Rapid expansion for start-ups may not be as desirable as you first think, and while it might be the stuff investors dream of, will it give your new business its best chance of success?
Growing your business slowly and steadily takes a lot of patience, bravery and dedication, but it may well hold the key to your companies success. Enabling you to sleep easier at night, spend more time with the people that matter to you, and craft products and services that will stand the test of time, here are some reasons why going it slow, might just be the best option:
With profits, comes freedom
This simple approach to running a business has proved effective for many entrepreneurs, and by spending less than you earn, and making decisions that keep your company running in the black from the outset, you can grow your business, slowly, but steadily.
Build a good team, not a team that’s the right fit, for now
If you’ve just started a new business, you might be finding yourself under pressure to fill every seat onboard the bus, and fast, but is that really going to aid your success?
Instead of rushing to simply fill your team, why not take the time to build the right team, and watch as they gradually help you grow and nurture your business.
It can keep your customers happy
No start-up will ever be a success without customers, and as such, it pays to invest in giving them a good service that they will remember and want to return to. Try not to confuse what investors want, with what customers want, and focus half of your time on traction, and half on product development.
Gain the time to gain the knowledge
Starting a business can be tough, and there can be a lot to learn. Rush into it headfirst and try to learn everything all at once, and you’ll likely become overwhelmed pretty quickly, along with disappointing your customers as you scrabble to mimic your competitors. Playing the long game, however, enables you to learn as you grow, and oftentimes, to learn alongside your team, too. Without investors breathing down your neck and more time to concentrate on steady, maintainable growth, you can take the time to do the following:
- Create effective processes for onboarding that give new employees the best chance of being successful in their role
- Get to know your team as real people, not just numbers on payroll
- Ensure that your team are on the same page as you, and share your desires, hopes and aspirations for the business, along with essential values, such as integrity, openness and a willingness to take calculated risks.
For help starting your business so that you can take the slow and steady approach to success, work with an entity management company who will guide you towards choosing the right structure for your company, and help you in many other ways, too.