It’s a trend that had started before the pandemic, but has accelerated considerably during and beyond—the rise of the multiple business owner. Also known as a portfolio career.

We’ve all heard people talk about their side-hustle; a small business they run alongside their paid employment. However, things have changed over the last couple of years.

Becoming a multiple business owner

Many people also run small businesses from their homes alongside their jobs. Making the most of their talents they run businesses such as cake decorating, fitness classes, painting and many more.

However, more and more people are looking at running more than one business at the same time. Instead of a ‘side-hustle’ they have multiple income streams that all complement each other. And most importantly this means that they are able to be self-employed whilst doing what they love. It also gives them a real variety in their work which boosts their passion and drive to succeed.

From one success to another

It isn’t just people in employment that start an additional business. Many existing business owners are now starting new businesses to run alongside their existing ones. If you have gained success in running one business then why not use your experience, skills and knowledge to start another?

More than just a side-hustle

Some of the most well-known side-hustle businesses are MLM (Multi-level-marketing) or affiliate sales. You’ll have heard of some of the biggest ones; Tropic, Arbonne, Kleeneze, Utility Warehouse etc. They are a legitimate source of additional earnings for many working people.

To describe these businesses as a side-hustle may not be doing them the justice they deserve. Many women who own multiple businesses are making a very good income from all of them.

However, the real beauty of owning multiple businesses is that if you have other income streams you can give a new business the time it needs to become successful without needing to rely on it for income immediately.

Multi-tasking

Nobody is saying that managing a portfolio career is easy, however, as women, we are all used to spinning many plates - some may say it’s our forte! Women are also very good at switching from one task to another with ease, something that you’ll need to do as a multiple business owner.

Think big

From small acorns, big oak trees grow. There are many success stories about female entrepreneurs with multiple businesses. Gaynor Matthews of myNexus is a great example.

A key figure in UK start-up’s for over 25 years on the UK startup scene, Gaynor is currently Co-Founder and Chief Information Officer at Manchester-based myNexus.

First founding Wow How in 2015 and lead the business as CEO to build an AI app for the makeup industry. She also co-founded Sway Solutions, where she mentored startup entrepreneurs seeking pre-seed and seed funding rounds. Next came myNexus in 2019 where she now leads partner acquisition. Gaynor also supports emerging founders, as a Business Growth Advisor at the University of Warwick Science Park.

Multi-faceted businesses

When considering setting up multiple businesses there are a few key things to think about:

• Will the different businesses work together logistically? (e.g. can you run them all from home)e
• How will you split your time between them?
• Do they complement each other? (Can you serve the same client base with all businesses)
• Do they bring you joy and reflect your personality?

Complementary businesses

Running multiple businesses successfully can very often depend on them working well together and complementing each other. Your client base for one business may well crossover with your second or third. This makes generating business so much easier.

For example; if your coaching business is succeeding and you enjoy using networking as part of your marketing strategy then managing a networking group would be the natural next step.

Managing a networking group will give you the platform to make both yourself and your business more visible. The members of your networking group may well be the perfect clients for your coaching business! And most importantly this is true vice versa. When working successfully, managing a portfolio career is like running different departments of the same business.

Each one of our WIBN groups is a franchise that is owned and managed by a businesswoman. Most of our franchisee’s also own and manage other businesses that they successfully run alongside their WIBN business.

We have everything from business coaches, stylists, events organisers and even a canoe instructor!

Each one of our franchisees started their business journey with WIBN as a group member, then liked it so much they decided to make a business out of it.

What do you think your next business could be?

Do you love networking? If you can see yourself running a business as a group leader and franchisee with WIBN you can find out more here.