A growing number of small businesses now begin life as home-based or dorm-based ventures. However, the vast majority of success stories will eventually outgrow those humble beginnings. When this time comes, transitioning to a new workspace is a very daunting task, not least due to the increased overheads. Therefore, finding ways to reduce the risks of losing money is essential.
Focus on the features below, and you won’t go far wrong in the bid to launch this new chapter in style.
1| Avoid Long-Term Workspace Commitments
While it’s evident that you need to work from a bigger workspace, you won’t know exactly what’s required until a few months have passed. Therefore, opting for a flexible office space that can be upgraded or downgraded as required is essential. This allows you to use trial and error in regards to staffing and productivity. When supported by remote freelancers, you should settle into the new routine far sooner. If nothing else, the added versatility should offer peace of mind.
2| Test The Waters With Selling
Productivity in the office or workspace isn’t the only area where you need flexibility. This is a period in which you will be eager to increase your customer base. Trade show events are a particularly good way to reach lots of people in a short space of time. Meanwhile, pop-up stores enable you to gauge the interest levels among consumers in new territories. Some will work out. Others won’t. Either way, testing the waters allows you to make calculated long-term decisions.
3| Choose Cost-Effective Marketing
Make no mistake, big marketing campaigns do have a role to play. Nonetheless, this is a time to focus on budget-friendly marketing. Market research is a vital step in the preparation as reaching the right demographic will boost conversions. Besides, finding new clients that will stay loyal to the brand can send your customer lifetime values through the roof. Your natural desire is to think about the immediate future during this transitional phase. But keeping one eye on the future will pay dividends.
4| Hold Back On New Products
The transitional period is one in which you want to sell a greater volume of products. While it is tempting to introduce new items to your catalog, it’s probably easier to increase the sales of your existing inventory. The true production costs include research and development, as well as protocols. Focus on stabilizing the current situation on a bigger scale, and then you can worry about adding new items at a later date. Essentially, it’s best to walk before you run.
5| Get A Mentor
By now, you should know that only you can take accountability for your business. However, you should also realize that you needn’t face the journey alone. Getting a mentor allows you to leverage success from their experience and expertise. Aside from guidance on how to enhance the company, you will gain advice on the ideas that should be avoided. Given the significance of every decision at this stage of the venture, it’d be very naive to let this opportunity pass.
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