How to Launch Your Side Hustle by Troy R. Underwood

Author:Troy R. Underwood
Language: eng
Format: epub
Publisher: ABC-CLIO
Published: 2020-02-14T16:00:00+00:00

Planning for Growth

If you fail to plan, you can plan to fail. This is the reality for a Necessity Entrepreneur who has started a business with meager funds and no safety net. Businesses can be fragile entities. A mistake in managing your growth can cripple your potential.

In the furniture example, we talked about charting out the points where you would need to hire more help. This conveniently simplistic hypothetical business makes it easy to illustrate the points of a potentially complex problem. If you know how many hours it takes you to make a product, you can reasonably estimate what your maximum capacity will be based on a 40-hour workweek. From there, you can plan for the tipping point where you can no longer fulfill the demand and need to hire help.

For another business, the tipping point could mean a different need entirely. Instead of hiring help, perhaps you place a larger order with your overseas manufacturer, or perhaps you add new servers, or perhaps you increase your prices to make more per unit to decrease the volume of orders somewhat while increasing your overall earnings.

Regardless of your exact business type, to build this plan, you must consider the following:

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