Getting a business established is hard work, so if you’ve made it past the initial stages and have created something that’s beginning to make sales and do well- congratulations! But what happens next? What do you do once you’re no longer able to keep up with demand by yourself? Here are some ideas for your next steps.
Improve Your Office
If you started out by working at home, the next logical step might be to move to commercial premises and hire some office space. If you plan on hiring employees then this will make sense since they’ll need somewhere to work from. One of the silver linings to covid is that when it comes to office spaces, things have become a lot more flexible.
Since many businesses have continued to allow their staff to work from home partially it means there are office spaces that are affordable to rent on a part time basis. This is something you could look into, especially at first when your budget will still be tight. Even if you continue working from home, don’t overlook your office. If you plan on managing your company from your home for the foreseeable future, set yourself up a proper office with a desk, a comfortable chair, shelving and storage. If you’ve been running things from your sofa or kitchen table, now is a good time to transition to a more permanent working area.
Upgrade Your Equipment
If you’re now turning a profit, you might want to turn your attention to the equipment you use for your business. This will of course depend on what you do and the nature of your company, for example it could be anything from new computers to new printers, vehicles, wood turning equipment, the list is endless.
If you use specialist equipment which is specific to your business, you could consider hiring this if you don’t have the funds to purchase outright. That way you get access to the best of the best without having to spend a lot of money upfront, and if anything goes wrong with it, you can have it fixed so you don’t have maintenance costs to worry about.
Hire help
This could be in the form of hiring your own employees, or outsourcing certain areas of your business. From an IT advisor for KMUs to marketing experts to content writers, you can outsource just about any aspect of a company these days. The good thing about outsourcing is that it enables you to continue running your company from home meaning you could save money on premises, it also means if your workload fluctuates you’re not in a position where you’re having to pay staff when the work isn’t coming in. Consider the pros and cons of hiring vs outsourcing and think of your specific needs in your business to come to the right decision.
Have you started a business which has become a success? What are your next steps to ensure you can keep up with demand?
