You’ve spent many years working for other people but there has also been a burning desire to start your own business. You launched your company as a side project and it soon became very popular.
In fact, you’re beginning to wonder if this is where you should be focusing all of your efforts. Outlined below are some signs that it’s time to take your small business to the next level.
You can’t keep up with the demand
In the first few weeks of starting your business you received a steady number of inquiries and orders. However, this continued to grow and you’re now struggling to process everything on your own. You’re having to turn business away.
By expanding the company, bringing in a workforce and a business partner, it may be possible for you to meet these demands and transform your small business into a permanent project.
You’ve cleared your debts
Many businesses simply hope to break even in the first year and then begin to tackle debts. It can be years before even a successful company starts to turn a profit. Your small small business has cleared all debt within a short space of time and you’re now counting the profits.
Legal changes to your company
If your plan is to expand your small business, then it’s important to make the right legal decisions. What type of legal structure do you want your company to take? How are you going to protect your intellectual property from rival firms who envy your success? What should you include in your employment contracts and partnership agreements?
Seeking legal guidance as you continue to move forward will help you to answer these questions.