You’ve found the key to internet success. Your bespoke doilies with funny patterns on have, in a rather unlikely scenario, become the hottest property on the web. You’re creating more doilies than there’s time in the day and the knitting machine in your spare room is ready to kerplode.
So it’s time to move on up, as Primal Scream would say, and evolve your business from the bedroom to the high street.
Indeed, while you’ve got fewer money troubles when conducting a business from home, your lack of progression will eventually lead to stagnation. What’s more, you’ll become under-resourced and struggle to arrange business meetings. Your initial successes will deflate like a week-old party balloon.
So what will you have to prepare for if you’re moving from the digital world and into the business frontiers of reality?
Location is everything
The doily business is a very specific niche. Are you appealing to blue-haired grannies or young and hip students? Or perhaps you’ve managed to design the only type of doily ever favoured by the Hell’s Angels.
No matter where you’ve struck gold, finding the location to mine your demographic further is vital.
Just imagine opening a doily shop in the backend of nowhere, or in an industrial sector flanked by auto-repair firms. You’d enjoy about as much business as a second hand underwear emporium (although, admittedly, there might be an odd niche for such a place).
Before signing on the dotted line for a shop to let, take a look at this notable website for great deals on properties in your area. You’ll find a shop that’s ideal for your needs.
In the traditional capitalist mode of thinking, expansion is the only way to keep your business viable. But that doesn’t mean your business should keep making leaps of faith until it hits success. That’s the path to inevitable failure.
Look at a business like energy company Enron. Famous for its greed and corruption, the company’s main flaw was that it overstretched the mark. Everyone took risks in the hope of making profit – until the bottom fell out.
Your doily company is unlikely to make a scandal as big as Enron if it goes bankrupt, but that doesn’t mean you can’t learn lessons from the failures of this giant.
Consult your bank manager before making any major decisions, including hiring new employees or acquiring new equipment. Then weigh your bank manager’s warning against the potential benefits of your decisions.
Ultimately, you’re the boss. Every decision will fall down to you in the end. Like the Julius Caesar of the business world, your thumb up or down makes all the difference. Just make sure you’re not leading your burgeoning company down a cul-de-sac.
AUTHOR Derek Sall
Derek has a Bachelor's degree in Finance and a Master's in Business. As a finance manager in the corporate world, he regularly identified and solved problems at the C-suite level. Today, Derek isn't interested in helping big companies. Instead, he's helping individuals win financially--one email, one article, one person at a time.