issues that can be solved easily.
4. Make lots of lists and follow them.
Know your lists of tasks & follow them properly to manage your workload.
5. Use a time-tracker tool for your multiple businesses
This can be very helpful in the long run as it will help your save a lot of time and energy and make you more productive.
6. Keep reports on each business to gauge results and maintain accountability.
Know which activities are profitable & which activities are resulting in loss and take necessary steps.
7. Work with your co-founders and team to help balance the workload of running multiple businesses.
A better team can help you mange your workload and you can feel stress free.
8. Bring in experts to handle certain aspects of the company.
Certain important areas should be handled by the experts of that respective skills so that you can get best results.
Case Study: Elon Musk
In 1995, Musk, his brother Kimbal, and Greg Kouri founded Zip2. Errol Musk provided them with $28,000 in funding.]The company developed an Internet city guide with maps, directions, and yellow pages, and marketed it to newspapers. Later in 1999, Musk co-founded X.com, an online financial services and e-mail payment company. Musk founded SpaceX in May 2002 and became the company’s CEO and Chief Engineer. In 2015, SpaceX began development of the Starlink constellation of low-Earth-orbit satellites to provide satellite Internet access,] with the first two prototype satellites launched in February 2018.At
Tesla, Musk led the Series A round of investment in February 2004; he invested $6.5 million, became the majority shareholder, and joined Tesla’s board of directors as chairman. In 2016, Musk co-founded Neuralink, a neurotechnology startup company, with an investment of $100 million. Neuralink aims to integrate the human brain with artificial intelligence (AI) by creating devices that are embedded in the brain to facilitate its merging with machines.In 2017, Musk founded the Boring Company to construct tunnels and revealed plans for specialized, underground, high-occupancy vehicles that could travel up to 150 miles per hour (240 km/h) and thus circumvent above-ground traffic in major cities.Last year,Musk had successfully concluded his bid for Twitter for approximately $44 billion. Hence, Elon Musk is the prime example of how to do multiple businesses.
