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You may find more opportunities in the future too. The courses I'm currently developing have stemmed from one-off questions that clients have about niche marketing techniques. Is there a part of your business that can generate a hefty amount of capital now? You can always divest part of it or sell it off entirely so you can focus your efforts elsewhere. You can structure the deal to remain on as a shareholder too.
- Go to your calendar and start blocking-out specific times for yourself.
- When you manage multiple businesses, you must have firm boundaries and a stable business budget.
- If you already have an LLC or are looking to form one, DBAs — often called “fictitious business names,” “assumed names,” or “trade names” — can be a great choice.
- If you've already been running an LLC or corporation (or two…or more), you're ready to join the ranks of serial entrepreneurs.
- Sometimes there is a doubt about which company they love most.
Also, it sounds like you’re in the testing phase with various different store ideas, products, etc. I’d keep things super simple and just focus on making money. And even if things grow, having multiple LLCs for this sounds like overkill. And could be really stressful with a lot of paperwork to manage, multiple bank accounts, multiple tax filings, etc. As any serial entrepreneur will tell you, it's not actually that crazy to start and manage multiple businesses.
With the proper marketing and sales foundation in place, it’s time for scale.
Once you have built an online store, you can sell products by owning multiple businesses on the same platform. Make sure to add multiple payment gateways, create an attractive eCommerce product page, set the right prices, and promote your eCommerce website. Although some people having multiple businesses tend to create a holding business that acquires all of their other companies, it can risk complications. If there is a potential legal or tax issue found within any of your businesses, you will struggle to get rid of those accusations. Although more paperwork is involved in creating separate entities, there is less damage control. Another option for running multiple businesses is to create individual LLCs for each of the businesses and then put them under one parent LLC that acts as a holding company.
If one business fails, you can easily carry on operating the others without putting them at risk. DBAs allow you to conduct business legally under the approved assumed name. Tools, guides and resources to help you explore your options. https://www.wave-accounting.net/ Measuring results helps you stay on top of your company. Additionally, it gives you insight into what you can do to improve. Your employees can run the others while you dedicate your attention to the one that needs it the most.
DAY DEEP DIVE INTO MARKETING & SALES
However, generally, PLLCs are restricted to only engaging in professional services. There isn’t a simple “one size fits all” best answer here. You form a new LLC (in whatever state you’d like). You keep the original LLC you have, but you assign Running Multiple Businesses the LLC Membership Interest from yourself to your LLC holding company. I really appreciate all the information you’ve provided, it has been very helpful. Do you have any information/feedback on Series LLCs- more specifically for Indiana.
Bring the two businesses together as much as possible across processes. Remember, if something's not on your schedule, it's not worth your time. And when you set your schedule, stick to it; streamlining your schedule can make it easier to prevent arguments with yourself about the value of any given entry. I understand that the data I am submitting will be used to provide me with the above-described products and/or services and communications in connection therewith. We'll be in your inbox every morning Monday-Saturday with all the day’s top business news, inspiring stories, best advice and exclusive reporting from Entrepreneur.
YOU, YOUR TEAM AND YOUR BUSINESS NEED THIS TO SCALE AND HERE’S WHY…
Because of this phenomenon, it is actually more expensive, relatively, to own and operate just one business instead of several. You can add more revenue streams by having multiple companies, while sharing a lot of the expenses among the companies. In other words, you need to spend a certain amount of money to form the company, drive brand awareness, and ultimately get your business off the ground. A more general type of diversification occurs when you run multiple businesses. When you have multiple businesses, you can get them to work synergistically. Well, at one point I was directly involved in running nine businesses – eight SaaS companies and a marketing agency – with monthly recurring revenues ranging from $10,000 to $800,000.
