Keep the First While You Move On to the Second
I was having a conversation with a young entrepreneur and what he was telling me was he actually moved on to his third business, but the problem he was having is his second and first business had actually had to be closed down because they weren’t becoming successful anymore. Now, they used to be widely successful. When he started with his first he worked his tail off, learned the ins and outs of business and what it took to run a business, actually was able to scale it and then freed his time and used his capital that he had gained from the first business, the money he made, and implied the second business, which I think is actually really smart. Then he did the same thing with the second business, but while he was building a second business, his first business started to diminish, right?
It started to go down because it was lacking his focus and attention. It just needed that to grow. It wasn’t set up properly. It was set up on a shaky foundation, and then he did the same from his second business to his third and the third business actually started to do well, but at the price of the second and the first.
Now today, he was talking to me, he was asking me, “Doug, how do I actually manage this? I want to go to the fourth business now, but I’m worried about the third and I just keep going and going.” I was talking to him I said, “Look, you can’t, you can but you shouldn’t. If you want to be the Author of Your Own Story and really live a digital lifestyle and be able to travel and do the things that you want to do … ” Now this was his story that he related to me.
You want to keep that first and second business thriving. The key is to set the first business up almost like you were going to scale in the sense of franchise, so it’s able to be taken over by somebody else and you are able to pull yourself out of that business at one point, then you need to put somebody else in place. So put a manager, or another CEO is a common way that you could do that, in the place of your business, while you’re moving onto your second so they stay stable.
There’s key performance indicators or KPI’s that are in that first business, so you know the health status of the business. You still should be relying on the business or excuse me, not relying, but you should be looking deep into the business just so you know what’s going on. Then do the same thing with the second business if you’re that lucky. If you’re lucky enough to have two businesses, then work onto number three, great. But the key is to have the infrastructure in place so the businesses don’t run you and you’re able to run them.
Full article: https://www.authorofyourownstory.com/keep-first-move-second/