Given the recent discussions in the media around multiple businesses and second jobs, I was invited to appear on LBC Radio to discuss some of the practicalities. Can you have a second job or do it effectively?

Many of the people I talk to and work with have second jobs or are running multiple businesses, either on a full or part-time basis.

Others are considering starting their own business alongside a full time job. Often the intention is that, if it’s successful, they’ll be able to give up their full-time ‘job’ and do something they’re passionate about. Others want to be able to step back from a busy career to give them a better balance or the chance to spend more time with their family.

Whether you have one or more part-time or a full-time jobs, you need to be able to juggle the different priorities and plan your time accordingly, if you want to avoid working excessively long hours and giving up any form of life as a result.

These tips apply to multiple businesses, roles and projects you find yourself working on or have to split your time between. They can also apply to studying. Planning is going to be key if you want to be successful, productive and meet your commitments.

Know your priorities

Not all businesses or jobs are created equal. There may well be one business, role or project which is going to take up more of your time and energy than another.

• • Which one is the most important? This could be based on financial rewards, results or your full-time role.
  • What are the key tasks you HAVE to do for your primary or most important role?
  • What’s going to need the most time. Are they all equal? An existing business may need less time and involvement on a day-to-day basis than a new business or startup which needs a greater amount of time and effort to get it up and running.

Be realistic

How much do you actually have time for?

It’s great to be able to take on a new opportunity or have multiple businesses or jobs to increase your income. Are you guilty of saying 'yes' only to realise you’ve got too much on your plate already and you can't find the time, getting squeezed at both ends or have to give up valuable family/personal time?

Often you might not know how much is involved until you’ve actually taken it on. Make a best guess if you don’t know and then see if the reality matches the estimate. Set some parameters or a limit on how much time you’re prepared to spend and work to that. You may need to have a rethink if it’s more than you can commit or starts becoming problematic.

• Full-time job or main business - 8 hours per day, 35 hours per week.
• Part-time job or second business - 2-4 hours per day, week or month.

Block out your time

Plan your week/month. Decide what works best for you … the role … other people you’re working with … and the workflow. How much time do you need for each job, role, project you've taken on?

Plan your time by dividing your week up into one or more of the following ways:

• • 1-2 hour blocks - each day for each business, role, project. You can keep on top of each one throughout the week.
  • Half days - allocated on a morning afternoon basis. Gives you a good amount of time for each one.
  • Days in the week - set days, either the same day each week or adjust as needed. 1-2 days on one role/project, 3-4 on another. Dedicated time to focus on one at a time.
  • Days/weeks in the month - as above but set aside weeks in the month or a couple of days each month, especially for a part-time, less time intensive role.

Be flexible. It won’t always be possible to stick to time slots. If you’ve created a framework, you’ll have a better idea of how it fits, how much time you need and have available. If it doesn’t fit, you’ll need to reprioritise, drop one or more or delegate.

Spend an appropriate amount of time 

Not all demands on your time will be equal. You can get sucked into spending more time on one than the other. This might be because something urgent comes up and you drop everything to deal with it or just because you enjoy doing one more than the other, so you naturally spend more time on it.

Keep an eye on your priorities. Is spending all day on one business that doesn't have as high a priority as another appropriate? If you do get caught up with an urgent task, be aware of the impact or how you’re going to fit it in around your other priorities.

Pick your team

One way to manage multiple businesses is to have a really good team of people who can run the business alongside you or while you’re not there. This is often the next step after starting up a business, being able to hand the day to day running over, so you can step back and focus on the next opportunity or your main role. It's also something to consider as you start your new role, who do you need in your team?

Even if you have a good team behind you you’ll still need to spend some time looking after them. Either delegating or just keeping them focused and productive.

Top Tips for running multiple businesses ... and multi-tasking MPs

• Set your key objectives for each business/role/project so you know where you're starting from and what you need to achieve.
• Prioritise each one.
• Use time blocking to plan your time across each day/week and month according the amount of time each one needs. Stick to it as far as possible, so you can remain organised and manage different businesses and priorities.
• Be realistic about how much time you actually have for each one. Do they fit within your available time without causing stress and burnout.
• Set time limits so you don’t get caught up putting in too many hours at the expense of another.
• Set boundaries to avoid ending up working morning, noon and night without time for family, friends and to switch off.