Tips for Growing Your Small Business

The American Dream

We’ve all got our own interpretations, but for many, it takes shape as the dream of owning and operating your own business. However, like any dream, making it a reality takes some persistence and perseverance. It’s never an immediate success story, growing your small business takes time and resources… *aghem*… money.

If you’ve recently started a small business, you might be feeling a little overwhelmed. Even for all you serial entrepreneurs with several start-ups under your belt know how difficult it is to juggling all the factors of your business. From day-to-day operations, to basic administrative tasks as well as branding, networking and all the other fun things that go into marketing, it can feel like a lot to take on. While growing your small business does take a lot of hard work and dedication, it’s not an impossible task.

The most important thing to remember is that you are not alone. Thousands of professionals have experienced the growing pains of running a small business. As a result, there’s a ton of resources out there to help you start and grow your small business.

Growing Your Small Business

One of the biggest issues for growing your small business is finding a starting point. Depending on the nature of your business and your operating capacity, you may wonder how you are going to scale. In other words, how are you going to establish yourself in your market?

Working from home is fine to start out, but many quickly find that a home office is not the best environment. On the flip side, traditional office space might be beyond your current financial reach, or maybe you don’t have the need for one. What, then, is a viable option?

Virtual Office

A virtual office is usually the first step for small businesses establishing a footprint. By offering part-in-parcel services, virtual offices keep operating costs down. They also relive the pressure of handling administrative functions. A virtual office is a simple concept – you have access to all the functions of a traditional office without occupying physical space.

How does a virtual office work?

Essentially, the form and function of an office space is outsourced to service providers. Typically virtual offices offer services such as:

• a physical business address
• mail-receiving
• phone answering and receptionist services

Other virtual office services provide additional access to physical amenities like:

• Coworking space
• Conference rooms

While virtual offices are great for getting started, you may find that your business needs require more than what a virtual office can provide. Fortunately, you won’t have to make the jump to a traditional office just yet.

Shared Work Space

Another office option if you’re looking to grow your small business is a shared work space, or coworking space. You’ve probably heard the term before, that’s because this type of office concept has gained a lot of popularity in recent years. Shared work spaces offer greater flexibility than traditional spaces and they’re usually a fraction of the cost.

Shared work space vs. coworking: is there a difference?

There isn’t really a prescribed difference, but it’s important to know that different venues offer different services. Usually though, you can expect to see the following:

• Common areas
• Shared amenities
• Flexible work spaces

While the emphasis is on collaboration and shared resources, most coworking spaces offer a variety of work spaces, from unassigned desks to private offices.

Coworking and shared work space venues can be a great place to start for growing your small business. In most cases, coworking space users have similar mindsets and goals. This shared mentality brings an extra facet to the work space that is lacking in a traditional office.

These types of spaces are able to keep costs down through flexibility. Most venues offer temporary and short term office space options, like hourly and daily rentals.

Small Business Resources

While both of these options can be great resources, it’s important to find one that’s right for you. Small business owners use these resources, because they can be tailored to fit the nature of their business.

There’s a ton of options out there, so take your time when selecting a virtual office plan or shared work space.

Small Business Administration

The SBA offers tons of resources to entrepreneurs, start-ups and small business owners. Check out their website for more info.