I’m sorry, someone is already on their way, the woman kindly told me. I had missed another one. Hundreds of dollars in profit again flew away like a dove. I had stepped outside for a little bit to clean a dryer. For the hundredth time I was reminded how much profit was being passed up because I was performing every aspect of the business. I needed to expand, and this past month I finally did so.
Taking on a partner required sales to double overnight. This caused the past month to be pretty stressful and I’ve gotten cold sores in my mouth which I only get when I’m stressed out. Growing can be painful, but the reward can be incredible.
I’ve come up with six reasons why I think someone should expand their business. I know there are more, and I would love to hear more of the reasons from you in the comments below.
1. To better utilize your talents
If you are like me, I often get frustrated doing basic things over and over. It’s not that I believe the tasks are beneath me, or that they aren’t important, but rather I want my work to challenge me. I’d rather provide basic tasks to someone that needs work, and continue to challenge myself by pouring myself into other aspects of the business. So before, I was the deal finder and buyer, the pick up guy, the repairman, the cleaner, the photographer and the seller. Now I’m still buying and selling the appliances, but I don’t often pick up, deliver, clean and repair them anymore. When we expand again, my business partner will stop picking up and delivering the appliances and focus primarily and repairs and managing the driver.
2. To encourages focus
When I used to deliver all the appliances, I would often be gone for an hour or two at a time. I would be addressing one small aspect of the business, delivery, while I was forced to pause all repairs, purchasing and posting of other appliances. One person can only do so much, and I had reached that threshold. Being able to delegate responsibilities in one area of a business will help me focus better on the other areas. When we try to do too much, everything suffers.
From the start, one of my goals has been to create a business that I could add value to from anywhere in the world. We are planning on spending a month or two out in Hawaii this winter where I will manage the operation, as well as hopefully start a second one. In the case of our business, much of the important aspects are done online and over the phone. That can be done from anywhere.
4. To create an asset that works in your absence
One of the curses of self employment, especially at first is that when you stop working, you stop making money. A business where one person does everything is not worth much. If the person takes a day off, then the business (especially retail) stops making money. If you can grow it so that multiple people are all working together to make the business profitable, it’s like permanently attaching a motor to a car. It allows the business to operate without you. This should also greatly increase the value of the business if you should one day want to sell it.
5. To increase your income
Expansion does not always increase income right away, and can slightly decrease it at first. As everyone settles into their new responsibilities, the business should gradually become more profitable.
6. To add more value to this world
If you really believe in what you are doing and the service or the goods you are selling, then expansion is a natural way to add more value to the world. If what a business is producing is good, then expansion can amplify that good.
Remember, growing and expanding your business isn’t going to remove responsibilities, but will rather change and increase them. Also, don’t despise slow growth. Some of the most majestic things in this world grow very slowly.
I would love to hear your thoughts and additional reasons to expand one’s business. I know there are many more. I hope you are all doing well.
Don’t miss the next post, join the Free email list and receive all new posts and site updates delivered right to your inbox.
Need help getting started in your Craigslist venture? Check out my coaching page.