The Right Way to Grow Your Small Business

Growing a business is one of the most difficult aspects of entrepreneurship. Some contend it is even more difficult than starting a business. Reasons why and tips to spur growth offered here.

Growing a business, especially in this economy, is one of the most difficult aspects of entrepreneurship. Some contend it is even more difficult than starting a business because it requires stick-to-it-ness, which requires patience.

We live in an instant age. One can book plane tickets, get mortgage quotes, trade stocks and find out how the war is going - all in the time it takes to click a mouse and/or a remote control. So, why expect patience when it comes to business?

Patience, I dare say, is an anathema to the soul of small business owners. After all, we are accustomed to dictating the who, what, where, when and why. Growth though, does not happen because we dictate it. It happens because we plan for it. And, planning requires patience.

A business mentor once told me that the first three years of a business consists of just greasing the pipes. Three years! I know, I know. But, if you have what it takes to get the doors open, you have to believe you have what it takes to keep them open. Otherwise, why begin.

I'm assuming this is your dream, otherwise don't bother as you will probably be working longer hours and making less money than in your previous salary-based position. Also, say goodbye to bonuses and the company health plan. A few quick statistics:

**According to the 1999 Census Bureau non-employer statistics, 72% of all small businesses do not have employees

** According to a 1999 Survey by the Employee Benefit Research Institute, less than 25% of companies with fewer than 100 employees offer a retirement plan

**More than 43 million Americans are uninsured, and 60 percent of them are self-employed or work for small businesses that can't afford to offer health insurance

But, you knew this already, right? If this is coming as a surprise, do not pass go, do not collect two hundred dollars! Go directly to jail and use your time to research the ins, outs, ups and downs of small business ownership.

Here are three steps to help you stay focused on growing your business and to lessen the pain of giving up bonuses and the company health plan:

1. Write down your goals: financial and personal. Be as specific as possible and don't limit yourself to what you think you can achieve; write down your utopia.

Yuwanda Black, co-owner of EthnicHomeDecor.com, says, "I want to be able to travel at least two to three months out of the year. I keep pictures of places I've visited around the world on my desk. As I work, I imagine reaching that financial plateau which will allow me to do this."

2. Incrementalize your goals: look at your "utopia;" this time with a realistic intent in mind.

For example, if you would like to be earning $1,000/week and are currently earning $350, examine your books to see how many new clients you need to add to make your ideal salary.

3. Create a schedule of action: get a day planner and write down what you can do on a daily or weekly basis to get you closer to your utopia. If you don't do something at least once a week to achieve your goal, you are probably not serious about it.

Note: This can also tell you if you have a passion for your business. If you are unmotivated, then maybe you need to examine if your current business is really right for you. Either way, this exercise proves helpful.

Now, get moving!

Yuwanda & Cassandra Black are the owners of EthnicHomeDecor.com. Ethnic Home Decor offers soft home furnishings with ethnic themes at affordable prices. For more information or to schedule an interview, see contact information.