Family business or Small Company
When are you ready to grow?
Am working with another client who is ready to take her business to the next level. As the title says, she currently is a family business (just her) and wants to take it to the next level - turning it into a small business with profits.
A few questions that you should ask yourself before you decide to take that next step:
1. Do you have a business plan? Maybe for the past 10 years you have been running the business out of your house and the demand (and profit) is starting to grow and you feel you are ready to move to the next level. You need a business plan. They are simple to do but are time intensive. Put the time in so that you are prepared for the growth that is coming.
2. Are you ready to put the time and effort into your company to make it grow? Again, for the past 10 years, you were able to pick the kids up from school and attend their plays, but now, to make this company grow, you are going to have to forget the family. Just be prepared.
3. What value do you think you are going to get from growing the company? This is just as important as the other two - if you don't see a goal or know what you want, then, don't start your business growth plan.
There are many more questions that can be asked and answered - go to your local bookstore and get any book about starting your business and they will bring up these questions and many more.
Just think it through - maybe your husband wants you to grow, or your friends are telling you that you will make a million bucks if you grow - don't be one of the failures because you didn't spend the time up-front.
Good luck.