Your startup business seems to be successful. You’ve made it through the difficult process of getting all of the paperwork together, finding office space, creating your product, doing the marketing to reach a large number of potential customers, and, even better, you’re actually selling products and making a profit! So now what? You may have reached the stage where you can accelerate your business startup into a stable, major business that has long-term sustainability. However, if you try to accelerate too quickly, you might find that the cost of your new expansion, new employees, and new products are just too much, and your business will collapse. That’s why you need to look for these effective methods of accelerating your startup.
Make Sure Everything is Lined Up
Some business owners make the mistake of accelerating just because they have the extra capital, but just because you’re making a good sized profit doesn’t mean it’s time to step it up. It also has to the right time. Is the overall market doing well? If it’s not, it’s a good sign that while you’ve got a product everyone wants, it’s not a good time to try to introduce similar products. It could also be that you’ve simply gotten lucky. Don’t let a few months’ profits give you a false sense of security. Make certain your production methods are solid, your customer base is there, and you have the long-term financial stability to expand. Don’t rush into it.
Know When It’s Time to expand and Go for It
On the other hand, some startup business owners let the moment pass by because they’re playing it safe. They hesitate to jump out there and invest the money because they’re afraid the market will crash or that they will overextend themselves. Because they’ve had to play it very safe, they’re very hesitant to suddenly start spending money. However, if you recognize that the moment has come, don’t hold back. Sometimes, aggressive spending is the only way to quickly grow and seize control of the market.
Partner with a Proven Company
Some businesses, including Microsoft, have created what is now being called, business accelerators. These organizations, which used to be known as business incubators, create strong relationships between established businesses and startups. Startups get a number of benefits from joining one of these accelerators, including things like office space, resources, and mentoring. There are benefits to the established company, too—for example, Microsoft encourages all of its startups to use its latest software. This is a great way to accelerate a small business quickly, since the business will have access to resources that it otherwise wouldn’t have.
Even those who choose not to join an accelerator program can still take advantage of the lessons learned by proven businesses. Look at the histories of successful companies, attend motivational seminars given by leaders in the industry, and learn from failed businesses.
Be Ready to Change
To effectively accelerate your business and move into the next stage, you’re going to have to make some changes. There are some major differences between a startup business and a business that has become stable and sustainable. You might have to move to a different location or even fire some employees who don’t seem to have what it takes to see your business into the next level. Your current management and production models may have to be adjusted, too.
There’s more to growing and accelerating your business than just making it larger. Before you begin investing money and hiring new employees, set a goal for your acceleration. Do you want to conquer a larger percent of the market? Do you want to grow your product line? Why are you growing your business? Once you’ve set some measurable, reasonable goals, you can begin accelerating your business towards those goals. If you don’t have something to strive for, you may simply try growing in all directions, and that can lead to poor investments or wasteful spending.
Some business owners can’t wait to get out there and accelerate their business into the stable, profitable stage. But being a startup has its own advantages. There’s no one-size-fits-all timeline for accelerating a business, so don’t be discouraged if other companies that started around the same time as yours are suddenly much larger. Everything came together for them, and it will for you, too. Some industries simply grow at a slower rate, and so startups in those industries tend to remain in the startup stage a little longer.
If you try to accelerate too quickly, your business will crash and burn. Make sure it’s the right time to grow, be ready to change, and have goals in mind for your business’s next step. If you do, you’re ready to accelerate into the next phase.Signup to Business Plan Template