Episode 55: Tips for Building Multiple Businesses
Real Business Owners
Trevor Cowley
4.9 • 713 Ratings
🗓️ 17 June 2020
⏱️ 35 minutes
🧾️ Download transcript
Summary
Before we get into it there’s one thing we want to make clear, you should only look into starting a second business AFTER your first venture is profitable. Don’t be a dumbass.
That said, we obviously believe in the power of owning multiple businesses (we co-own five companies with various partners). There’s something invigorating about startup mode, and having multiple irons in the fire can be huge if one venture starts to struggle!
Still, making the jump from entrepreneur to SERIAL ENTREPRENEUR comes with a host of new challenges, hence today’s topic! Our experience has taught us that one person can’t give multiple businesses the attention they need, so it ultimately comes down to doing the one thing most entrepreneurs hate most - trusting others!
Listen for tips to make this process a little less painful.
Video of this podcast is available at YouTube.com/RealBusinessOwners.
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Transcript
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| 0:00.0 | Real business owners. |
| 0:03.1 | Welcome back to the Real Business Owners podcast. |
| 0:06.0 | This is episode 55 with myself T-Unit. |
| 0:10.0 | I'll call myself T-U-Nit today in Kilo-G. |
| 0:12.6 | This is our gangster day because we've done some gangster shit over the years, like build multiple businesses. |
| 0:18.0 | So that's what today's episode is going to be about is, you know, |
| 0:22.3 | how do you build several businesses at one time? You know, we've got a couple messages on |
| 0:28.0 | Instagram about, hey, how do you juggle your time? How do you build multiple businesses? |
| 0:32.5 | Do you schedule certain blocks to focus on this business and then move over to this business. |
| 0:37.7 | And so we have a few that are obviously running several businesses at the same time or have a |
| 0:45.2 | business and they're starting that second business, kind of that side hustle or whatever it is. |
| 0:50.9 | And this is a subject that some people, you know, some people say don't do multiple things |
| 0:56.1 | at once because it's a distraction. Yeah, which can be true. Yeah, it can be true. If you try and |
| 1:02.0 | start them all at one time, you're probably going to spread yourself too thin and fall flat on your |
| 1:06.3 | face. I think that that might be one of the issues, right? Is if you're trying to do three startups at one time, a startup's going to demand, obviously, |
| 1:14.5 | a lot more of your attention than a business on year three or four or five. |
| 1:19.1 | Once it's at least break even, we're making a little bit of money. |
| 1:23.1 | And once it's making a little bit of money, that affords you the ability to put people |
| 1:28.7 | in place. |
| 1:31.0 | And I think that maybe that's where some people are going wrong. |
| 1:34.2 | Is there not, you know, we were talking about this, obviously prior to coming on, and |
| 1:38.3 | this is a subject that Cal said that maybe we should talk about, and it kind of matched |
... |
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