Have you been working hard as a solopreneur to grow your bottom line? Is this the year you’ll scale up your business and add to the ranks? Success stories like yours won’t happen overnight, and there are some important steps you need to take before your margins start to grow. Do Some Research Take a […]
Have you been working hard as a solopreneur to grow your bottom line? Is this the year you’ll scale up your business and add to the ranks? Success stories like yours won’t happen overnight, and there are some important steps you need to take before your margins start to grow.
Take a long, hard look at researching the market within your industry. Research emerging trends, potential competition, forecasted growth, and customer demands. If you’re thinking of growing there’s a good chance you already have some idea of how things are going; gather some concrete evidence to support your intuition. If your next move includes diversifying for growth or conceptualizing new products, market research is a must. Don’t spend the time, energy, or money entering into a new market without testing your ideas. Think about leaving the house wearing your best leather jacket without checking the weather to see if you need to bring an umbrella along. Sure, it can be done — but is it the smartest idea?
Once you’ve thoroughly checked out the market and your target demographic, and you’ve tested your new concepts to see if they’re viable, it’s time to create a growth plan. Use your existing business plan and build off of that. Touch on points like the size of the market, budget information, advertising and marketing plans, any staffing you’re thinking of doing, and what your competition is up to. This is your map, and it’s something you can refer to if you get lost along the way.
Take the budgetary projections from your growth plan and think about whether you’ll need more cash flow on hand to grow at the rate you’re envisioning. While the traditional route is to secure a business loan, there’s no shortage of alternative lending methods available for burgeoning businesses: Startup grants, crowdfunding, venture capitalists, small business association loans — this is just the shortlist. Consult your network of industry colleagues for ideas on how to secure the funding you need to keep moving forward.
You won’t be able to do this on your own for much longer if your business growth continues as you expect it to. If you’re looking to hire more employees, flesh out the role of everyone now. This isn’t something you want to do as you go along; employees who are unclear about their role will be less engaged and committed to the vision you hold for the future. It’s also imperative that you think about your role as the owner and what you’ll plan to do when the company can start running without spending as much time on it.
Unless you’re already a lawyer, this is an important partner to have in your corner. Virtually all aspects of your business growth will come with some legal challenges, from incorporating to branding to employee contracts, to name a few. Some industries are even more regulated than others and it’s necessary to consult with a lawyer to remain compliant. Don’t cut costs here or think that the internet can help you mitigate your risk. There’s no substitute for professional legal representation with experience in helping businesses grow.
Scaling up and expanding your staff means it’s time to move out of the home office and invest in a workspace that reflects your professional development. This is especially important if you’re planning on meeting with clients or customers on the clock. Look for an office setting that will support productivity and send the right message about your brand. Don’t overlook accessibility, parking options, and location as it relates to your target demographic.
Many of your business processes can be automated as you grow to allow you the time you need to focus on the high-value work it takes to further grow and thrive. Invest in the tech tools you need to manage this automation, like upgraded computers and the latest, cutting-edge business software. Make sure your new office space has the infrastructure to allow that tech to work for you instead of against you.
Ready to get growing? Take a tour of the Globe Building. Its position on the fiber optic backbone, on-site power substation and unique construction provide abundant resources to grow your business reliably and affordably this year and well into the future. Each of the seven floors has floor plans that cover almost two full acres, allowing tenants to scale-up their occupancy as their businesses grow.