There is no denying that one of the most difficult ways to earn a living in this country and in this day and age is to run your own business. There is so much you need to know in order to make it all work successfully and even if your knowledge of business is sound then it is just the endless amount of competition out there already that you will have to get the better.
Having said this, with the right product or the right service for sale and a good team underneath you there is argument to say that this is the best way to make a living. After all, at least you have your destiny in your own hands. There’s hundreds of horror stories on the news at the moment of what were believed to be successful money making businesses being forced into drastic redundancies and downscaling. It is these kinds of stories that are enough to lead you to put your faith in yourself instead of into others.
One of the most important things in running a successful business is to know when to take your opportunity. At times it is incredibly scary to take that first plunge or to make that initial investment but it is essential that you do not let the fear get the better of you. It is vital that you take your chances when you can, that invest in the things that need investing in.
One make or break decision that you will inevitably come to at some point, if your business is doing well, is when to make the move to expand your operation. This is one of the scariest things that you could ever do and is a decision that can ultimately spell the end to your company. This is why it is so important to take your time but also to act at the right time to make the changes that will shape the future of your company.
When you do decide to expand your company these are the things that you need to consider:
- Location – You may feel settled in the surroundings in which you set up your business in the first place but don’t be scared to consider upping sticks. This is a big decision but once you have researched your target audience thoroughly then it may soon become obvious that you need to relocate to increase sales for your business.
- Office size – If you are thinking of relocating then it may also be advisable to consider up scaling your office. Even if you have decided not to invest in any more employees at the time it may be a good idea to invest in the future expansions that you are, no doubt, confident in doing in years to come.
- Products and services – No matter what line of business you are part of if you are going to expand then it may be worth considering taking on new products or services that your company can offer. Remember it takes money to make money, as scary as that is.
- License: Creative Commons image source
Guest post contributed by Simon Jones, a business consultant based in Manchester who specialises in helping SMEs expand their overall business capabilities in a safe & sensible manner. Simon often uses ideas such as corporate switch boards, to help deal with the increase in telephone calls & use, using companies such as Moneypenny