In the 19th and 20th centuries, many people would start businesses as a means to provide for their families--to put food on the table. Fast forward 100 years or so and businesses are still being started to provide for families, however many entrepreneurs have the intention to expand their small business into something bigger.
Some of the largest companies in the world today started out as a small business with a dream to grow. Which begs the question, is it a good idea to expand your small business? We’ve come up with a life hack on opportunity and growth for your small business to help answer this question.
Tip: A life hack is a strategy or technique you adopt in order to manage your time and daily activities in a more efficient way.
Why Grow Your Small Business?
Okay, a small business isn’t called a small business for fun - they’re usually between one and fifty employees. However, your small business doesn’t always have to stay the same size - it can and should grow.
As a small business owner, you work hard to find top-notch employees in your industry and you also wear a lot of hats. Expanding as a business allows you to recruit qualified employees who are experts in specific fields. This takes a lot of work off of your shoulders and allows you to do what you do best -- run the business.
Knowing this, your goal should be to grow your small business to an established size.
What's an Established Business?
An establish business is where you, the small business owner, are no longer a one-man show. It means you have the ability to employ enough staff to run your business efficiently and productively without completely stretching yourself thin.
Additionally, another part of being established is the financial aspect. Well-established businesses are still concerned with profits margins, cash flow, and their return on investments, however, they have a good padding to help absorb potential unforeseen events that may arise.
Your business is considered established when you no longer feel you’re constantly working just to get by, but rather, you feel comfortable and confident in your business’s future.
Related eBook: 7 Life Hacks to Empower Your Small Business
How Can You Grow Your Small Business?
Now, does your small business need to become the next Wal-Mart or McDonald’s? Not if you don’t want to - but it can. Whether your goal is to simply grow to an established size, or to become a worldwide corporation, modest and steady growth is a great thing.
- Open new opportunities to you and your employees. As your small business grows, new opportunities arise which allow you to provide better benefits and perks to your employees.
- Provide a more secure future. There is a lot of peace of mind in knowing your business is established and can provide for you and your family and your employees’ families. As your small business grows, one of the greatest benefits is financial security.
- Expand your market globally. If you have the goal to become a global business, expanding in your home state, then country are your first steps. You can begin growth by finding well-established business partners and liaisons. This will be your foot in the door to bigger and better opportunities.
Though not all small business owners have the desire to grow their business to a global size, modest, steady growth into a well-established company is healthy. It allows your business to provide a solid future for both you and your employees, as well as open doors to greater possibilities.
Do you plan to expand your small business? Why or why not? Comment below.