So you’ve now opened your business, you’ve stocked your product, you have your employees trained and ready to handle customer demand. You’re waiting…...waiting to make profits, waiting for increased traffic, waiting for people to notice you. What do you do now?
As any small business grows, it goes through a series of changes and encounters challenges. Learning to adapt your business strategies and make necessary changes to consistently see profits will ensure that you sustain long term growth and stability. Here are some strategies you can use to make sure you are not just a seasonal flavor in the marketplace.
Move From Existence To Survival
Setting up a business and being able to say that you are a “business owner” is really as easy as obtaining a few licenses, a domain name, and registering with your city and state government offices. Many people who have dreams of setting up a business stop there with no other real knowledge or drive to do anything else with their “corporation”. Take the necessary steps to make yours a bona fide business by creating action plans, following through with commitments, and calculating what it will take to start making profits. Secure a physical space if necessary, and then get focused on attracting traffic to your storefront and website. Make sure that your product is priced in a such a way that you are consistently bringing in more than you are spending. Stay consistent and focused in the early stages of growth; this will make or break your long term success.
Learn To Thrive In Your Chosen Market
Following the daily steps for success that you have now established, it is time to either sustain a comfortable income with your profits, or to use additional revenue to expand your business. Plan for additional growth, and systematically use the steps you followed in the early stages of your business to continue making profits while planning for the future. Hire and train additional employees if necessary, and stay on top of balancing revenue vs. expenditures. Be aware of what the market is doing regarding products and services like yours, and be prepared to make changes to ensure continued growth. Do not be so focused on one product or service that you are unwilling to look at other opportunities for expansion.
Prepare For Growth And Change
You need to devise a strategy for growth--whether it be slow and steady, or more rapid than you dared imagine, if you are not ready for growth and expansion, you will not be in business very long. Take a look at your team and make adjustments as needed; surrounding yourself with key people that you trust is vital to your success. Improve your infrastructure---if your need is technological advancement, then procure an amazing I.T. department. If you find yourself running out of space in your physical location, research additional space for possible expansion. Growth requires additional funding, so continue to foster quality relationships between you and your funding partners. Being able to adjust and ride the ebb and flow of the market will ensure that you maintain longevity.
Enjoy Your Success!
You’ve earned it! Putting in countless hours and building your business from the ground up has taken time and effort, and now is the time to enjoy the fruits of your labor. Evaluate your mindset, and shift from thinking of yourself as an employee to an owner, a worker to an entrepreneur. Thinking like a leader will inspire you to take steps that will keep you in that position. Act as if, and you will become. Build relationships with other entrepreneurs and other small business owners in your area, and exchange ideas and information freely. Those relationships could become the future foundation for some very profitable business partnerships. Continue to grow as a business owner and an individual, and stay passionate about what you are creating. Find ways to remind yourself when the going gets tough what your most important reasons are for starting your own empire.
Although the process of starting and building a business can be very challenging at times, there really is no substitute for the gratifying feeling one gets when realizing that dreams are coming true. Being able to craft your work around something you are truly passionate about while affording yourself more time freedom and limitless potential---sounds appealing, doesn’t it? Now, roll up your sleeves and get to work. Wonderful opportunities for expansion are yours for the taking!