The new year means one thing for startups: it’s time to grow your business. If you want 2016 to be the year your business goes from small startup to the ‘next big thing’, you have to take some risks. Here are 3 surefire ways to grow your business in 2016.
1 Expand your team! Hire the smartest growth professionals
Sometimes you have to grow your team to grow your business. Sure, you can run a perfectly successful business by yourself, or with a partner, but there is only a limit to what you can do on your own.
Once you have more work than you can comfortably harder, before you end up turning clients away, look at increasing your staff.Even one or two more people can help.
Remember, it’s not just about the extra pair of hands. New employees can bring their own unique skillset to the table that could help your business expand into new areas. Figure out what skills you currently lack and make a hire in that, complimentary, area.
How to do this: Expanding your team doesn’t have to be a difficult process. Sites like Work In Startups or indeed allow you to post job ads for free. In no time you’re sure to find a pool of talent who can help you grow your business. Read about the paperwork side of hiring new staff in this handy government guide.
2 – Move to a new and better office
Running a business from your home may be convenient and cost-effective, but there is only so far you can take your business like this. Having an office means you can meet clients in a more formal setting.
It will also give you a better home/work divide that will be much better for your health. If you you are thinking about hiring new talent, a bigger office space is exactly what you need.
How to do this: Renting an office is an easy way to test the waters before you commit to a long-term lease. Sites like i2Office offer serviced offices to rent, which come equipped with all the supplies and facilities you need. Serviced offices are available in any city in the world, with providers like Alliance Business Centers and Serviced Offices International. Which brings us to our next point…
3. It pays to go global! Target other markets
Taking your business worldwide gives you new markets and bigger buyers. Even as a startup, this move can make sound financial sense. As Kunal Sarda of VerbalizeIt says, modern technology means any company can compete globally. There are many benefits of expanding your business worldwide, no matter what size. As long as you conduct foreign market research and plan ahead, you should have no problems.
How to do it: Taking any business worldwide will inevitable involve travel. If you are concerned about wasting time and money, consider flying privately directly to your destination. Sharing a plane with other startups (“planepooling”) or using “the uber of private jets” can give you all of the benefits of flying private at a lower cost. You can keep working at private airport offices, and avoid congestion to save time.
Whether you try all of these tactics or just one, 2016 is sure to be a year of huge growth for your business. Simply keep in mind that you need to make the right decision for where your business is at now.