| Hi Taylor
- I run a little online retail company and I'm looking to expand.
Business is going well but not booming, so I'm wondering how I can
slowly grow my company without making some potentially fatal mistake.
Hi Marjorie - Congrats on the success! Those first steps toward
growing your company are the most daunting, especially when you've
been doing everything on your own and already have an established
system. To put your mind at ease, here are a few ways you might be
able to test expansion.
future deals. Especially with a young business like yours,
it's hard to know when you can increase volume without taking
too big of a hit on earnings. This is why a lot of small businesses
market on the promise of growth. If you can guarantee savings
to future customers, that could allow you to increase inventory
you know will get purchased. You don't want to do a huge marketing
blitz and have a bunch of prospective clients ask for something
you don't have in stock, so offering some sort of future promotional
deal might provide a happy medium.
2. Form alliances. Sometimes another established business
can give you just the right kind of boost. If you can either get
a promotional deal through another site or offer some sort of
in-kind exchange, people will hear about your services from a
trusted source. This can save you loads of money in the marketing
department and can also offer a trickle of new clientele as opposed
to opening a floodgate you're not prepared for.
3. Start outsourcing. Growth often seems overwhelming because
there's too much to do. If you have certain aspects of the business
that you can outsource to other workers, you'll free up time you
can then use to focus squarely on growth. Start with freelancers
who work on a part-time basis, and then as your operation picks
up steam and gets bigger you can increase the workload or hire
full-time staff. In addition to easing your personal workload,
outsourcing lets you add elements to your business that might
spur growth. Get someone to write articles you can post on related
blogs or hire a small firm to do a little PR campaign. If you
go about it in the right way, a little money spent on outsourcing
can have huge returns.
to see where your business goes, Marjorie. Keep taking those small
steps forward and you'll end up where you want to be.
Information presented is for educational purposes only and is not
an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.