There is nothing more exciting from a career perspective than starting your own business, except maybe expanding it. Watching your business grow and flourish comes with great satisfaction. But it also raises a few questions and perhaps some challenges, as well. In fact, we might think of those considerations as growing pains, always welcome but temporarily uncomfortable. As you think about the next steps for your startup, here are a few things to keep in mind.
How Will You Finance Your Company’s Growth?
Some young companies can generate enough profit in the first few years to cover the additional costs of expansion. Sometimes, alternately, the owner will take out a personal loan or a home equity line of credit on a property currently owned in order to fund the company’s expansion. Many business owners, however, will look for unsecured small business loans at a preferred lender to finance the company’s growth or expansion. Business loans can be processed efficiently for many owners and used to fund a growth and development phase of the company.
Do You Need a New Location?
If your business has saturated the local market, maybe you should consider expanding into new territory, literally. For example, if your office is situated in your home or in a suburban area, you might want to rent a space closer to the city’s business district. That would be a logical move and perhaps a more convenient location for business customers. It could also be handy for deliveries and mail.
However, with e-commerce growing by leaps and bounds, you may be able to continue doing business at your current location, although it is likely you will want to expand your Web presence. Build a bigger website, post to social media, and visit sites to blog or post reviews. Some of these options are free, while others cost money, but the point is you could expand either digitally or physically to meet growing client demand.
Do You Need a Larger Office Area?
If your physical location is suitable, maybe you want to consider adding on to your home office by converting a garage or shed to increase your workspace area. You might add a room over the garage or refinish your basement for the purpose. Within your current area, you may decide to rent or buy a larger building to accommodate your growing business needs. Moving a business does not have to be expensive if you utilize available space on your home property or upgrade in the local community.
Should You Hire More Employees?
Adding a volunteer or intern will not increase your payroll requirements, but you may need to purchase accommodations for them. However, if you hire one or more employees, even on a part-time basis, additional workspace may be needed, and this will possibly impact your need for expanded office area. Furniture, supplies, and equipment costs will also have to be factored into the upgraded operating budget. Taxes and benefits add to the costs of additional staff.
As your company begins to really take off, be prepared to grow with it. This will likely mean making some changes that cost money. But an investment in your business now can significantly increase profit in the future. Check with a reputable lender on available working capital loans that could help to finance your company’s expansion, including relocation, if warranted. A popular saying is that it takes money to make money, and your company may need an influx of cash to grow.