Expanding Your Home-Based Business
‘Growth Mavens’ are fiercely ambitious entrepreneurs. They know how to think big. A Growth Maven thinks someday he will be a household name just like his heroes who originally started their companies as home-based businesses: Bill Gates, Martha Stewart, Jeff Bezos, Steve Jobs, and Michael Dell.
“I want to take over the world. Okay, so how do I do that?”
Great! Now for the bad news The odds are stacked against you. An estimate by the National Federation of Independent Business’ Education Foundation states that over the lifetime of a small business, only 39 percent are truly profitable. More than 64 percent of these businesses will fail over a ten-year period. These are some rough numbers to face. You need to know what separates the winners from the losers, and what can you do to start shifting the odds in your favor.
Thankfully, there isn’t one, major overriding factor that will put you on “Millionaire’s Row” or “Desolation Row.” (This is from an old Bob Dylan songYes, I’m dating myself.) In fact, your odds for success will be greatly enhanced just by following a series of simple but well-planned small steps.
For the Growth Maven, that first step is to move out of her house. The Growth Maven starts her business in her home office to keep expenses low, but is chomping at the bit to raise the company to new heights. Her dream is to grow from a single person company to a multi-employee company and maybe even larger.
Does this ring a bell? If so, it’s time to act like the Growth Maven you are and take the first steps to building your empire-you’ll need to move to your first “real” office and hire some staff. But you want to make sure your move doesn’t divert your time, money, and resources from the actual business of growing. You want to set yourself up for long-term growth and success. You want clients to recognize your name and what you stand for. You want to develop a great reputation and have a consistent flow of dialogue between you and your clients.
There will be challenges, but as a Growth Maven, you can make it happen. This is your time to harness your inner maverick and make your vision a reality. Say good-bye to your Home Office From Hell, Growth Mavens. You’re off to build an empire!
Ready to sign an office lease? NOT SO FAST!
Here are two solid arguments to avoid even relatively short-term leases, much less 3-5 year contracts.
1. If the business does poorly, you’re stuck paying for unneeded office space
2. A growing operation that has you splitting-up your team or paying for unusable office space.
The simple solution, which many real estate brokers won’t bother to mention because there’s little or nothing in it for them, is to rent space at an executive suite. These executive suites are often classy, fully equipped, and ready to move into. Often there are other small businesses renting space there so networking becomes quite easy. Some other options are subletting space or sharing an office with a larger company.
So, get busy by checking out what’s available in your area and keep in mind what is appropriate for your type of business. A “corporate” downtown executive suite might not project the right image for a cutting-edge software development firm.
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