In these hard economic times, many people have been left with few choices regarding wealth creation and the last 5 years has seen an explosion in new start-ups owing to the fact that there are fewer employment opportunities.
Starting a new business is a very viable solution, if you are successful then clearly your investment will grow but there are plenty of pitfalls and stresses along the way. There are a plethora of things you need to do and think about but one of the most important is business growth.
So you have decided to start your new business, so how big is your ambition, what are your growth goals? As your strategy is gradually implemented, there will be more investment and your infrastructure will expand along with your customer base and obviously your costs. Again nothing is without risk and there will be frustrations along the way but detailed planning for your expected growth will minimise that risk.
There are many factors that determine the growth of a business investment but calculated risk and detailed planning are the two most powerful components for high returns and success.
Make sure you know your market and its players inside out – fantastic but very rare that you will be in a market where competitors are sparse so know who they are and where their strengths and weaknesses lie and what their clients think of them – fill the gaps, stand out, offer something different.
You will need to hire smartly. Don’t be afraid to use a headhunter to source the top performers in your field – due to current economic hardship headhunters are not as costly as you may think but do offer access to the high performers that you will not find from advertising, CV databases or recruitment agencies. Good people will accelerate your business in line with your growth forecasts and may even exceed them but poor people will see it fail.
You will need to build good partnerships with other businesses – offer yourself as an add-on to their business. Learn from them and add value as these will be the businesses that may just one day want to acquire your business.
Offer a professional, effective and fairly priced service/product alongside an attractive brand and treat every client with the utmost respect and you will guarantee your success and business growth.
There is obviously so much more needed to ensure the growth of your business but these are just a few of the key ingredients needed if you are going to make a success of your business.