Monday, August 2, 2010
Expansion: Thoughts of an Entrepreneurial R.E.B.E.L. Volume 12
Once you have laid the foundation of establishing a financial pipeline (past the break even point and into the profit zone), gained some credibility within your industry, and don't have an issue keeping your calendar or business accounts full, it is now time to think about growth opportunities for your company. Perhaps you want to launch another product line, hire a staff, or lease/buy office space, purchase an expensive piece of equipment that will offer more marketing power,etc. It is important not to skip steps when expanding your operation. You want to make sure the rubber band doesn't snap due to tension it was not ready to withstand. A lot of entrepreneurs see these large visions and try to pursue the end before they obtain the beginning. Sustainable growth must be well thought out before it is executed or your company could be swallowed in the process. Only expand off of successes, not failures. Both are great teachers, but success allows you to go to the next grade and failure may mean you need to repeat.