Can I Run Multiple Businesses From Home?
Although it is hard to run multiple businesses from home, it can be done. Keep reading to find out how you can manage them.
Managing multiple businesses from home can be challenging. However, it is possible to do so. You can also register multiple businesses under the one ABN, by registering multiple business names. There has been a rise towards entrepreneurship with individuals launching new businesses everyday. The best part is, it can all be done from home. These businesses can range from clothing boutiques to beauty parlours. It is completely legal to have multiple business. However, you must be able to manage them and ensure they are run successfully. You will be liable to any breach of business law. Moreover, you might find this more difficult as your business grows. Not all businesses will require an office space and they can be managed from home.
How to manage multiple businesses
Use the same physical space to run them
Running both businesses from home will save a lot of resources. This is because the costs are being shared between both companies. If you have enough space at home, you will probably save on the rent of hiring a place. Contrastingly, if you don’t have enough space, you should still run all of you businesses at one location. This will allow you to oversee all ongoing operations and to attend different meetings you may need to.
Combine tasks when you can
Your businesses will probably have different ideas and are separate entities. However, combining what you can might be more profitable for you. This is because you can deal with multiple businesses at once rather than one at a time. Hence, you will save a lot of time. Moreover, organising a business plan for all companies is very effective. You could also devise a marketing strategy, sales initiatives, tools and platforms altogether. These formats will be similar for each business. Therefore, you can see what can be kept and what may need to be changed. On the other hand, you will benefit even more if your businesses are of a similar nature.
You should plan which business requires more work or attention. If one does not need much time, then spend more time overseeing the other. Moreover, it is important to monitor the prosperity of your multiple businesses. This will help you recognise any faults that you can change for later. You need to be organised and delegate time and resources according to business needs. A time tracker tool can help you keep up to date on your tasks. Another idea is to keep a checklist and tick off tasks.
Reports on multiple businesses
Each business needs its own reports to monitor their success and to maintain accountability. Try to keep things like finances separate to avoid any confusion. Moreover, you should ensure you have a clear payroll system if you have a lot of staff under you.
Even a business at home must adhere to the law. Ensure you are complying with relevant standards. You should always monitor your businesses to measure their prosperity. This will help you identify any issues or changes that need to be made. Although it can be challenging, it is definitely possible to run multiple businesses from home. Contact a business lawyer for more information.
Aditi currently works in the Content Team as a Legal Intern for Lawpath. She is in her third year of a Bachelor of Law and Bachelor of Commerce (Accounting) at Macquarie University. She is particularly interested in Property and Criminal Law.