Thinking outside of the box has been the key to Noah Alldredge’s success, and today the entrepreneur owns three thriving businesses: Big Time Results, a gym that offers nutrition services; Fitness ER, a gym equipment repair company; and Hydration Health Products, a fitness supplement company. We picked his brain to figure out how he manages to juggle it all while maintaining a family life—and his sanity.
Pay Your Employees Well
When you own multiple businesses, it is impossible to be everywhere at once. To make sure things run smoothly when you’re not there, it is important to find and keep quality employees, and in order to do that you need to compensate your employees well. “You have a responsibility to provide a good living wage to your employees,” says Alldredge. “So, I’m always looking for opportunities for them to make more money. If they’re growing where they’re at, they’re less likely to leave.”
Look for Natural Growth Opportunities
If you’re wanting to start a side hustle, look for ways to maximize or expand on your current resources. After opening Big Time Results, Alldredge realized most personal training happened in the mornings and evenings. Alldredge created a second revenue stream and utilized the talent of his employees by starting Fitness ER, a business that repairs gym equipment at other gyms throughout the area. When trainers don’t have clients, they can make extra money repairing gym equipment. It’s a win-win situation.
Constantly Reassess How You Spend Your Time
Recently Alldredge stepped down from running a lab at Missouri State University and a nonprofit board. “I realized it wasn’t the best utilization of my time, and it was taking time away from other businesses that needed my time more,” he says. It’s important to reflect on how you spend your time. When thinking about the different responsibilities you have in your life, ask yourself, is this something I really need to be doing?