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Starting a new business isn’t the simplest thing in the world. I know, that’s a really obvious statement with which to open an article. But starting a business is often seen compared to what comes next. Sure, getting the startup capital and recruits and equipment is a drag. But once you’ve actually got things going, you need to actually grow the business! If you can’t do that, then it’s going to be game over pretty soon.
You need to have some kind of growth strategy in place as soon as possible. Before you even start the business up, you should be thinking about how you’re going to grow it. In fact, many lenders will be reluctant to give you any startup capital if you don’t have some sort of plan for growing.
We’re going to take a quick look at the simple ways you can stimulate growth in the early days of your business.
This may seem like odd advice at first. It’s basically another way of saying “run the business you want, not the one you actually have.” Well, you don’t need to do this that literally. You should talk to your clients as though you can get things done faster and on a bigger scale than you actually can, for example. It’s more about a general attitude. It’s about telling yourself that this is a hot shot company that is absolutely worthy of people’s attention. This attitude will affect the language you use in your adverts. It will affect the way you greet customers. It will give you and your employees confidence.
Don’t underestimate the tasks ahead of you. As much as you may like the idea of starting everything from the ground up and being fully independent, you’re going to want some help. And I’m not just talking about monetary help. I’m talking about getting advice and wisdom from people who have already been here and done what you’re doing. This can take the form of hiring a business coach or simply keep up with other entrepreneurs.
The people you employ are everything. Recruitment is where so many business owners get things wrong in these early stages. They become convinced that the most important thing is to simply get people working for you. Any employee is better than no employee, right? Simply having hands on deck takes priority over having genuinely great employees. And it’s never too early to invest in those! Don’t assume that you have to establish yourself before you can get amazing employees. Hire the best people you can find early because this will help strengthen your business foundation.
You’re not going to be able to pursue every opportunity. You have to be able to handle rejection. You’re going to get potential clients and customers tell you that they’re not interested. Investors may not want to fund particular ideas. You may not be able to get all the loans you need. Accept this and don’t despair about it. Likewise, you need to know how to say no to others. If a request is unreasonable, don’t try to fulfill it!