Two At A Time | How To Run Multiple Businesses Effectively
In this episode of Commerce and Chill, Jessica and Waleed discuss the ups, downs, ins and outs of running multiple businesses simultaneously.
At the beginning of the episode, Waleed and Jessica discuss Waleed’s decision to start The Soap Box while simultaneously running their security business, Johnson Security Bureau. For Waleed, the decision was about legacy, community, income, and impact. Coming from a family that was actively in the laundry business as well as other community businesses, Waleed saw the value of community-based businesses and services and the value that they have in terms of community impact, providing jobs, building family legacy, and the freedom associated with having multiple streams of income. For Jessica, who also comes from a background of family business, it was also especially important to consider the community impact in the place where they live. Jessica’s family business, Johnson Security Bureau is located in the neighborhood where she grew up, while Waleed and Jessica’s joint business, The Soap Box, is located in the borough where Waleed grew up. Prior to starting The Soap Box, the pair spent so much of their time away from the borough despite living there and wanted to have more of a lasting presence. The Soap Box allowed them to do so.
Nonetheless, in order to make their multiple businesses a reality, Waleed and Jessica had to find ways of managing their time to accommodate the needs of the new business. For Waleed, who is the run-and-gun partner, between himself and Jessica, this meant setting up systems of operation and communication with his on-site teams at TSB to enable him to manage activities off-site. Early on, the needs of the business required him to spend as many as 4, 5 or even 6 days a week working in the new business, and to travel back and forth between them. Now, as the systems and business model have improved, Waleed is able to spend less time going back and forth between businesses and more time planning for the future, because his team is more self-sufficient. As a run-and-gun style manager, he looks to break his tasks up into chunks of activity rather than a minutely-detailed schedule. This allows him to plan and prioritize for the activities that are most important, while also leaving space for the inevitable disruptions, distractions, and last minute business needs. On the other hand, Jessica prefers to more granularly schedule her time.
Whether running multiple businesses or having multiple responsibilities in life (such as a job and side hustle or two jobs), three suggestions on effetive time management from Jessica and Waleed are:
- Get a partner who is strong in areas where you are weak and vice versa.
- Spend the time to build systems and infrastructure that enable you to work your best (including your business model and communication channels).
- Plan things out in detail or work with someone who can, then write it down and be intentional about how you spend your time and days.
For more on this topic, check out the Commerce and Chill podcast and follow Jessica Johnson-Cope and Waleed Cope at the links below.
► Listen to the Commerce and Chill podcast on Anchor:
https://anchor.fm/commerce-and-chill
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