A small business is generally known as a new, small-scale business started by an aspiring entrepreneur most of the time. This phase of “start-up” is very important for a business. This is what gives the business a chance to grow and bloom in to a profitable and known entity in the country and maybe in the world. There will later be a situation where you have passed this “small” business pace and is looking forward for more long term victory.
When to move on?
It takes some knowing to know when to move on. We frequently see small time businesses doing quite good in the market but when expanded they fail at great lengths. People are alarmed by this kind of phenomena and are heard to say things like “we don’t know what happened, they were doing so good and then they started a second outlet, and poof, all was gone!” Well, now you know what happened, they either moved at the wrong time, or didn’t plan the advancement thoroughly. It may be that consecutive years of very successful cash flow or a self-imposed time operating as a small business. There are no hard and fast rules or guidelines, sometimes you have to play by ear.
Things to consider when expanding
Many professionals have their own start-ups due to the nature of their work. It can be quite successful when you operate by yourself, but things go bust when you expand. You must understand that a single person cannot handle a larger bulk of work with the same efficiently as the former, comparatively smaller one. So give some thoughts about hiring a staff for yourself. It doesn’t have to be demanding professionals, but perhaps freshers that can work on a full-time or part-time basis whom you can rain to suit your need. You can also hire temporary staff from human resource outsourcing companies.
Fear of moving
Some businessowners are stagnant due to a simple reason; they are afraid to expand. Or maybe because they saw what happened to the unsuccessful attempts of expanding or simply “know in their heart” that no one is passionate about their own business like themselves.
This could be true but you must try to strike a balance and find the near-perfect employee for your company. Do not fret about things like giving them insurance, salary increments or clothing them. You can always find an alternative solution such as hiring temporary workers, paying them pro rata base or buy work uniforms online for a smaller cost.
Do not fear to take that step forward. Because one day, you must.