Business is no Small Thing

Tuesday, April 28th, 2015

Home-based businesses usually fall into four general categories: product, service, artistic or culinary. Small businesses like; the neighborhood teen who cuts everyone’s grass, to the grocery store on Main Street – are the backbone of America. Every day small businesses are helping to strengthen our economy through job creation, investment in the community, and through the services they provide.

Each year since 1963, the U.S. Small Business Administration has selected a week to celebrate, and highlight the important contributions of America’s entrepreneurs and small business owners. This year the SBA has chosen the first week in May (4-8), as National Small Business Week.

Every business has a starting point, and some of the juggernauts of American industry got their start on a kitchen table, or in a shed behind the house. So, what does it take to move your “home business” beyond the garage? Well a common theme cited among business entrepreneurs, who have built their businesses from scratch is – the incredible amount of hard work, time and perseverance required to be successful.

Having a great product, or service is essential, but patience, business and sales experience, or an expert to consult is crucial as well.

According to business consultant, and author Robert Craven, “businesses of all types in every sector are capable of significant growth. The constraining factor isn’t the business model – it’s the ambition and capability of the owner-manager, although it may take longer to grow in some sectors and some business models can be scaled more quickly than others. To ‘jump-start’ one’s growth usually requires significant additional resources – usually cash – but caution is advised. Many high-growth businesses go bust. The real issue is ‘over-trading’, when, despite rapidly growing sales, your cash flow falls apart because you can’t fund the increased output.”

Whether you’re just starting out, or have an established company – watching the bottom is key. Your local Cartridge World store can help your business save money by reducing costs on everything from ink and toner to printing supplies.

So, if you’re looking to expand your business to the next level, you must be passionate, set achievable goals, keep an eye on the bottom line, and possess a drive to endure. Build some flexibility into your approach, and don’t be afraid to consult others when a change presents itself.

Having a business plan to guide your fledgling endeavor is a must – and keep it handy. Don’t be afraid to consult an expert to help you establish, or review this vital document. If you don’t, your company could act like a body without a head to guide it.

Gerard Burke, director of Your Business Your Future Ltd. states, “When we ask successful (business), owners what they would do differently if they had their time again, consistently they reply ‘invest in better people earlier’. Growth is difficult, so, you really must want it passionately, understand why you want it and think through the implications fully.”

If starting, and operating a successful business was easy – everyone could do it. Just watch an episode of the popular NBC show “Shark Tank,” or CNBC’s “The Profit,” and you’ll see examples of small businesses that did their homework, created a sound business plan, had the right product or service – and you’ll also see examples of businesses that did not.