How To Grow A Business

This is a list of 10 steps to grow your business from scratch.You have to put in some time ,a bit of your labour and maybe a bit of your savings at the beginning and then bootstrap your way up.It is inspired by the post here:-

  1. Find something you can make or something you can do that somebody else will pay you for.
  2. Find out if others will pay you to make or to do the same thing for them too.
  3. If  the answer is yes to point 2,find out ways of locating other such customers.
  4. Make a detailed note of how to go about finding and getting customers the fastest,easiest and cheapest way.
  5. Then go see if you can find someone else to make the thing or do the same service you were getting paid for ,for less than you were getting paid.Deskilling the work by breaking it up into tasks that less skilled people can do is one way to reduce labour costs.Another is outsourcing.
  6. Mechanization and automation via computer programs are other ways of cutting down on the  costs of delivering your product or service.
  7. Make detailed notes on how you will source cheap labour or machines and operators or get an appropriate software up and running.
  8. Then do the math to balance the number of customers you can probably source and the system you need to service their needs.
  9. Do the math to see how you can cycle the money you make from your sales to keep your production system going.
  10. Work out what sort of working capital you need to keep your system going and ensure you never draw out more from the business either as profits or for capital expenses.If you wish to expand use some of the profits you could potentially drain out of the business.

About Keerthika Singaravel

3 Responses to How To Grow A Business

  1. Jd says:

    Cool! That’s a clever way of looking at it!

  2. rocky5five5 says:

    You Point #5 is the key to transitioning from self-employed job to a ‘real’ business. Points #6 thru’ #10 are excellent ways to implement the change!

    Thanks for the mention, as well 🙂

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