Should You Run Multiple Businesses? Insights for 2025

Most people don’t realize just how common it is to juggle multiple businesses. According to a June 2024 Forbes report, approximately 15% of small business owners run more than one business. With side hustles and the gig economy surging, managing multiple ventures is quickly becoming the new normal. But is it right for you?

Why Are More Entrepreneurs Managing Multiple Businesses?

Several key factors have fueled the trend of running multiple businesses:

• Side Hustles on the Rise: Thanks to the gig economy, many workers are diversifying their income streams. A Deloitte study from March 2024 revealed that 36% of US workers participate in gig work, with some transforming their gigs into full-fledged businesses.
• Increased Financial Rewards: Managing multiple ventures often leads to higher revenue. In fact, a Bloomberg article from November 2024 noted that multi-business owners generate 2-3 times more annual income compared to those focused on just one enterprise.
• Technology Makes It Easier: From automation tools to collaborative platforms, technology has significantly reduced the complexity of handling multiple businesses. A Statista report from April 2024 found that 78% of small business owners rely on digital tools to streamline operations.

These trends highlight why increasingly more entrepreneurs are pursuing multiple revenue streams and diversifying their risks.

How Do Successful Entrepreneurs Manage the Balance?

Managing multiple businesses comes with its challenges, but with the right systems in place, it’s possible to thrive. Let’s look at the tools and strategies top multi-business owners rely on:

“Juggling multiple businesses can be extremely rewarding, but automation and delegation play a critical role in avoiding burnout.” — Dr. John Mullins, London Business School (Forbes, August 2024)

Top Tools for Managing Businesses

• QuickBooks Online: Consolidates financial tracking across ventures. Pricing starts at $30/month, and it’s used by over 7 million businesses. However, advanced features are available only with higher-tier subscriptions.
• Asana: A robust project management tool starting at $10.99/user/month. It’s perfect for organizing tasks across businesses, although simpler projects might feel overwhelming on the platform.
• Trello: A more visual, card-based project management system starting at $5/user/month. Trello is excellent for smaller teams but lacks Asana’s advanced features.
• Calendly: Essential for scheduling meetings across ventures, with plans starting at $8/month. However, customization is somewhat limited in the basic plan.

Think of these tools as your backstage support staff, ensuring the big show runs smoothly even as you juggle multiple productions.

Pros and Cons of Running Multiple Businesses

Before diving in, it’s important to consider both the benefits and potential downsides:

Advantages

• Risk Diversification: If one business encounters challenges, another venture can provide stability and income.
• Enhanced Revenue Potential: Multi-business owners typically generate higher incomes by tapping into varied markets.
• Skill Development: Managing different ventures hones your ability to adapt and problem-solve across industries.

Challenges

• Time Commitment: Managing multiple businesses requires exceptional time management skills.
• Risk of Burnout: Without proper systems or delegation, the workload can become overwhelming.
• Focus Dilution: Spreading yourself too thin may result in none of your ventures reaching their full potential.

Real-Life Inspiration: Sara Blakely

Take inspiration from Sara Blakely, the founder of Spanx. While her shapewear brand is her main enterprise, Blakely has also invested in several other startups, from health food companies to innovative tech ventures. Her journey is proof that with thoughtful investments and strategic planning, running multiple businesses can be a stepping stone to extraordinary success.

Is Running Multiple Businesses Right for You?

The decision comes down to your ability to manage time and resources effectively. As Barbara Corcoran (Reuters, September 2024) puts it: “The potential rewards are high, but so are the risks. It’s all about prioritization and support systems.”

If you’re considering leaping, start by mastering one venture, leveraging technology, and building a team you can trust. Entrepreneurship isn’t a one-size-fits-all journey, but with the right tools and mindset, managing multiple businesses could unlock opportunities you never imagined.

Thanks for reading!