Did you go into business to be your own boss? Did you dream of breaking the limit on the cash you could earn in the 9 to 5 world?
Did you see an opportunity you had to take, filling a gap in the market? A burning passion you just had to explore?
Your definition of success will depend on the reason you got into business in the first place. Your idea of success will also define your plan for, and comfort level, with growth.
Running your own business can be more about work-life balance and the freedom to control how you spend your time versus a quest for more profit, more employees and more acquisitions.
It can be about staying small, or just big enough, to meet all your criteria for a business that makes you happy.
For Some Entrepreneurs, It’s Not About Going Big
For entrepreneurs with competing priorities, like school, family, or a commitment to homemade versus mass-produced, the idea of growth can cause panic. For creative freelancers, too much growth can quickly take them away from the work they love to do. While outsourcing can work for other professionals, for artisans it can mean concerns about consistent quality, and time spent away from their craft in order to manage someone else.
When striking the right balance is the goal, as it is for many mompreneurs, students, and creative types, managing a business with new and overwhelming demands quickly resembles someone else’s dream. Growth becomes stressful and being the boss isn’t any fun.
What Does Growth Mean For Your Business?
If you’re the kind of entrepreneur who aims to keep things small, “growth” can simply mean earning the privilege of choice. The sweet spot is a large enough clientele that allows you to turn away work that isn’t suited to your skills and interests. It’s the ability to do things on your own, without dividing your time managing other people*. Growth can also mean the ability to enjoy doing less of the things you don’t want to, by hiring the right person for the job.
What does the perfect business look like for you? How would you like your business to grow?