Business growth can bring rewards, but unmanageable growth can be frightening.
You need to plan ahead for the growth of your business to maximise your opportunities and enhance the smooth progression of your business.
That is, you need to be thorough in your research and you need to take account of different risks and market responses.
The home-based business scenario can present some unique challenges for growth. Your home, as your business site, may not be able to easily accommodate the expansion of your business. In addition, staffing options often need to be approached differently, since limited numbers of employees can usually work at home premises due to space and regulatory constraints.
This section presents different strategies that may aid your planning and help facilitate the growth process, as well as other options that are relevant for the more mature home-based business.
Of course, your choice for growth will depend on your market, the type of business you are in, your business model, finances and your own personal goals and lifestyle needs.
Speak to your accountant and or business advisers about your business growth options and strategies.
Click here to find your local Business Advisory Service or phone 1300 650 058.
"You should also consider other options in growing your business (apart from expanding through premises). You could find like-minded HBB people and outsource certain areas of your business to them. Work out your goals first and ideally how you'd like your business to look. Then consider the positives and negatives of at least three growth options."MyBiz Coach Michael Sheargold, p10, My Business Magazine in "Growing Up", May 2001
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