It’s no secret that the COVID-19 pandemic decimated some businesses. There are plenty of businesses in all industries who shuttered their doors, never to reopen again. So, it may come as a shock to some that I was able to keep multiple businesses afloat during the pandemic, even opening new businesses amid the unprecedented upheaval.
Running a business is a skill you develop over years of making mistakes, taking on mentors, and learning by doing. The loss of a business during a time like the pandemic is not something one needs to be ashamed of, but it can be looked at as a learning opportunity for entrepreneurs of all kinds. 2020 and even 2021 were trials by fire for many business owners.
So, how is it done? How can one have multiple irons in the fire and come through turbulence financially sound, with doors still wide open?
The list is not exhaustive, and there’s more than one way to skin a cat, so to speak. But, below are some factors to consider, whether you are looking to start a business or already running businesses and learning to ride the wave of uncertainty that is the pandemic.
Business Literacy
Yes, you have to have drive. You must have passion and grit. But, you also can’t fly by the seat of your pants if you intend on staying open. It would help if you brushed up on your business literacy. This means wrapping your head around the financial aspects of ownership, marketing, and basic operational functions. It may not be the glamorous side of entrepreneurship, but it’s essential.
Time Management
If you are running multiple businesses, you won’t get very far without properly managing your time. Whether you rely on a written schedule, Google calendar, or an assistant to help you stay on track, a system of time management will help you juggle the who, what, where, and why of what’s going on with all of your projects.
Networking
Networking is fundamental to building any business, especially new businesses. It’s also important to network during tough times. Not only does networking keep your name out there, but it helps form bonds with other business owners who are experiencing the same worries, stresses, and fears you may be experiencing.
Get Creative
When the pandemic hit, and I had just opened the doors on one of my restaurants, I knew I had to be creative to keep interest going and to allow people to feel safe and inspired to go out and spend time in a restaurant. We did combo deals, special signature drinks, and happy hour specials. Anything people could not provide for themselves at home. If it’s tough times and you are juggling multiple businesses, you have to tap into that creativity center of your brain. Most entrepreneurs have it. It’s that part of your mind that comes up with wicked-good ideas when you’re in the shower or right before you fall asleep. When times are tough, that is the time to bring those ideas out.
Dream Big
Entrepreneurs are the type of people who get bored quickly. They thrive when they have multiple things on their plates. To keep yourself motivated, feel free to tap into that buffet of interests you have before you. Open that Etsy shop, look into running a restaurant, see if you have what it takes to be a photographer or a wellness coach. Whatever trips your trigger, if it won’t let you go, it’s probably worth another look. Don’t let hard times deter you from dreaming.
It takes a special kind of person, and some may say crazy, to pursue running multiple businesses at once. It also takes a special type of person to keep those businesses afloat amid something as tricky to weather as the pandemic. If you feel the pull to continue to pursue multiple passions and “hustles,” you may be that special kind of person.
Stay organized, stay focused, and, perhaps most importantly, stay safe, and you will likely land on your feet with your businesses thriving.
