Career Taking on the Challenge of Expanding Your Successful Business
Women now own and run almost 13 million businesses in the US. As well as becoming successful sole proprietors, many have grown their business and are now also responsible for supporting over 9 million jobs. Ohio features in the top ten of best states for women to set up a successful business, and it is becoming easier to create a startup or launch a new enterprise. However, as your company prospers, you will be looking beyond simply sustaining the initial success and will, in addition, be thinking about taking on new staff and moving to larger premises. This can take time and effort but the rewards are well worth it.
Investing in Employees
As your business becomes more successful, there will come a time when you need to start sharing the workload. Taking on staff is a major responsibility, and it is estimated that hiring an employee can require up to £4,000 in recruitment and training costs. Of course, by taking the time to properly prepare and integrate suitable new staff to your business, these costs will be recovered through increased revenue. Another added responsibility that must not be overlooked is workers comp insurance. As well as giving you and your employees peace of mind, like any business insurance, this could save you money in the long run.
Making Room for Success
Finding premises for your expanding business can be daunting. If you’ve been working alone at home and don’t feel that you are ready to take on the responsibility of your own office, start by sharing a co-working space where you can network, meet potential new employees, and continue to grow your business until you are ready to move. The eventual location of your new premises will depend not only on your budget but the nature of your business. A prominent and credible address with parking nearby is preferable if you expect clients to visit you at your office. If the premises are just for the use of your employees, you will still need to ensure that the location is convenient and safe for them, and will not be off putting for potential new recruits in the future.
After the initial excitement of setting up a successful new business, ensuring that it is not only sustainable but ready for expansion takes time and effort. However by being prepared to take on extra responsibilities and invest in well-trained staff and premises suited to your needs, you will soon reap the rewards of a flourishing business.