Avoiding the Growth Trap
Worth a quick read if you are a business or studio owner considering expanding your business to a second location or doing other "growing". If you're like many small business owners, you are constantly looking for ways to improve your business or opportunities to expand. It is hard to shut down that entrepreneurial spirit that may have even prompted you to open in the first place!
"It really comes down to priorities. Do you want to take outside capital and the “partners” that come with it? Do you want to take on more risk? More employees? More travel? More stress? More potential aggravation?"Mr. Goltz also makes a good point that sometimes business owners get so caught up in growing their business and expanding that they forget to check if they are still making a profit!
"I have also figured out that business is not just about growth...it is also about making a profit, which many companies seem to forget as they grow themselves out of business. Business is also about understanding that bad things happen...choosing to over-expand instead of being prepared for this kind of stuff can put the company in jeopardy. "Look before you leap, and really take a hard look at all the possibilities when you are considering expanding. Sometimes its the right move, but sometimes things may be better off left alone. Figure out your priorities and you will figure out what is right for you and your business.