Is Your Business Ready To Move?

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So many startups fail in the first year. If yours is succeeding, you may be quite surprised. But that doesn’t mean you should sit back and relax. Basking in the glory of your survival can be saved for later. Right now, you need to work out how you’re going to make that transition from simple startup to thriving business. Growth won’t happen on its own. You need to make it happen.

Growing a business takes even more determination and effort than starting up. Now comes the time when all your charms and talents are put to the test. Raising money for your company is never easy. But as a newly emerging company, you have a huge task on your hands. Supporters of your business could come in all shapes and sizes. But their money is essential for you to reach the next level of success.

Picking the right time to push for growth is crucial. By now you should be gaining new customers and using CRM to keep them. Upselling and cross-selling are also important ways to increase the value of each customer. You may have started online selling stock from your home garage or using a drop shipper service. But the economy of scale suggests now is the time for you to take charge of you purchasing and logistics.

You may need to rent or buy warehouse space so you can take advantage of bulk buying. Racking should be set up to maximize the space you have. You’ll need more staff to manage picking, packaging, and administration. But all of this requires investment. So how do you know your idea and your business is good enough to attract those with the money?

Prove yourself. Keep your figures fresh and ready to present. Demonstrate your growth to date, and always have two or three projections for the next three to five years. Show that your customers are returning, and that you have a presence in the media. Now all you need is a positive presentation when you meet with your potential backers.

Moving on up often means moving out of your original premises. So many people start businesses from home to save on the massive overheads of an office or factory building. Renting often requires signing a long lease and paying taxes and rates. However, every contract should be up for negotiation. Shorten the terms, reduce the costs, and only make the move if you’re sure your business will benefit.

Be wary of changes to the economy and regulations that may affect your business in the future. You may be doing well right now, but threats exist, and you need to preempt them. Understanding your competitors can help you identify what in the marketplace affects them. And how will they affect you?

If you’re certain now is the time to make a big move, then get ready for the next roller coaster ride! It can be nerve-wracking to make a big change and a big investment. But if the continued growth of your business depends on it, then now could be the perfect time to move your company and operations to a new home.

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