Running multiple businesses is an ambitious and rewarding journey, especially when undertaken at a young age.
Le-an Lai Lacaba, a seasoned entrepreneur, shares her experiences managing diverse ventures.
Her insights offer valuable lessons for aspiring and current business owners who wish to scale themselves and take on the challenges of running multiple businesses.
1. Embracing the Shift from Employee to Entrepreneur
Le-an's entrepreneurial journey began in her early twenties, transitioning from being part of someone else’s business to owning and managing her ventures. Initially, she experimented with several small businesses, including a book subscription service and selling digital products. These experiences paved the way for founding her first solid business, 2xYou, a virtual assistant agency. This transition required her to shift her mindset, stepping into the role of a leader responsible for building and sustaining a functioning system.
2. The Importance of Systems
Le-an emphasizes that creating reliable systems is crucial to managing multiple businesses successfully. Early in her journey, she relied heavily on her own time and energy to manage operations, but as her businesses grew, she realized the need for repeatable processes. Systems allowed her businesses to operate independently of her, enabling scalability and sustainability.
For example, in 2xYou, building a system where virtual assistants are matched with clients and supported consistently by the company ensured smooth operations. Similarly, for her AI consulting business, Create AI, Le-an documented processes such as onboarding and client updates to maintain clarity and efficiency.
3. Building and Managing Teams
A critical factor in managing multiple businesses is having the right team. Le-an highlights the importance of distinguishing roles between teams across different businesses. While 2xYou operates as a self-sustaining unit, her newer venture, Create AI, involves a smaller, closely-knit team that includes her assistant and other specialists. Clear distinctions between teams help streamline responsibilities, foster accountability, and avoid confusion.
4. Financial Clarity and Separation
Managing finances across multiple businesses can be challenging. Le-an underscores the need to maintain separate financial records for each business. She advises having distinct accounts, balance sheets, and tools, even when using the same software, to ensure clarity. This separation not only helps in monitoring profitability but also simplifies management and reporting.
5. Leveraging Demand to Expand
Le-an’s venture into AI consulting stemmed from recognizing a growing demand in the market. Many clients needed AI solutions but did not require virtual assistant services, prompting her to create a dedicated business. This decision reflects the importance of staying attuned to market needs and adapting accordingly.
6. Learning from Challenges
The entrepreneurial journey is not without its struggles. Balancing multiple ventures requires discipline, adaptability, and continuous learning. From handling high overhead costs in her early businesses to managing overlapping roles, Le-an's experiences underscore the value of perseverance and a problem-solving mindset.
Key Takeaways for Aspiring Serial Entrepreneurs
- Start Small: Begin with manageable ventures to learn the ropes before scaling up.
- Create Systems: Develop processes that allow your business to operate without constant oversight.
- Build the Right Team: Hire and delegate to capable individuals who can help carry the load.
- Maintain Financial Discipline: Separate finances to track the performance of each business accurately.
- Adapt to Market Needs: Stay responsive to demand and open to new opportunities.
- Keep Learning: Treat challenges as growth opportunities and refine your approach.
Managing multiple businesses in your 20s is a bold and exciting challenge.
Le-an's journey demonstrates that with the right systems, teams, and mindset, it is possible to scale yourself beyond one venture.
Whether you're starting out or looking to expand, her story offers practical advice and inspiration to help you navigate the complexities of entrepreneurship.
Watch the full episode here.
Want to have a Remote Executive Assistant in your business? Your journey starts here: 2xyou.scoreapp.com