In the early days of business, you’re so focused on the present that it’s tough to think about the future. Even when those early nerves and endless source of adrenaline begin to ease off, you’re so focused on just getting through to the next quarter that you can’t see the wood for the trees.
Over time, however, running your own company stops being a constant daily source of limitless stress, and morphs into something else. That something else that’s so beneficial? Normality. No longer is your business this wild throw of the dice and a desperate attempt to be your own boss – it’s just your way of life now. You’ve made it; you’ve succeeded.
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While the feeling of succeeding in business is a wonderful one — especially given how few people get to that point — it brings with it a whole new set of questions that you have to answer. The most important of which is, what’s next for your business?
If you don’t immediately have an answer for that question, then you don’t need to worry — here are a few ideas you might want to consider as the next logical step for your company.
IDEA 1: Expansion
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If you’re running one office or premises and it’s doing well, then there’s a good chance you’re going to be able to repeat that in a second location. This almost certainly is going to require another round of funding, but if your business is successful enough to be considering this step, then it’s probably safe to say that someone is going to want to invest in you. Look for venture capitalists who have a history in your industry, and take things from there.
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IDEA 2: Franchise
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If you can see the value in a second location but don’t want the practical hassle of actually doing it yourself, then franchising might be the best choice for you. This can be a tough step; there’s a lot to think about, and you have to be sure you’re comfortable giving your business name and reputation over to other individuals.
You’ll have to become used to working out the kinks in relationships with franchisees, get to grips with local franchise marketing, and work out the price of your franchise.
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However, that’s not to dissuade you. There’s a lot to learn, but there’s also a lot to be gained. If you don’t mind the learning curve, this could be a valuable step for your business.
IDEA 4: Sell
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Many entrepreneurs like a challenge; that’s part of the draw of going into business for yourself. When you get to the point where you are generating a profit, have established a brand, and your business is thriving… well… sometimes the thrill can be gone.
If you’re no longer engaged with your business and aren’t finding it exciting, then selling it on might be your best bet. To get back that thrill and excitement of starting a business, you can use the profits you make to begin your next great business adventure.
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When your company reaches the point where you’re able to contemplate your future, it’s clear you are a skilled entrepreneur with something to offer. Investigate your next steps, such as those outlined above, in the knowledge that you’re good at this, and whatever you do next will probably be the right choice.