It’s a popular idea to strike out on your own, start a mini business at home and finally get your freedom. But what if you discover that that’s not enough for you?
Let’s say that you realize there’s enough potential that you should grow the business to the point where you have staff and work from a rented office – how can you achieve that?
In this article, we provide some pointers for how to upscale your plan to get out of your home office for good.
Create a New Business Plan
Even if you never actually had a business plan to begin with, it’s never too late to produce one! Creating a business plan isn’t necessarily about the final plan itself. Mostly, it’s about making time for the deep work of business planning. This lets you run through different scenarios to determine how your business can be grown successfully from its current level to something much larger, and in a sustainable manner, too.
For instance, as a solopreneur, you may have been satisfied with a $65,000 yearly income for the business while maintaining low expenses. However, that won’t be sufficient to expand to an office with a roster of capable staff. Think and plan bigger…
Consider Remote Staff, Initially
While you probably would prefer to take on full-time staff, it may require several months to get there. Indeed, it may be impossible to do it without a team to perform the essential functions necessary for the business to expand.
Before it’s possible to lease an office for a full-time staff to work from, you may still need workers. In which case, being open to remote staff or freelancers is the next best thing. Not being open to them could hinder your progress.
Management and Procedures
If you go the route of having either freelancers or remote staff working for you before the office move, then you’ll need to learn how to manage them. If you haven’t been a manager before, then there’s much to learn. Furthermore, managing remote workers or freelancers poses some unique challenges too.
By starting earlier, you can create systems and procedures that work well before making the move. At this point, remote workers can work from the new office or a new local team can be employed. With procedures already set up and tested, the move will go much smoother.
Get the Finances Right
Accumulating money from profits to fund the office move takes time. It may require longer than you’re willing to wait.
Companies like Advanced Point Cap provide business cash advances which can be useful in this circumstance to bridge any gap in funding. Availing yourself of these types of facilities prevents your business from getting stuck in neutral unable to lease an office and have a place to meet prospective clients when needed.
While it can seem like a long road to go from a home-based business to an office-based one, many founders have successfully made this transition. It requires some perseverance, but it can be done.