One thing that you won’t hear a lot of entrepreneurs say, is that they want to keep their business small. Keeping your business small doesn’t mean you sacrifice success, but this is the reason most entrepreneurs believe they must grow their business to unmanageable proportions. You may want to keep your business small; if you do, have no fear, you can still be successful!
If you do choose to keep your business small, you will find that you are able to retain more control over your business and enjoy a more balanced lifestyle. Ironically, most entrepreneurs start their businesses to gain more freedom and balance in their lives and then turn around and do things that work against that goal!
If you've considered keeping your business small, but weren't sure what benefits there were, here are a few:
Lower operating costs
Higher profit margins
You won’t lose your core focus
Frankly, these are great reasons to maintain a small enterprise and there are many more!
Keeping your small business small on purpose means much less stress and hassle. Of course, you’ll never avoid all stress and hassle, and some stress can be a good thing sometimes, but you can reduce the amount and the longevity of stress and hassle by staying small and simple.
If you took a long look at some businesses out there, as well as businesses that just didn’t succeed, getting too big, too fast creates stress because you take on more complexity than you’re ready for as a new leader of your business. If you’re just a small entrepreneur right now, don’t try to grow too fast. Enjoy where you are and appreciate the benefits of owning a small business. Yes, there are some disadvantages to owning a small business too, but choose to look at it in a positive light.
You don’t want to lose control of your business before you’re ready. You’ll have to work long hours, and you’ll be working hard whether you’re ordering stock in the wee hours or you’re simply delegating important tasks to the rest of your team. Being a small scale supplier to agriculture businesses will mean learning as much as you can about plastic cone bottoms tanks and other pieces of equipment that is needed in the market, for instance. Do your best to learn every task and responsibility that you can. Make the most common mistakes yourself so you can learn from them - making mistakes is imperative to becoming a successful entrepreneur. One that might be ready to grow a business or own multiple businesses!
Build checklists and have systems in place to correct a mistake each time you make it. Making sure you build your business at a slow and deliberate pace will reduce and spread out much of the stress and hassle that come with growth. If you have a business partner, make sure they’re on the same page as you when it comes to how quickly you want to grow your business and how large you want to get. You’ll have a much smoother ride if you can both come to an agreement that you’re happy with.
A small business can still be considered a very successful business. The more deliberate you are with your business growth, the better entrepreneur you’ll be in the long term. It may mean turning down work from time to time, but at least you’ll have your pick of the best clients.
What do you think about keeping your business small but successful? Leave your thoughts below!
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