Wednesday, 3 January 2018

How to Handle the Transition From a One-Woman Business to Something Bigger

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Most small businesses start out with one person who wants to do something new and fill a gap in the market. But it’s not necessarily the case that your business will stay a one-woman business forever. Making that transition from a business operating out of your spare room to something much bigger than that can be tricky, and there are plenty of things that you can do wrong.

Handling the transition wisely should be one of your top priorities if you want to make that upgrade. You won’t be able to function in the same way as you could before because you will have things like employees and other extra pressures to worry about as well. Read on to find out how to handle the transition from a one-woman business to something much bigger and better in the right way.

Don’t Take Too Big a Leap

It’s clear that you want to make your business bigger and better than it is right now, but that doesn’t adequately cover all the things you want to do and how big a leap you want all this to be. It would be a big mistake to try and take on too much at once because you don’t want to overwhelm or overstretch yourself right away. It can be wiser to view this as a gradual process rather than one big leap into the unknown. Whatever you choose to do, don’t change too much at once.

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Plan For the Financial Demands Carefully

Moving your business up to that next level is never going to be easy, and it’s something that you should be careful about. If you’re going to do it successfully, your finances will need to be robust enough to deal with it. The financial demands of such a move could seriously derail you if you’re not properly prepared for their full impact. It’s only by making sure that you can take on those extra costs that you can ensure all this will go as smoothly as it possibly can. So plan your finances out carefully and assess what the changes will be.

Learn to Manage Needs and Think of Others

Having a team of people to manage is probably going to be a new experience for you, but it’s not one you should dread too much. If you overthink it, you’ll probably end up making the task more difficult than it really needs to be, and that would be a big mistake. Instead, just focus on thinking about the needs of other people and how you can communicate with them best. Such simple things as those are usually the things that have the biggest impact of all on the people you’re working with so just try to get them right before anything else.

Understand the Responsibilities That Come With Hiring Employees

When you hire people to work for your business for the first time, you will have a responsibility to their wellbeing while they’re working for your company. You will need to provide them with a safe working environment free from harassment. You will also need to read this employers health and safety procedure guide so you know how to avoid any injuries or accidents in the workplace. At the end of the day, people’s health should come first, and you’ll also save money by avoiding compensation claims later.

Understand the Importance of Compromising

When you run a business entirely by yourself, there is never any need for you to compromise because you’re working with no one but yourself. However, if you want to turn your business into something bigger and better, that’s going to change because you’ll have to hire employees. Learning to compromise with them and become more consensus-driven will be essential. On top of that, you will have to learn to compromise in other ways because you’ll be working with other partners and suppliers as well.

Expand and Improve Your Online Presence

These days, every modern business is expected to have a strong online presence, so if that’s not something you’re currently able to offer, something drastic is going to need to change and fast. By expanding your online presence, you will make your business more modern. You will also be in a better position to appeal to more customers, which is going to be key as you try to grow your business and take it to that next level. Put a particular focus on building your online following as much as you can because that’s what will help you reach more people.

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Diversify What You Do

As well as taking your business and making it bigger, you’re also going to need to take things wider as well. This means diversifying your overall offer to customers and showing them that you can do and produce things that they didn’t expect from you. Perhaps most importantly of all, you will be able to show the world that your business won’t be pigeonholed. Bigger businesses always need to be diverse and appeal to many different people and demographics as possible, so don’t ignore this important issue.

Be the Person to Guide Your Team

Making this transition is never going to be easy, and it will only be more difficult if you’re not prepared or able to be the figurehead guiding the rest of your team with things begin to get tough. That guidance is what’s required when you have a team of people pulling in the same direction to achieve common goals. No one else is going to step in and be the leader, so that task will inevitably fall to you. Even if you're not a natural born leader, you need to find ways to make this work and motivate your team whenever that’s necessary.

Running a business that’s little more than you and your ideas is never going to be the same as running a fully-fledged small business. If you try to run the business in the same way, you simply won’t succeed, so keep in mind the things you’ve learned about that transition phase here today.



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