Twenty Something Contributed ContentWith the rise of internet virality and the power of word-of-mouth marketing, businesses can sometimes grow beyond their expectations, leading to challenges in meeting the extra demand. While pacing yourself is crucial, it’s often tempting to seize the opportunity and expand quickly—sometimes a smart business move.
However, as seasoned entrepreneurs know, wanting to grow doesn’t always mean you’re ready to scale effectively. In the rush to expand, it’s easy to lose sight of what made your business special in the first place.
So, how can someone solidify their business position without sacrificing the qualities that made them successful? It’s no simple task, but the following advice may provide a helpful roadmap.
Apply For Business Registration Immediately
Getting your business officially registered, and using this resource to learn how to file for an employee identification number, is key, and can protect you in more ways than one. To start with you’ll have legal recognition, which is worthwhile when you start dealing with more clients, more income, and more responsibility. This is because registering can open up other opportunities like applying for business loans, getting more credibility with your customers, and setting yourself up for tax benefits that wouldn’t be available otherwise. You can also begin protecting yourself from liabilities.
Hire An Accountant/Bookkeeper
Don’t let managing your finances slip as your income grows. If you start earning more than expected, it’s worth hiring someone to help keep everything in order. While you may have managed fine on your own so far, it can quickly become overwhelming alongside other responsibilities. Consider hiring an accountant, who can often handle bookkeeping and tax needs for a flat fee, making it easier to stay on top of your finances as your business expands.
Reliably Vet Outsourced Help
You may want to consider outsourcing, such as finding a manufacturing partner to help meet increased demand. However, it’s crucial to carefully vet any new partners to avoid harming your reputation. Be sure to check their references, review their past work, and ensure they are reliable and capable. It’s also beneficial if they can scale alongside your business, but avoid locking into long-term volume agreements. Instead, book in smaller increments to maintain flexibility, even if it extends the delivery timeline. This way, if demand slows, you won’t be left with excess inventory.
With this advice, we hope you can successfully grow your side hustle, even if it wasn’t initially planned, allowing you to seize the opportunity while maintaining your high standards.