One of the most exciting things about starting any kind of business in the modern era is that you really don’t need anywhere near the kind of resources that you might once have required in the past. In fact, many businesses need little more than a great idea, the passion to make it into something real, and an internet connection to get off the ground. But what happens when you get past that point? What happens when you find yourself in the position, where your business begins to expand beyond that kind of scope? This can be both exciting and scary for a lot of small business owners. With that in mind, here is a little wisdom from successful female entrepreneurs on how to grow a small business…
Grow A Small Business…
“You are going to often find that to step into your biggest opportunity, you will be asked to move through your biggest fear or insecurity.”Ali Brown, Award-Winning Entrepreneur and Business Coach
When it comes to getting your products to more customers you may be required to take a leap of faith. You need to be sure that you are reaching more customers in the most efficient way possible. Being both time and cost-effective need to be high on your list of priorities. When growing a small business, getting a warehouse facility might be the key. Having an external warehouse facility will free up your time and allow you to ship more products to more customers, however this will require significant investment and mean handing over the responsibility to a third party company- which can be risky. You might consider setting up your own warehouse facility as a stepping stone to eventually relying on an external third party company.
“Whatever you do, be different – that was the advice my mother gave me, and I can’t think of better advice for an entrepreneur. If you’re different, you will stand out.”Anita Roddick, Founder of The Body Shop
Most successful businesses start out working on a limited product range and limited budget with a clear vision. As your business expands it’s easy to get caught up in creating more products and lose your identity. Remember what made your company different in the first place. After all, it’s better to do one thing fantastically than try and stretch yourself so thin that you don’t do anything well at all. However, as your resources and experience grow, you’re likely to find your business in a position to start producing more and more. With that in mind, diversifying the kinds of products that you offer to customers is an extremely logical step for any expanding business- but always keep in mind what makes your business different.
Keep It Simple
Outsourcing is a godsend for many small businesses but keeping the main operations under one roof can simplify things dramatically. The reality is that when your business is just starting out you want to keep tight control over the day to day operations. However, as you become more experienced and you have the resources to bring in more employees, taking on more tasks in-house becomes even simpler. From legal operations to marketing to recruitment, being able to handle everything from within your business is often the very best option. Just make sure that you’re always aware of your business’s limitations.
“Being adaptable is one of the big keys to our success.”– Emma and Elsie Larson, A Beautiful Mess
The reality of trying to grow any business is that you need to do so responsibly and be adaptable. If you don’t take the time to grow your business carefully then you could well end up in some serious trouble. One of the most common issues that a lot of businesses face is that they try to grow too fast and end up collapsing under their own weight. As you attempt to expand your business, the word that you need to keep at the forefront of your mind at all times is “sustainability.”