Grow

During your business’ growth phase, your revenues have flattened. You see your peers gaining market share while you’re hitting a plateau. Most businesses close after 5 years of launching. Why? As we stated earlier, starting a business is the easiest stage. Anyone can start a business when they’re pumped up from YouTube videos. However, growing a business is hard work because there will always be challenges with your business. Oftentimes, business owners become insulated from advice from experts who can act as an honest sounding board. Thus, they only listen and believe what they want to hear. This is the riskiest decision a business owner can make.

Growing your business requires a strategy shift and more investment into the direction you want to take. Financing options include:

• Commercial Loan
• Personal Savings: 401k
• Credit Card
• Home Equity Line of Credit (HELOC)
• Friends, Family
• SBA Loan
• Investors
• Partners

You may have to sacrifice your cash flow temporarily as you implement your growth strategy and have to pivot. However, you need to have a plan to recoup that investment during your growth phase.

Instead of giving yourself a job, a business grows and operates without you. This means you are working on your business.

You are focused on scaling your business.