It’s Your Business But Can You Really Grow It Alone?
Life as a business owner is a mixed bag. Nothing stays the same for long, even though you’ve been working hard since day one. As a startup, your business was the perfect size for you to manage on your own. After all, you probably didn’t have enough customers or orders to justify employing anyone else. As things started to grow slowly, the company expanded with people selected by you to be employees. They may have had administrative roles or logistical tasks, but they all had one goal in mind – to fulfill the needs of the business.
Now your business has reached a size where it has outgrown you. It might feel like your company is its own living, breathing entity. You brought this business into the world, and now it is maturing. So how can you keep a tight hold of the reins without stifling its natural progression? Perhaps your role within the business needs to change.
Many business owners are naturally gifted at starting up companies and seeing them on a sure path to success. But once they have developed a good customer base and even expanded their product offering, they can feel a little left out. The pace changes and some business owners choose to sell the business on at this point. However, this isn’t necessary. Instead, consider just how far you can take your company now you have this momentum.
Choosing suppliers that can help you to develop, expand, and refresh your product offering is crucial. You might choose to find local plastic injection molding services to support your company’s manufacturing objectives. Or maybe you’re looking for the right import and export business to help you move into global markets? It all starts with a big vision on your part. Then you need to seek the companies that can help you realize it.
This doesn’t mean you are handing control over to others. It doesn’t mean you’ll be forced into a direction you’re not comfortable with heading. But it may mean you’re stepping into new territories and exploring new ideas that aren’t necessarily your own. Are you happy with this level of collaboration? You may also need to hire talented employees that can help guide you and your other staff toward these new ventures. This could require a significant financial investment on your part.
Taking a back seat in your own business can be too much to bear. However, stepping aside to allow fresh ideas and greater technical expertise develop your business isn’t always a bad idea. You may need to restructure your business and formulate the chain of command more strongly. The ultimate decision can always be yours. Or you might choose to hire someone else to take on the day to day operations for you.
Selling controlling shares in your company may not be something you are entirely comfortable with. However, you should consider where your own talents lie. If you excel at launching startups then why not take the cash and develop another business? Perhaps this new chapter in your life can reinvigorate you and your existing company?