We all have had that dream. The fantasy of being at the top of the pyramid. A business we’ve created has gone from being a little tadpole spawned from the most random thought into a giant powerhouse of a company. The idea of taking something that has very little chance of amounting to anything and turning it into something special is a satisfying fantasy for anyone to conjure.
Well, you’re at that smaller stage now. You’ve gone through the rigmarole of leaving your previous work to pursue a dream, and you’ve managed to get a prospective startup business off the ground. Things have been going as good as gold so far. The business isn’t exactly booming, but you’re making some decent money and are building a reputation for yourself. We are talking about reaching the dizzy heights, however, so you’re obviously not going to be satisfied with a middle-of-the-road business, are you? You’re going to want to somehow push on from here and reach every checkpoint you possibly can.
Taking your company up a level is a significant step – in both your professional and personal lives. There will be new experiences in them and it may feel like being dropped into the deep end all over again. It is possible to achieve a smooth and comfortable expansion, though. Look at how many unfancied people have created monstrous businesses over the years! If you’re hoping to take your company up a few notches, let’s go through a few things that you should probably consider.
Whether You’re Actually in the Position to Do So
You may be in the position mentally to grow and grow, but what if you’re jumping the gun a little. As a business owner that is running a competent operation, you’re probably aware of all the goings-on, but there have been many, many situations where a group have looked to build on what they have and came up short. You shouldn’t rush or make rash decisions when you hold such a volatile and vulnerable position. When the right time comes, that’s when you should strike.
If Not When the Right Time Will Be
As we mentioned before, the right time to expand isn’t when you want to make even more money. It’s when you’re in the position whereby it makes sense and suits every single aspect of the business. You should have a good few years of solid experience and profitability before even contemplating a significant change in things – you may be a little out of depth otherwise. An ever-increasing demand to the point where you need a larger business is another way you can tell that it’s time to build. Furthermore, if everyone involved is super confident and feels as though it’s time to move up a level, then it might be right.
Are You Willing to Put in the Work?
Like with everything, if you have a smaller-yielding firm that doesn’t do too well, it’s down to the effort that is placed into it. Do a little more work and you’ll turn it into something more desirable. The stage you’re at now is a reflection of you and your staff’s work up until this point. Deploying heavier tactics and shaking up the formalities is a part of growth, but growing and maintaining a larger company is going to be down to your hard work, perseverance and focus. You have to be switched on in this game. Slacking off as you did before won’t cut it.
Hiring the Right Staff
As things get larger, you’ll need more people in to aid your journey. Sure, you’ll probably need more of the same due to the increase in volume, but as you become a higher priority company with a more prominent reputation, you’ll now need to have some excellent individuals on board. If you’re not the most adept in recruiting and moulding people into something you’ve envisioned, then you could always do a little research and practice some stuff. There are tonnes of content online, some general like this French recruitment blog, and some that cater to more specific areas. Don’t worry too much about it. It’s all a process in which you learn by experience, as you probably already know.
How Competitors Are Doing
You’re going to want to be ahead of these guys. They want to be ahead of you. The whole point of growing is, of course, to maximise the money and reach the potential, but also to wipe out competitors and be the best of the bunch. You already keep a keen eye on them anyway, but as you grow, the stakes get higher! So you’ll want to watch out for how they behave, too.