Business

Smart Ways to Expand Your Business

Becoming an entrepreneur is easy; all one needs is funds and a basic business plan.  However, after three years a significant percentage of startup endeavors do not last the rigors of advertising, operations, and bookkeeping.  Aside from fierce competition, the initial years of a business pose a number of internal obstacles.

Expansion is a popular goal of entrepreneurs.  Scale of process equals increased revenue, raised prestige, and added company-related assets.  Too many specific factors exist, limiting a catchall recipe for success, yet business owners mind the following tenets of successful expansion.

Outsourcing Depending on logistics, an operational business depends on a number of resources like electricity, Internet connection, human resource management and so on.  Entrepreneurs have limited funds to allocate for in-house staff, yet the lack of funds is irrelevant; necessities such as payroll and Web security exist.

Expand Your Business

Outsourcing a number of services to third-party vendors allows business owners to focus on core needs while integral and supplementary functions receive address.  Aside from short to long-term needs, in-house agents necessitate time and company resources aside from paid wages.  Outsourcing IT, accounting, and other services allows for agile operation.

Consulting Entrepreneurs may host a nimble and invested in-house team, with members ready to address whatever needs arise.  In such cases, consulting becomes an alternative to outsourcing.  To bridge the gap of initial awareness or limited experience, contract consultants tutor in-house teams upon specialized content.  For example, try using an IT consulting service in Philadelphia rather than paying for ongoing services.  The city population keeps IT services in demand.

Taking classes from IT consultants can save a heap of money over the course of time.  Furthermore, those who receive consulting in supplement to online instruction can attain certifications, opening doors of income for their company; the trained employee may then offer IT consulting to other small to midsize businesses.

Incentive Startup endeavors have limited funds.  Employees need to face the reality of possible stagnation, decline, or cease of income due to the success of the business.  Therefore, some owners prefer to offer a looser structure, orchestrating an extended network of specialized freelancers.  The freelance relationship does not limit the specialists’ abilities to make supplemented incomes.

 Furthermore, the use of established experts allows an owner the ability to raise prices of services and products.  Established and experienced freelance workers need little to no training; there’s no ‘learning curve’ or ‘training wheels’ period related to immediate momentum.

It’s impossible for a startup to address all immediate internal and external needs without considering some level of help.  Planning and poor execution are two prevalent reasons business fail within the first three years.  Minding the 80/20 principle, on an executive level, a small percentage of decisions are likely to have a huge impact on success.  Regarding expansion, it’s integral to adopt a methodical and monetarily ‘safe’ pace.

Outsourcing services entirely, or using the help of one-off or periodical consultants, helps burgeoning businesses maintain structure.  Furthermore, finding the right hires, or creating a network of extended freelancers, improves quality of output from the start.

Anthony Jensen has been a businessman for decades. He shares his insights on small business blogs to help colleagues meet their potential.