I realized the other day that I have been operating my home business for over two years. If I throw in the 3 years a half-decade ago when I ran my own consulting firm out of my home as well, I really cannot consider myself a beginner. That came as a bit of a surprise to me—I think it can be pretty common for us to get “stuck” in a certain stage with our businesses and not realize when it is time to move on…
When does our business go from a struggling start-up to an adolescent company? How do we evaluate and manage growth? How long should we give a struggling business before we pull the plug? All of these are tough questions that small home business owners face every day (large corporations and other business entrepreneurs face them too!) The important thing is to realize that our businesses are organic and they do not stay in one static place for long. Each business is different, however—I am just starting to feel like I can move out of the “start-up” fledgling stage in my home business after 2 ½ years—but I still feel very precarious. Other people might go from zero to sixty, so to speak in a year or less. In my past “life” I worked with nonprofit agencies that still seemed precarious start-ups after ten years of operations.
If you have written down a short-term and/or long-term plan and keep good budget records, you can use these to help you evaluate where you are at in your business. What is your ultimate goal and how far have you come to date? Knowing whether or not it is time to move into a different phase or stage can help you adjust your decision-making style and re-evaluate those plans and budgets. Think of building your business like raising a child—we have to adjust our parenting as the needs and developmental stages of our children progress, so too do we need to adjust our efforts as our home businesses do!
Also: Expanding Your Market? Is it a Good “Fit”?
Listening to Body Signals in Operating Your Business