What Are The Four Stages Of Growing Your Business?

When you start a business you generally do everything yourself. You answer phone calls, buy stationery, do filing and carry out a lot of other tasks that takes your time and attention from the most important thing – getting new clients. There is nothing wrong with that. You do not want to remortgage your house and hire staff at this stage.

But most people get stuck in this stage. They don’t realize that to grow the business and after turning a nice profit year after year they have to hire staff and get help and then duplicate themselves. So stage one is getting staff to help.

Stage one: getting staff to help

Hiring staff at this stage is easy, although it costs you money. Nevertheless after training your staff member and freeing up some time you are able to grow the business even more.

Stage two: building the business

Once you have got more free time, you need to continue building up the business. This means long hours. But if you like what you are doing and you have a plan it is easy hard work.

Stage three: duplication yourself

This is where things can get sticky. Not because it is difficult, but because it means trusting someone else to your job and handle your clients. It involves courage. It means stepping away from the business and realizing it was something in its own right. It also means trusting someone else to do your job and make money for you. You just have to find the right person and get her/him really passionate about your business.

Stage four: duplicating the business

The difference between a small business and a multimillion pound company is multiple outlets. Look at McDonald or Starbucks. Duplication is a very common story in business. Create one successful business and multiply it by 100. That’s how businesses go from small to big.

Duplicating yourself and your business takes time, so don’t expect everything to happen overnight. It takes time and easy hard work. But ultimately if you keep on duplicating a successful business formula, profits will follow.

Why Should I Start My Own Business Now?

In tough economic times, which we are experiencing now, many people lose their jobs or become redundant. Why not take advantage of this situation and start your own business. May be you’ve already secretly dreamed about it while working for your boss. Now is your chance. You can take it.

If you like a feeling of intense engagement, and of passionate drive. Where your senses are sharp, your mind is alert and your imagination is running wild. Where you are learning a lot week in, week out. The best way I know of achieving that – legally and long term – is by starting a business. And getting rich.

The specific venture you choose can arise out of your own situation: where you are, what you can see, what you know, who you know, what you can do, what you like doing and, most importantly, who you are.
Yes, but am I cut out for this, you ask? Good question. I don’t think everybody can do it. Just as I don’t think everybody can handle a job that involves rare skills and a lot of pressure. Some people take a lot longer than others to grow up. Some people never do. And some people just like the feeling of safety that comes with employment and that’s the way they want to keep it. There is nothing wrong with that.

But what I am trying to say is that there is nothing mysterious or particularly difficult about starting a successful business. I believe that many more people can do it than actually do. 50 or 60 per cent of them could make it without too much trouble. May be not become millionaires right away, but certainly successful and independent in a business of their own.

Starting your own business is hard work (easy hard work). In a tough economy, it can be even harder. But there are unique benefits and opportunities to starting a business in a tough economy. If you do your homework, think strategically and take advantage of every opportunity to minimize costs while maximizing the value you add for your customers, you can build a foundation for long-lasting business success.

Start small…with an eye to expand. Manage your expectations and your expenses by starting as small as possible, with an eye to expand when your business takes off. Review your business plan and reconsider what you need to start.