While modesty may sound like a virtue in many other fields in life, when it comes to planning a business, thinking big definitely has its benefits. You see, growth and expansion is always the goal, nonetheless, by dreaming big, you might provide yourself with the motivation necessary to carry you through all the hardships of running an enterprise. Other than this, you would be astounded at the number of logistical benefits that thinking big can help provide you with. With that in mind and without further ado, here are the top seven reasons why even small business owners need to start thinking (and dreaming) big.
Picking the right business structure
Picking the right business structure is pivotal for the future of your business. As a sole proprietorship, you are your own boss and the sole owner of the business. However, you also can’t separate your personal funds from the funds of the business. This might not be the problem at the moment, however, once the business becomes big enough and the workload becomes overwhelming, you might be looking for a way out. In this case, you might be sorry that you didn’t opt for a partnership or an LLC. Keep in mind that a lot of experts agree that running as a sole proprietorship is a bad idea. Therefore, start considering your options in time.
Preparing for growth
Being unprepared for growth can be a serious problem, even though the phenomenon itself may sound great on paper. For instance, what happens when the workload exceeds your capacities? How do you tell a permanent workload growth from a temporary fluke? Do you outsource the surplus of work? Do you hire more employees? Are these full-time or part-time employees? Should you expand your office in order to have them work on-spot or do you intend to have them as remote workers? Just remember that all of these questions may sound benign at the moment, however, the time will come when you’ll need to answer all of them. By thinking about them before you have to, you may have an expansion model prepared and ready.
The next thing you need to keep in mind is that dreaming big and knowing that you’re reaching for greatness puts you in a spot where you can pick scalable solutions while your business is still small. You see, by getting professional tax agents to tend to your taxes from the very start, you’re embracing a fiscal model that you won’t have to change as your business grows. The majority of these agencies have multiple teams and professionals that they assign to each client. This means that as your business grows, they’ll adjust their team to meet your needs. In other words, once you opt for a scalable outsourcing model, the problem that you have is solved for good.
The next thing that not a lot of people will admit is the fact that enduring the hardships of the business world is something that not everyone can accomplish. You’ll work longer hours than anyone else, bear more responsibility than anyone on your team and your personal life will suffer for it. What you need to know, in order to endure all of this, is that it is all going to be worth it in the end. For a lot of people, slightly improving the finances of your family is not big enough of a motivator. Instead, they need to dream a bit bigger than that. Dreams of legacy and prosperity are the kind of dreams you need.
Helping you pace your expansion
Keep in mind that those who dream big often have a great way of pacing their growth. Why? Well, because they’re in the game for the long run and they’re not there to get rich overnight. There’s nothing that can disappoint you easier than having unrealistic expectations. So, knowing where you want to be 5, 10 or even 20 years in the future is the simplest way of preventing yourself from getting demoralized if your first 6 or 8 months in the business world are less than ideal. It also gives you an idea of how you should pace your expansion in order to achieve even growth.
Dreaming and roleplaying are two relatively similar notions. In fact, roleplaying is quite an efficient problem-solving method for those who are forward-thinking and creative enough. You see, by putting yourself in a position that you haven’t yet arrived to, you’ll be able to start thinking about the solution, without actually feeling the pressure looming over your head. Don’t get us wrong, sometimes, the best ideas come when one is completely cornered with no way out. Still, thinking about problems before they appear can hardly be seen as a negative thing.
Starting in time
Growing your business takes an incredible amount of time, however, those who believe that a modest success is enough for them will not feel the rush to start. As we’ve already mentioned, pacing your growth is an important thing, however, postponing the launch is never a good idea. What you, therefore, need to keep in mind is the fact that starting your business in time will give you the edge over your competitors. An investment in your 20s and investment in your 30s and 40s are incomparable, especially if you take into consideration that your growth is exponential. Therefore, the sooner you start, the greater the heights you will achieve.
Even though perfection is impossible to achieve, by striving towards perfection you can, at least, achieve excellence. Still, you must be very cautious when dreams are in question. If you dream too big for too long, you risk losing your touch of reality. Being so focused on the end goal may make you forget to look at the road that you’re currently threading, thus finding yourself in great peril. Just because you want your business to succeed won’t make your enterprise successful. In other words, dreaming big while still facing reality is a recipe for success.
Alexis is a Sydney-based part-time writer and a full-time mom of two. Her words carry the richness of her travelling and parenting adventures, offer advice and inspiration to those who desire to improve their lives. Outside of the office, she takes pleasure in spending precious time with her youngsters and absorbing the happiness they constantly radiate.