Entrepreneurship, what is its soul? Is it about being your own boss, being the next the Steve Jobs, killing the routine, or simply having a passion?
To be successful you need passion. It drives entrepreneurs to work for 15 hours every day, restrain their social life and all the other sacrifices. The initial struggle is a short constraint to a life you aspire and that others only dream of. Running one business is hard enough, but running two simultaneously becomes even more complex. Joel Barker once said “Vision without action is a dream. Action without vision is simply passing time”. So you need passion, a vision and action plan.
Build one business first with a strong brand identity and evolve
Choose a niche market you are passionate about and position your brand as a problem solver. Your services or products should be tailored to suit your target audience so they can immediately identify themselves. Defining your niche market is important to build your expertise and credibility. Before your client can buy your products and/or services, you need build trust and your brand identity.
Showcase your expertise by offering great lead magnets (E-Book, webinar, white paper, free consultation). To build your brand identity, focus on delivering excellent customer service and your happy clients will do your PR by telling their network how good you are. If you can share success stories through social media, do it as your audience will believe in the authenticity of your brand. Remember, through your brand messaging you should tell your prospects what they want to hear not what you believe they need.
Use your set of transferable skills to create the 2nd business
When you first business is established, evaluate if the set of skills and experience you have gained can be transferred in a different sector. Then apply the same success method you used to successfully run your first business. The experience I gained working in B2C fashion allowed me to work successfully in B2B fashion. The network and client were similar. It has to be perceived as a natural evolution for your business.
Build teams who work in synergy
As any company, success relies on its ability to attract talented employees, motivate them and retain them. To be able to do so, build a brand with a strong company culture and offer work flexibility, team bonding activities, perks and always praise your employees. Use blogging and social media to share personal team moments that will make your clients excited to work with you. If your recruitment budget is limited, focus on recruited ambitious and talented graduates who are keen to get more experience, more responsibilities and with a strong creative mindset. Because of their limited experience, the interview process should test their common sense, creativity and core abilities. When you run two businesses, your teams should always understand your whole brand so they have the ability to support one another and collaborate on specific projects.
Create a culture that empowers innovation and creativity
Poor management is the major cause of lack of motivation and passion within the team. It is crucial to ensure your team feel value and part of a big picture. Always encourage creativity by getting your teams involved in every launch project. The more you make your team feel value, the more productive your team will be involved and low will be your turnover. Great business ideas sometimes come from a junior employee.
Stay true to your company culture but never stop evolving
Your business will naturally evolve. Evolution doesn’t mean you should lose your brand identity, culture and authenticity. Virgin was created in 1970, started as a mail-order record business and is now one of the most loved multinational companies. It all started with a man who had a vision of great customer service and transmitted this vision to his team so they could work with same passion and enthusiasm.
Customer is king, never forget this.