Finances

Six Important Considerations To Make When Growing Your Business

By THE LADY LOVES LIVING

While you may have initially picked up a side hustle to earn some supplementary income, there may be a time when you could turn this into a full-time gig. 

There are many benefits associated with taking this plunge, from leaving behind the traditional 9-5 grind, getting to be your own boss, and perhaps most importantly, the opportunity to pursue something you love. After all, a recent study found that “51% of people claim to love their full-time job. Meanwhile, an astounding 76% said they love their side gig.” This means that your job satisfaction is likely to increase alongside your earning potential. 

However, the transition from a side hustle to a full-time business is not easy. It will require a lot of hard work and dedication, but careful planning will help you get started on the right track.

With that in mind, here are some important considerations you should make when looking to grow your business, ensuring that you are able to put your best foot forward while doing so.

You need to find the right location and workspace.

Many side hustles start from home. However, as your business begins to expand, you may need to think about buying or renting out a space to work and operate from. Otherwise, you risk overruning your home with everything from products and paperwork, which will only add to your stress levels.

However, it is important that you find a location and business premise that works for you and your business. For example, if you are allowing your employees to work from home part-time, then you could settle on a smaller office space. Alternatively, if you are running a customer-facing busines, such as a clothing store, then you need to think about where is the best possible location to obtain the maximum amount of foot traffic. 

Either way, think carefully about your options before agreeing to lease or buy a property. Write down a list of everything you need, alongside things that would be nice but aren’t essential. Then, try to find a property that ticks off as many of these requirements as possible! 

You need to build a team you can trust.

Expanding your business often means hiring new staff. After all, the alternative is overworking current employees and yourself, which will only lead to burnout, poor productivity levels, and customer dissatisfaction. 

However, this is something that many entrepreneurs find hard to begin with. After all, you’ve put a lot of time, energy, and love into running your business, and there’s no guarantee that they will approach their work with the same level of enthusiasm and care. Fortunately, however, there are many steps you can take that will enable you to build a team that you can trust as you grow and expand.

For example, you should work to refine your hiring practices so that you attract the top talent in your industry. You should also ensure that you provide your employees with a competitive salary, and some kind of benefits program or scheme, too. For example, you could develop an employee wellness program that helps them to take better care of their mental health and well-being. 

Health and safety cannot be an afterthought.

No matter what kind of business you run, you should ensure that you make the health and safety of both your employees and any customers a priority as you work to expand your business. After all, failing to do so could land you in significant legal and financial trouble, with the average workplace accident costing the employer thousands of dollars. Beyond this, failing to take the proper safety precautions at your workplace will also lead to reputational damage that could significantly hinder both your growth and employee retention rates.

As such, you should make sure that health and safety are a priority – not an afterthought. If running a warehouse, ensure that all equipment is kept in pristine condition and that employees receive the appropriate training before they start work.

Whether you run a marketing agency or construction site, it’s also beneficial to have health and safety personnel on site. This way, they will be able to provide emergency first aid, CPR, and even basic life support in an emergency scenario. To get started, search phrases such as “BLS near me” to find relevant, local first-aid and basic life support courses. Then, subsidize the cost of this training on behalf of your employees. While this comes at an additional cost, it really can be life-saving, which means that it is money well spent.

You must have your finances in check. 

When it comes to business expansion, financial literacy is key. After all, you need to know that you have enough money set aside to scale your business while also staying on top of your other financial responsibilities, such as managing your payroll and paying the relevant taxes. At this stage, any kind of financial misstep can have far-reaching consequences. 

As such, you may benefit from hiring an accountant who can keep track of your finances on your behalf. If you cannot yet afford to hire a full-time or in-house accountant, outsource these services instead. After all, this means that you still receive trustworthy advice when it comes to money management, but at a fraction of the cost. 

You cannot rely on “one good idea.” 

There are many reasons why you may have decided to turn your side hustle or hobby into a full-time business. For example, you may have enjoyed great success with a particular product or service, leading to an increase in sales and customers. However, while this is a strong starting point, it’s important to remember that you cannot rely on one good idea to carry you forward indefinitely. You need to stay on the side of innovation and continue to bring something new to the table. Otherwise, you risk falling behind on trends, which will result in a loss of interest among your audience.

Fortunately, there are many different ways in which you can ensure your business thrives in an ever-changing climate. For example, you could host regular focus groups with members of your target audience to find out (in detail) what they want from your business, including what they like and don’t like about your current offerings. This will enable you to discover where you may be making costly mistakes while also ensuring that you enter the process of developing a new product or service with a clearer understanding of what is expected from you.

In addition to this, you should also ensure that you are hiring employees with diverse perspectives and fresh ideas. This means that it’ll be easier than ever to bring something new to the table, as you’ll have a range of perspectives and thoughts to pull from. 

You still need time off. 

Small business owners are often the biggest culprits when it comes to failing to take time off work, with many admitting to working 50+ hour weeks. Beyond this, a recent study found that “only 14% of small business owners take a vacation – every two to three years.” There are, again, many potential reasons why business owners are so prone to overworking themselves. For example, it could be that they try to fill many roles in their company at once, want to support their team, or, perhaps most obviously, feel as though they need to be working 24/7 in order to keep things afloat. 

However, the truth is without sticking to a manageable work schedule and taking a break when you need one – whether that be due to sickness or a family vacation – you will only put yourself on the path to burnout. After all, working almost 24/7 means that you will be dealing with high levels of stress and little sleep, which not only impacts your health but also your ability to work effectively. This could mean that you are more prone to making mistakes that could harm your business. 

As such, now is the perfect time to adjust your working schedule. Try to stick to more realistic hours – the same you would expect to feature in an employment contract. When you finish work at the end of the day, turn off your work cell and do not check any emails until you are back at your desk. Use your free time to guard and protect your mind or spend time with those you love. 

Final Thoughts. 

As mentioned above, there are many benefits tied to turning a side hustle into a full-time business, and taking into account the steps outlined above can help ensure that you are on the right track when it comes to growing and scaling your side hustle.

However, it is also important to note that there’s no such thing as an overnight success. In fact, many of the entrepreneurs who experienced so-called “overnight” success were actually putting the work in for years before hitting their stride. As such, try not to be disappointed if things don’t take off right away. Remember that consistent hard work will always pay off!