There’s a multitude of reasons why being a business owner can be a desirable prospect. The idea of setting your own hours, managing employees, and of course, reaping the rewards is highly appealing to a large subset of the population. But then, what about when you’ve passed the early steps of setting yourself up, and you’ve now hit a plateau in the growth of your business? There are really only two choices that are any sort of appealing – find out how to break through the plateau and scale your business, or settle for what you have. The kind of attitude that settles on the latter isn’t commonly held by people who have made it in business, making scaling the true choice.
How can this be accomplished? Well, let’s take a look:
Outsource (some of) your duties.
You can’t make executive-level decisions when you’re stuck micromanaging each and every aspect of your business. There just isn’t enough time in the day. To acquire more free time, you need to figure out how you can automate aspects of your business in a way that won’t need your constant attention. This could be as simple as hiring a few more entry-level staff to fill in holes that your current staff is leaving underserved as far as hiring a general manager. As expensive as it might seem to begin hiring new staff, it’s essential to understand that your plans of scaling the business should eventually cover this new cost, plus a little extra to take in as profit.
Get a business loan.
Availability of resources is quite often one of the rate-limiting factors when it comes to growing any kind of business, or growing anything actually. Time and money are the most valuable resources around. We’ve still yet to develop a way to manipulate time, so manipulating money is what you’ll need to settle for. A bank can help you secure a loan, or you could secure a loan from Dealstruck or similar online lender. Take only as much as you’ll need to successfully pull off the next step of your plans. Give or take a few hundred as wiggle room for unexpected expenses (they’ll show up eventually). As long as you can make your monthly payments and still live comfortably and pay your other expenses, you’ll have the freedom to dedicate these extra resources where they need to go before you’ve “earned” it organically. Often, these types of cash infusions are best when you need to act fast for a solid chance of a high payout.
Conclusion
Running your own business can be a stressful endeavor, requiring lots of decisions you might have second guesses about. There’s a false belief that entrepreneurs are awash with competency and confidence in their actions, but the truth of the matter is that many people in business aren’t 100% sure about many of the decisions they make. What’s important is that they make them, anyway. Both options on this list aren’t without risk, and you’ll still need to use all of your entrepreneurial chops to make it to the big leagues. You’ll never know if you’ll make it until you try.
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