3 Ways You Can Expand Your Start-Up
A start-up business is often one that fails. It’s a harsh reality, but a reality nonetheless that most bedroom start-ups fail. It’s not because the product isn’t a good one, or the service is one that slacks, but it’s because small business owners often have no idea how to grow out of the spare bedroom and into a proper office with a team behind them.
There comes a point where you outgrow the spare room and need to get some traction with expanding the business. When your business becomes too big for the small bedroom in the home, you know it’s time to think about adding staff and making your location public to your customers. The fact you need to expand out is a good thing, and one that should be celebrated. It means that your home has become overrun by your business and business is booming! There are many ways you can expand your start-up, and we’ve listed a few of the ways you can do it:
Bigger space is always going to be a factor with a growing company. You may have started out with just you and a laptop but perhaps now is when you want to add new staff and start production properly. Simply getting out of the house and having a business location can help and many people are starting their companies from storage units. It’s not quite an office in a city location, but it’s a huge space you can have equipment or products stored, plus it gives you space to add people and spread out.
If you’re expanding the staff numbers in your company, but don’t yet have quite the budget to pay a salary, think about hiring an intern. Interns need experience and you need help, so taking the time to teach an intern how your business works. Giving them experience as a runner can either expand their horizons, or help you to expand your company. Once you are in a position to turn that unpaid internship into a paid position, you’ll have someone well versed in how your company runs and what your product or service does.
Think about making your business a franchise opportunity. If your product is one that is easily marketable, then your business could be converted into a format that someone else could own and operate, then you’re expanding your product and selling your name. Homebased businesses always remain relatively small, unless they are purposefully grown to something bigger. Expanding your company doesn’t always require a huge capital. It can be profitable to licence your service to a larger company to do the work for you.
Moving up in the world generally requires a company to move out of the spare bedroom, and it’s only the beginning of your company adventure. Make a point of organising yourself out of your home so you can finally make your home and your business separate entities, and enjoy the success that expansion can bring you.
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