A few decades ago, Bruce Springsteen wrote and recorded a popular song entitled From Small Things (Big Things One Day Come). Although the lyrics tell the story of a young couple’s adventures, the song’s title is a perfect metaphor for entrepreneurship. Many companies, maybe even the vast majority of them, begin life as small businesses. Someone has a good idea for making money, they do what it takes to get it up and running and in time, they’re self-employed.
Entrepreneurship has been around since nearly the beginning of time. What’s interesting, though, is how many small businesses, even one-person ventures, have grown into major companies and corporations.
If you’re an entrepreneur, or are thinking about becoming one, you have every opportunity to grow your business into a larger, more profitable company. Here are five ways to grow your small business.
Be an effective manager
As a small business owner, you’re
learning the craft of management firsthand. If you hold an MBA for
example, you’ve learned many of the fundamentals of running a
company from your studies in school. But when you’re doing it
hands-on, you learn the real-world applications of those lessons by
Learning how to become an effective manager is important because it plays a vital role in improving the overall success of the organization.
Look for growth opportunities
In your entrepreneurial journey you will be approached with potential business deals, partnership solicitations, investment inquiries, and more. You’ll also see opportunities to grow and expand by creating a new product line, opening a new location, enlarging your operations, and others. It’s important to learn how to identify growth opportunities that are right for your company, especially those that are new to your marketplace or audience.
Meet regularly with your mentors
In business, we’ve all benefited from those who came before us; and there’s a lot you can learn from seasoned entrepreneurs. Seek out people whom you believe will be great sounding boards and advisors. Many leaders will be more than glad to help you navigate your growth (and related risk) journey, and the information you’ll learn from open, candid conversations with them will help you make prudent decisions.
Maintain positive cash flow
Let’s face it: growing any business is difficult without the financing to make it happen. Sure, you can apply for business loans, but it’s not wise to start planning for growth until you have financial stability. One thing to consider is having a solid business plan in place as a guide for financial success.
Enlist the help of a team
A cardinal rule in business is being confident in the people who will be backing you up. You’ll want to attract and hire top talent who possess an acute understanding of your mission, vision and strategy and who are ready to help you carry them out.
The road to becoming a successful entrepreneur doesn’t happen overnight; but with hard work, dedication and the funds to support your idea, you’ll be on your way in no time.