Little Known Business Tactics to Detect How & When to Expand Into Different Businesses

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Many entrepreneurs go into different businesses, find one that hits and they get stuck there. The reality is, it’s not safe to put all your eggs in one basket. When most entrepreneurs are going into the industry, they have many ideas in mind. Always trying new ideas to see what sticks. That’s a common thing to happen. Well, every successful entrepreneur out here is involved in more than one business. We can also agree that it is safer to have multiple establishments. It is wiser not to put all your eggs in one basket. You can’t know when one of your businesses will be taking a dive.

Serial entrepreneur, CEO, and Cofounder of ALL IN Entrepreneurs, Sal Shakir has over 20 businesses running successfully. He is proof that you are not too busy for more than one company. The goal is to continue with your lifestyle while at the same time growing when you start up more businesses. Here is Sal Shakir’s little known business tactic to expand into different companies.

Secure Funds

The first thing to make sure of before setting out to work on a new business is the issue of funding. Usually, when you leave one shop to start another, it might take a hit financially. Consequently, it only makes sense to have your finances in check. Before going to the other business, make sure to secure funds to keep your other firm(s) afloat.

Systems and Processes

Even with your finances taken care of, the money will not safeguard your business’s future. You have to make things right the whole way. That includes ensuring you have the right systems in place, processes, people, leaders, and delegation. Of course, you wouldn’t just leave your company in the hands of people who do not understand how it works, its systems and processes.

As the business owner, utilize all available technology to put in place the right system of operation. Things like marketing and everything else involved. Since you know how everything works in the business, it is crucial to give proper training to anyone you bring on into the team. Every company is unique in its operations and processes. One can’t come in and just run yours like you do without undergoing training of some sort. Things like video call records may come in handy with showing an employee how to handle business. Many people today learn better with video than other forms like reading and taking physical lessons.

The Right People and Leaders

Also, do not ignore the people factor in the business. You might have the most prominent work ethic, but you can’t do everything, especially if you are looking to expand to multiple companies. Since you will not always be there to take care of the business’s day to day running, it only makes sense to bring in help. It is vital to bring in the right people. Not everyone has the vision that you have. After training them and running the business in the lead position, there comes a time to appoint a leader among your employees. But that does not mean you can’t hire one from another source. It all comes down to spotting the right one.

How do you know someone is right for a leadership position? Well, the first thing to remember is that no one is born a good leader; you can only make one. Take that good CFO and make them CEO. People come and go, but your foundation is the leadership you leave in that business and department. The right leader is the one who does the work when you are not looking. They must lead from the front and be proactive.

Delegation

After training your people and establishing the right leader, it is time to delegate and move on to your next venture. Most entrepreneurs have a problem trusting other people to run their business, but delegation is one of the essential tools of leadership. Even the best of leaders struggle with training and delegation. If you have the right team in place, trust that everything is going to run as it should without you having to be there. When the business shows consistency in revenue, and you already have a CEO, it is now safe to start another one.

In conclusion, many people stay with business ideas for too long, taking years to start. Others even take their great ideas to the grave. Sal Shakir advises that if you’ve been waiting for more than six months, don’t wait any longer, do it now. If one of your businesses is taking time from others or more than you intended, it is time to quit for good. It is not worth the stress.