7 Reasons Why You Should Own Multiple Businesses

7 Reasons Why You Should Own Multiple Businesses

by Jyoti W

It takes a lot of courage to start a business, especially when you are new in the field. The only thing that goes in your mind is how to grow your business and gain maximum profit. There should be a rare combination of drive, ambition, creativity, persistent and impatience for action in a person. In the world of business entrepreneurs, there are some who wants to focus and dedicate all their time, energy and ideas into just one business whereas, there are several other entrepreneurs who want to have multiple businesses. This special breed of people is known as “serial entrepreneur”. They are the people who have experienced the excitement and fulfillment of figuring out how to start and grow a small business and later on they found themselves wanting to do it again.

It is obvious that when you start a new business, the first and the most important thing that crosses your mind is that- your new business should not affect your existing business. But remember one thing that if you have started a business once, then you can start it again and all you need to do is stay focused. Having multiple businesses will help you grow and expand your empire. A very good example of this is Atul Gupta from the Gupta family. He went to South Africa and started a small business of Sahara Computers and by passing years he kept on starting new businesses which made him one of the leading entrepreneurs of the country.

It is obvious that one company is not enough when you are passionate enough to expand it. You should invest in multiple businesses and here are the reasons why you should do it.

1. Running a single business can get boring.

Yes, that’s true!! If you run only one business it can turn out to be boring but running multiple businesses will never make you feel so. After spending some time in a business, would want to start something new. Running multiple businesses will keep you tight, active and energetic which means you will keep on planning new strategies, creating new ideas, et al. and this will bring a set of unique challenges and thrills.

2. Starting multiple businesses helps you to stay fresh.

There is no doubt that with every step of yours, you get to learn something. Likewise, when you start a new business, you obviously get to learn about new things and learning can be fun which will help you to stay fresh and ready to face new challenges.

3. You get to share your experience and skill.

When you own multiple businesses, you get a chance to share your experience and skill with others. When you are experienced in starting a successful business, use that experience and start another company. This will help you to set an example for others and in a way you will be teaching them how to start a business. Experience is one of the most valuable takeaways from founding a company.

4. It helps in promotion.

Each business can help you in a promotion of other. This can help your businesses to grow simultaneously. Like if one business has high website traffic, then it can help the other to grow popularity. Or one business can also develop business foe the other. Suppose one of your businesses is of event management and your other businesses are of printing invitation cards and catering. You can get business for your card invitation company and catering company by your event management business.

5. It diversifies your income sources which can offer greater financial security.

Yes, multiple businesses help you to divide your income in different fields and therefore, it can turn out to be a great financial backup. You get to earn profits from all the businesses of your and hence, this increases your financial security.

6. Your business makes it easier for you to start another company.

Your network or contacts that you have made through your business will help you at the time of starting a new company. Like for example, when you start a business you obviously get to meet investors, advisors, other businessmen, suppliers, and many other people who help you to start the business. Since you have already gained their trust by the success of your first business, they happily join your hands when you will start another business.

7. Multiple businesses bring to the limelight.

It’s not all about getting rich it’s about fame as well. No doubt multiple businesses give you money but it also brings you in limelight. Your influence grows day by day along with your businesses. It is another advantage of be a serial entrepreneur. You get the fame everyone starts to talk about you and many other things. To reach at that level might be difficult, exhausting and full of challenges but at last all that matters is the result which is indeed amazing.

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