As I have often mentioned in my past articles, it takes a lot of guts to become a successful entrepreneur. There’s no other way but up……That is how everyone else is headed when they live up to what an entrepreneur should be. It is not just merely waking up one morning and finding yourself at the pinnacle of success without doing something on your end. Aside from your financial capabilities, a specific discipline should be instilled in every entrepreneur so that he may be able to enjoy the fruits of his labor.
Going through months or years in a business, after meeting obstacles here and there, and seeing that your business is growing, what is your next move? Entrepreneurs only have one goal in mind, which is developing the business. However, expanding too quickly is like hitting your head on the wall.
Taking your business to the next level in its development is different from launching it. Every stage of growth needs a bit of faith (and guts). A few indicators help you determine if you indeed are ready to take that leap.
1.You have built a strong team for your company. A business is not run by a single person. And even though you would want to do everything for your business, you only can do so much. This is why you need to look for the right people to do the job for you and help your business grow.
Some businesses fail because of so many factors. And sometimes, the people working in the company may have different views in which they just end up clashing every time. Not being able to see the same vision as the others can hinder any company’s success. As the owner, you need to look into every recommendation and see which one would genuinely work. A team that can present to you an effective plan or strategy is not only after their own financial gain but also having the heart to help the business grow. After all, if the business fails, it also means failure on their end.
2. A strong base of customers. Naturally, when you can encourage more people to patronize your products/services, it means that there is a need for you to level up with their demands. The increase in demand means you have provided quality products and services and get complete satisfaction from what they receive.
3. Some people would be asking you to open a branch in their location. Wouldn’t you feel just elated having people clamor for you to add another branch of your business? Although there may be stiff competition between businesses, you must have done something genuinely right. People would prefer walking into your store to your competitor. Imagine how far those people need to drive all the way to your store when you can set up a new store near them.
4. You have a steady cash flow. The daily sales may have surpassed your expectations. After opening the business, you are done paying your loan and still have left. Adding them all up may allow you to consider putting up another company. But also, remember that when you do decide to expand your business. Some unforeseen costs and investment may along the way, which your finances from your current business should be able to handle.
5.The usual number of hours your business is open is not enough to accommodate all your customers. You started turning away customers or that your employees seem too busy to handle more customers. The place may be too small compared to the people coming in, which would mean adding more employees that will serve your customers.
6. You feel the need to provide additional products and related services that people would likely be interested in.
7. Some companies may see an opportunity of tying up with your company. While this can be a great way to widen your network, you also need to consider how much your participation would be with this kind of partnership. And how well your company will be given importance in the growth of the other company’s business. Knowing that you can grow even more without having to downgrade your business.
If you are not ready to expand your business now, don’ rush into it. Build a stronger team, increase your customer base and profit, and improve your system. This way, you can slowly get your business to where you want it to be.
Some people reading now may have felt that they could expand their business after citing the indicators. The next question would be: Are you ready to open up for a new store, or would you like to expand your business through franchising? That will be the topic that I will share with you next time.
——————————————————–
You may contact Armando “Butz” Bartolome for questions and more information.
By email: aob@gmb.ph
FB Page: Armando Bartolome
Linkedin: https://www.linkedin.com/in/franguru/
Website: https://www.gmb.ph
