Many people believe that, when it comes to business, the bravest decision you’ll make is deciding to set it up in the first place, but this is not the case. Choosing to commit to the business and make it larger is the bravest decision you’ll make. When you start, you’re relying on your intuition, solid business plan, and good tidings to bring you success. If it doesn’t happen, then there’s little shame; at least you try. But if you have a successful business already, it’s a gamble to jeopardise it by upscaling. However, it might be a risk worth taking.
Live into the Idea
Given the potential impacts of your decision, it’s wise to spend some time thinking about the idea of growth before committing to it. There is one school of thought that says ‘nothing is ever improved by delaying,’ but that does not apply here. You need to make sure you have the energy, ideas, business plan, and everything else watertight before diving into the deep end. It’s much better to take a couple of months to ensure it’s the right decision rather than jump in and come to regret it later on.
Getting the Funds
Your growth is going to need a significant injection of capital if you’re going to do it properly. The only problem is, taking cash away from your existing operations to fund your expansion may result in diminished results, which will hurt your business much harder in the long run. Instead, use money raised from elsewhere. Visit this website to get information about small business loans that’ll give you the freedom to grow. With money procured from elsewhere, you can rest assured that your core duties won’t be suffering because of diverted finances.
Hiring New Players
As a business owner, you’ll already be working too many hours. The growth will only make this hours longer. That is unless you bring in new players to the team. There are two ways you can do this. You can outsource the tasks (this is useful if you’re unsure if you’ll need full-time staff in the long run), or you can commit to growing your team as part of growing your business. If so, make sure a robust hiring process, as you’ll be trusting your new employees to work hard without being kept an eye on (you won’t have the time).
Growing your business will also require a shift in your mentality. If you started out with just a small operation, you’ll need to switch your thinking so you begin acting like a larger company. Doing so will prevent you from becoming bogged down in the small details, and able to think about the longer term vision for your company.
Ready to Start
Once you’ve got everything else taken care of, all that’s left is to take the plunge and work hard! If you stay true to your company, your vision for it, and of course go confidently in the direction of your dreams, you’ll be rewarded.
Note: This is a collaborative post.