+44 (0) 1481 710043
It is vital that you assess your business thoroughly to judge whether there are enough potential sales to justify you scaling up the business and employing extra staff. To justify employing staff, you would need to take account of their salary, the costs of employing them in terms of extra insurance and support needed and a profit margin for the business and then when you have that figure in mind consider if there is that amount of extra business out there to make the leap.
You could start with part time staff to make the leap and then go to full time employees further down the line. You could also look at freelance labour to try and keep your overheads down but whatever the extra costs you need to be sure you can cover them pretty quickly with extra sales.
Beware of the owner/expert effect. Just because a lot of people like to do business with you it doesn’t mean they will be happy to deal with your staff. For example, if you are a hairdresser with a full client list and take on another “junior” hairdresser, your clients may not want to have their hair done by your new member of staff so keeping them employed may prove difficult.
For more information, visit our Resources Section.
While you have managed to keep yourself busy, when it comes to scaling up you will need to attract much more business so now is the time to scale up your marketing efforts and attract more clients.
Make sure you have a strong social media presence and think about where you hope to attract the extra work from. For more information on marketing your business, visit our Resources Section.
So you are working well but want to expand but are not sure that there is enough business in your field for expansion. Time to look beyond your boundaries and think of other ways to expand your business. If you are a hairdresser for example, you could look at employing a nail technician to bring in more business. Perhaps provide nutrition and health advice to help your clients keep their hair and skin in top condition, look for new products to sell in your salon and consider writing a blog or even an e-book on your hairdressing experiences.
If you have a great name, think about opening a second salon in a different location, maybe in another Island or the UK.
There are more ways to skin the proverbial cat when it comes to increasing your business and building your brand. For more information on growing your business, visit our Resources Section.
It can be as simple as this to expand your business. It is so easy to just do the job, say goodbye and send them the bill but if you engage with your clients and ask them if there is anything else they need, you may just find a new source of income you hadn’t thought about.
If you know your clients email addresses, you can create a short survey, using Survey Monkey (free for under ten questions) and ask them that way. Just preview the survey so you get a good response and the questions/answers make sense. For more information on expanding your business, visit our Resources Section.
As you become established you will be fully aware of your competitors and how they are doing. It may be that the owner is getting old, it may be that they will approach you to see if you want to buy their business. Whatever the circumstances the chance could arise for you to buy a competitor and increase your share of the market for your product or service.
Make sure you get a good look at their books and have a good idea of what their business is worth but if this gives you the chance to have a monopoly in a sector then that can be quite lucrative. Also be aware of their reputation and their employees so you are not taking on any potential issues.
It may also not be a competitor; it might just be a business in a similar field or compatible field to your own business which becomes available. Just look at your own finances and be sure you can afford to take this on. Remember you will need to instill your own business views and ways of working into the new business so be prepared to do battle with any existing staff at some point. Check their contracts so that if they don’t fit in to your plans you are able to let them go if needed.
For more information and advice on buying out a competitor, please get in touch with our Business Advisors.
When you start a business there is a temptation to do it all yourself. This leads in many examples to people spending just 30 hours a week on core income earning activities and 10 or more hours a week on admin of one kind or another.
Straight away there is an opportunity to increase your business by outsourcing these non-income generating activities to other business who can do this for you. Virtual assistants, cloud accounting systems and many other support services can be utilized to free up more of your time.
You can also outsource labour and elements of your work. As a builder might outsource to blockies, plasterers and painters, many other businesses can outsource work too. Break down the activities of your business and see if you can get support from elsewhere. For example a website builder could outsource elements of the coding work, design and search engine optimization to offer a far better finished product and earn more income.
For more information and advice on outsourcing, please get in touch with our Business Advisors.
If you are looking for a source of inspiration, then there is no better place to go than a trade show. Tradeshows offer you the opportunity to see at first hand the latest developments in your field of business and often test the latest products.
The inspiration you can get and the buzz you can feel at these events can be the catalyst to taking your business further and in new directions. These trade shows will be in the UK mainly and a quick online search will find them. There are tradeshows for pretty much anything and everything and they are the perfect place to meet like-minded individuals and to get valuable advice as well as inspiration on how to grow your business.
The trick is not to be shy, talk to people on the stands, talk to people while you are having a coffee and a sandwich. Set aside the day and work the room/hall. Don’t leave wishing you had spoken to such and such a person. Keep the exhibitor list, it will be your bible for the next twelve months or until you go to the next show.
Please get in touch with our Business Advisors if you want any more advice regarding attending trade shows.
In many businesses it is possible to register on the States of Guernsey apprenticeship scheme and then take on an apprentice. This will mean potentially a first member of staff, someone you can mould into your business and train up in your ways and also it means a subsidised wage and extra training for the apprentice while on the job, so to speak.
Bear in mind that they will be a draw on your time and because of training and exams, they won’t always be available but they can give you another pair of hands and in the right environment can prove useful and productive for your business. Even if they just answer the phone while you are busy on the roof of a house and bring up the next lot of slates when you need it.
More details of the apprenticeship scheme can be found on the Guernsey College website.
Franchising is an interesting way to expand your business and can work particularly well from Guernsey. We have several well-known examples on the island and they have proven the model can work. With a population of 60,000 + the Island can mimic the dynamics of an average UK town and if you can show that the business works well here then it could work pretty much anywhere.
You will need to do a lot of preparation work to show how the Guernsey model works and of course create all the franchise documents but there is a lot of support out there to help you get started. You will also need to protect your brand to make sure people can’t copy you that easily and establish whether there would be a demand for a similar style of business in most UK towns.
Jersey is often the first step on the road to a successful franchise, it is easy to manage and accessible if training or support has to be given. Once you have a successful franchise there then the UK is your next destination and again taking space at a trade show specifically for franchises can be the way to attract interest.
Franchising can be very financially rewarding but you will need a team to manage the process and the franchises but if they are paying you a management fee, using only your products and services then the income potential can be huge – if it works.
For more information on franchasing, please contact our Team.
All this needs a viable plan and once more we turn to the ever so important business plan which will detail how you intend to get from your one-man business to a successful multi employee, national/international business.
You will need to also work out how you can extract yourself from the business some time down the line without it all collapsing around you. The test will be if the business can still run when you are not around. Then you will have truly moved from the one-man band to a successful business capable of standing on its own two feet thanks to the team you have built around you and the work you have down to separate yourself out of the day to day workings of the business.
For more information and advice on planning for growth and for exiting your business, contact our Team.