When starting a small business, and when it is at a budding stage, there’s a lot that you have to think about. As you probably have imagined, you will experience a variety of changes and a lot of unexpected things. Here is a great post to read about business opportunities.
Small businesses present a variety of challenges, and the first one is to endure it for the first year.
Statistically, most companies shut down their operations within the first year. Sometimes because of irregular funding from their investors and sometimes because of no profits from the business itself.
1. Hire like Fire
If you are unable to keep up with the demand of the clients or if you have a lot of work that needs done, you need to begin hiring quickly. And when we talk about hiring, we do not always mean geographically or physically available employees.
You can go a little overboard and hire freelancers or independent service providers who are located thousands of miles away from you but will do your work with equal efficiency. Ultimately what matters the most is completing the project, regardless who does it!
2. Outsourcing Small Tasks
You don’t need your full-time and highly paid employees to waste their time on small tasks. You can outsource to online experts and let your office staff do something useful and productive in the meantime.
Outsourcing small tasks will also free your time and provide you with the required time to think about more ways to expand your business.
3. Increase Profits with Money
It’s a famous quote that money makes money, but how to multiply your money is not something that every entrepreneur knows how to do. Many business owners will spend their money on beautifying their office interiors, but it is wise to invest that money into something that brings more business.
You can look for more clients, with services that you can outsource to them. If your company does not provide article or research paper writing services, you can still get the clients who need these services and get the work done by getting help online.
4. Explore the power of Advertisement and Social Media
When we talk about social media, we don’t only talk about Facebook or Instagram, but also home-pages of small websites which have a mass potential. You never know which ad might bring you a client! Sometimes, weeks of regular advertisement on Facebook might fail in bringing you new clients, but a small ad on a not-so-popular social media site gets you some big client. You can find assistance on the internet and get things going!
5. Cut Down on Unnecessary Costs
Expanding a business doesn’t always mean expanding your expenses. You might still need to cut down on a lot of small costs to make significant investments. A business can bring you a lot more money to spend on your leisure activities, but not the other way round.
Be careful while hiring employees, as not all employees can be 100% useful to your growth. Some will not be required full-time, but you will still have to pay them a full salary for working 40 hours a week! Imagine hiring someone only for 5 hours and getting all the work done? Isn’t that convenient and cost-cutting?
6. Thorough and Proper Communication
When hiring a freelancer for your work, it is of utmost importance that you communicate with the person and state your requirements to avoid confusion and to avoid delaying the delivery of the project. Since the freelancer isn’t available with you physically in the office, so it can be challenging to explain things over the phone or a skype-call, but it is essential that you both are on the same page, and understand each other before beginning.
7. Learn to Manage and Balance
When you are sensing that your business is going well, and the cash flow is steady, you should learn to maintain a delicate work-life balance. Working too much can be stressful, and sometimes taking a break is beneficial for your business too! Meanwhile, you can always rely on some experts to get your work done without losing out on something substantial.
8. Do your Research
You will find many ways to expand your business and create growth opportunities, but not everything will work. Sometimes, some things aren’t meant for your business so you should do your research and do what’s best for your company. You can always try your hand at something new and keep doing new experiments to settle down at what works best for your company.
9. The Benefits of Hiring Independent Service Providers
When you hire someone online, you get the complete freedom to choose from a wide variety of available talent. You are not restricted to choose from only a couple of people, and you can choose anyone, even someone who is currently in another country sitting miles away from you! You also get the freedom to control the project and get it delivered in the least time available. Professionals online will make it possible for sure!
When you explore ways to expand your business, you can always include services to clients, and services which are hot in the market and totally in demand! Those services can be anything, but they will make the extra-bucks for you!
Guest author: Angela Steinman
Angela is a young freelance writer specializing in psychology, education, technology and business.
You can follow her on twitter to know about her recently published posts: @SteinmanAngela