You have already leapt successfully over the first hurdle of entrepreneurship and have shunned full-time employment for the bright lights of working for yourself. You no longer have to answer to anyone, you are responsible for your own successes and failures, and you have dedicated your working life to a passion. This might be upcycling retro Scandinavian furniture, importing ball bearings or helping startups with their SEO capabilities. Whatever your niche, this is the direction you have chosen to take, and you are now thriving. There will come a point in every successful entrepreneur’s life when they have to consider expansion. Sure, it’s a risky prospect, but complacency never helped any money making venture reach its full potential.
Expand Your Market
The idea of going global with your service or product is the stuff of dreams, yet ultimately doable if you have the cash flow and reputation to back up your plans. Expanding to other territories is expensive and can prove risky, but the rewards are great. However, to be successful, you need to conduct thorough market research to work out if your current range of kids clothes is going to prove as popular in Europe or South America. You may find you have to tweak your product a little, alter the price, or change your point of sale. If you want to go international, ensure you have the finances to embark on such a venture without putting the quality of your current project in jeopardy.
Hiring More Staff
As your business becomes more successful and grows at an exponential rate, you will inevitably need more staff to complete orders and keep to timescales. Make sure that you hire those candidates that will fit into your current staff team, and that echo your company ethos. If your working environment is relatively laid back and relies on high levels of interaction and teamwork, don’t hire the guy who likes to work on his own from home, no matter how stellar his resume might be.
It’s vital that you are clued up about the relevant employment legislation your sector needs to abide by. Experts at Ogletree Deakins can help you with health and safety laws, litigation and immigration legislation if needed. Outsourcing this facet of your business is vital if you are to make any expansion plans a success.
Expanding your current market might not suffice. Spotting gaps in related niches can be the ideal way to expand your brand. Finding solutions to consumer or business problems can be a lucrative and simple way of increasing your sales, revenue and profits. You may end up with a product that people simply cannot live without. Ensure that you look at your competitors and try to break the markets they are also trying to hit.
Expanding your business can be daunting. Think about why you entered the world of entrepreneurship in the first place and harness this passion for your expansion plans. With the right preparation, research and finances, you could be sure of future money making success.