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4 Tips on How to Grow a Huge Business

BY Eddy Hood In Profitability On Mar 29, 2012 With 2 Comments

Your business is your baby. You've put everything you have into it - and then some. Why would you do such a thing? You do it because you hope that one day your company will make you rich.

Most people get hung on trying to find the right idea for a business. In all reality, most ideas will make money if executed by the right team. However, if you really want to make a lot of money, there are four things you should be thinking about regardless of what your business does. Those four things are:

 

Thinking Big

When most people start or run a business, they have a goal in mind of where they want that business to go. In my opinion, the human brain gets clogged up here. People put too many limits on what is possible and what is not, and as such create a “safe future” for their company. “Safe futures” are boring. That sounds like a day job to me. You don’t go into business to be like everyone else and play it safe. Sure, you need to make educated decisions and base your growth off of financial intelligence, but that doesn’t mean that you should take months and months to make a growth decision. If your vision of your company doesn’t completely excite and move you to action, there's something wrong. So with that...think bigger. How big could you really grow this thing? Don't fall on the age old excuse of, "If I could just get a loan I could make the company huge". That kind of thinking is a trap. If you need to borrow millions of dollars to grow, you probably have the wrong idea. [quote]Most great companies started out of their garage so why shouldn't you? [/quote]

At the end of a bad day, your vision may be all that you have - so it better be a good one.

Think Scalable

Almost any business could be scalable with a little imagination and entrepreneurship. Unfortunately, many business owners go into business with the status quo in mind. They do business like their dad and their grandpa did business. If you are going to make a lot of money, you have to look at the parts of your company that limit your growth and figure out a way to make them scalable.

So what does scalable mean? If your business can get bigger and bigger without feeling too much of a strain, it’s scalable. For example, if you’re a construction company with only one crew, you can’t scale. That’s because you can only bring on the amount of jobs at any one time that a single crew could manage. However, if you invented a new way of utilizing your labor force that would add and subtract labor as jobs came and went, you could essentially grow as large as possible.

Think Passionately

I don’t care what people say…you must absolutely love the product or service your business provides. End of story.

Think Exit

Your exit is what takes place when the business is finally built. Once you define what your business truly can become by thinking big you can then you scale it to reach its goals. At that point you can sell the business for millions to investors, or you can sit on it and ride it through retirement. Both are fine answers, but you should know the answer now so that you can build your wealth accordingly.

 

Let me hear your thoughts on this one. Leave us a reply below on what you think it takes to grow a huge business.

My name is Eddy Hood. I've coached over 500 businesses on how to become more profitable. I'm the Founder & CEO of Ignite Spot, and I have mad parallel parking skills.

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