"How and when to grow are key decisions that every small business must face eventually. In startup mode, growing too slowly means you risk running out of the capital needed to support the basic operational costs before sales reach the break-even point.
But just because you made it past that early stage doesn’t mean you're safe. Growing too quickly means you face another set of challenges, ones that put you at a greater risk than the slow growth that kept you up at night during those shaky startup years." (American Express).
What can be said about starting up a small business other than it is a slippery slope that always seems to be in a delicate balance. Even if you business does not fall victim to the 9 out of 10 rule, you still cannot risk your business by becoming too confident and speeding things up beyond what you are able to realistically do.
Now the real question comes down to how quickly one should move through each of the stages of starting up a small business and unfortunately there is no set amount of time, but there are ways to figure out if you may be ready to move to the next step in opening your business.
If you do not feel any of these beginning steps is complete or up to the standard you want it to be, then it is best to continue to tweak:
This stage can only happen once you are happy with the initial items needed for a business to at least begin publicizing itself. Now, you are more than welcome to go back and alter your logo, website, etc. over time as you grow, but at least an initial contentment with the items means you can move to these next steps:
The last steps that you would need to accomplish once you are open:
Again, this is a very basic guideline as to how you should move forward and a lot of steps are left out as each industry requires different start-up processes, but I did want to touch on the universal steps. It is important to feel you have successfully reached full potential on each of the portions of opening up your business. Trust your gut and don't move too quickly because that may cost your more than taking your time and making sure everything is correct.
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Socially Dedicated, a Philadelphia-based firm, provides marketing, content creation, public relations, business management consulting and social media management to small businesses. Check out our website or locate us on social media using the icons below.