Knowing When to Halt Your Growth
Growth is good, right? Having your business expand can´t be a bad thing, after all. But, there are times when stopping business growth might just be the best way to go. The business person inside you is probably shouting, “NO! Businesses are meant to grow, not growing means bankruptcy!” We are conditioned to believe that just having a business isn´t good enough. We have to be rich and famous, too . . . but that´s not always the case.
There are a few reasons why you would want to stop growing.
You have reached the point where you are comfortable with the time requirements. Work at home moms often work from home so they can be with their kids more and have a flexible schedule. But if your business grows too much, you´ll find that you resent your children for interrupting you and your work life will get out of control.
The next step in expansion would be to leave the house. Maybe your business has reached the point that it would have to expand to a proper store or an outside office in order to continue growing. If that is in your plans, fine. But many work at home moms don´t really want to start working in an office again, even if it´s their own.
Further growth would require more energy and resources than you are willing to put into it. Maybe you´d rather use your time and money to help your kids get ahead in school or take them to soccer practice. Maybe you are enjoying the laid back schedule of your life and don´t really want to change it . . . these are valid reasons to halt business growth. Or it might be that coming up with a new product just isn´t worth the amount of time you´d have to spend away from your family.
You have too many ideas and don´t know which one to charge ahead with. Taking the time to examine where you are in your home business and what you want from it is a great idea. It´s something we should all stop and do on a regular basis. This slow down period allows you to take a deep breathe, do some research and make informed decisions before moving on. Your business will be far better if you do this.
You´re having second thoughts about continuing with your home business. It happens to the best of us. Some business ideas just aren´t the best ones for us and that´s fine. If you decide to go in another direction, it´s best to stop the growth of the business you are unsure of, at least until you make a decision.
If you grow any more, you´ll need employees. Are you ready to deal with hiring people, paying benefits and the like? It´s a big step to start hiring employees for your business and while it´s a great sign that you are doing very well, it may also be more responsibility than you really want at this point.
All of these are great reasons to maintain your business instead of growing it. And they are all reversible. It could well be that when your kids are toddlers, you stop growing your business and maintain it at a healthy level so you can spend lots of time attending to their needs. But once the kids are in school . . . your business can grow again. The same thing happens once they are off to college, you´ll be able to expand your home business as much as you feel comfortable.
The main thing is to know your limits and to be comfortable with the level your home business is at. Don´t overdo it . . . you´ll miss valuable moments in the lives of your kids and you´ll find yourself too stressed out to really enjoy anything from your non-work life.
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Some great advice here and very pertinent for me at the moment. For me starting a venture from home was to achieve a balance of work and family. I need to make a few adjustments to get that right I think.
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Genesis,
This is good advice for anyone, not just WAHMs. I don’t have kids to worry about, but I do have a husband who’s developed some health problems with age as well as having health issues of my own. I owned a company with up to 18 employees for many years. Though I was happy doing it at the time, I don’t want employees or an office to manage ever again!
Hi Genesis
These are interesting points. Making sure your business doesn’t grow too fast is also something to keep an eye on.
It’s often hard to keep pace with the growth.