Are you ready to move on from being a solo entrepreneur or startup? If business expansion is on your mind, it’s helpful to fashion a plan of attack so the process goes as smoothly as possible. For example, how will you go about hiring employees, paying for expansion-related expenses, acquiring new office furniture, adding a vehicle or two to a fleet, or secure additional office space? These are the kind of questions you are already asking yourself. Here’s a short overview of some creative strategies for getting it all done and expanding your business the right way.
Use Remote and Freelance Workers
For a first expansion, you can save a lot by using freelance help and remote workers. There’s no need to shell out money for office staff when there are plenty of online freelancers and full-time workers who can fill your needs. For example, if you need an accountant or legal advisor, it’s easy to hire as-needed, remote help from an employment agency that specializes in small business staffing.
Sell Life Insurance to Generate Funds
Unless you have enough in a personal savings account to finance the expansion, you will either need to borrow from a bank or sell an asset. For many small business owners, borrowing is problematic, and there are usually few assets that can bring in enough cash to cover an expansion. One of the most effective, fast ways to get the funds you need is to sell a life insurance policy through a life settlement. If you’re not familiar with how the process works, check out an online guide that can help you stay up to date with options and put you in direct contact with the best lenders for your situation.
Attend Bankruptcy Sales
Want good looking office furniture that does not cost a fortune? Attend local bankruptcy sales, which you can find by contacting the federal court that covers your geographic region. Some sales feature consumer goods but others are office only affairs where you can pick up nearly new pieces for less than one-fourth the going price. Be prepared to pay cash for whatever you buy because most of these sales do not accept any other form of payment.
Add to Fleets One Vehicle at a Time
Be careful when expanding vehicle fleets and the keyword is ‘slow’. Add just one vehicle at a time and wait at least one month before deciding whether you need another. Even small trucks and cars can be pricey for an entrepreneur who has dozens of other expenses to track during an expansion. Learning how to efficiently pace expansion is just one of many must have skills for becoming a successful entrepreneur.
Use Sharing or Leasing for New Office Space
Office space can be pricey, so try to avoid going all-in with a long-term lease. Better to test the waters, stay away from high rent city centers, and explore creative options like short-term leases (of less than 12 months) as well as space sharing arrangements. If you only need the space a few days each week, sharing can be an effective way to save money and budget plus have the place all to yourself on two or three designated days, whether it’s weekdays or weekends. No matter your needs, it’s usually possible to find a share partner by working through an experienced commercial agent.