.In planning your new business, it is important to think of the factors needed to make it grow. Identify the key growth areas that you want to target. Then plan and set the road map on how you will take your business to the next level.
The article “Seven Things You Need to Have a Successful Business” gives this advice in helping understand the growth prospects of your business:
What will be required for you to grow the company? Many entrepreneurs start a business and are happy when they see it making money. They are often not as happy when they realize that profits have plateaued.
Think about how you will grow. If you start a restaurant, for example, your profits will certainly level off. You will only have so many customers eating at your restaurant in any given year. To grow would require adding a second restaurant. But you cannot run two restaurants as you do one restaurant. You can be on top of everything at one location, but you must be away at least part of the time when you have two restaurants. And what if you had ten? As you grow you will need to learn to delegate. You will need multiple locations. Compare this to a mail-order business. It can be run from one location. Yet, sales are essentially potentially unlimited with only small structural changes to the business. Doing more of the same thing in the same way is easier than changing the way you operate.
Category: Starting a Business