People and business owners love the idea of scaling, however, not all are willing to put in the work necessary to reach their goals. Scaling means putting yourself, and your company through uncomfortable situations beyond those your mind and body are used to. Going through this means you must trust everything you have chosen; your initial idea, the changes you have made, the market changes you foresee, the change you want is in fact the best idea to name a few. Seek the advice of those you trust, and professionals who can help you before you jump into the deep end to give yourself the best chance to succeed :)
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Because I have done taxes for businesses and having my own, I think I am qualified to talk about this topic.
Having the perks of being self-employed comes with a price of freedom, and safety - at least at the beginning stages. Everyone dreams of cashing in profits with minimal work at some point, but at the beginning, it's lots of work, probably more work than a regular 9-5.
You also have to sacrifice time beyond of what is customary with a regular job and often it's at odd hours of the night or early morning.
Furthermore, many times you don't have a guaranteed dollar payment on your services. You may kill it, or feel like you are getting killed, either way, it won't be easy. Make sure you do your due diligence on the marketability of your services or product, possible threats to your supply chain and customer base, and the cost viability of your sustained success. There are more factors to consider, but these are some obvious ones people sometimes forget. Happy scaling!
Updated: Feb 17, 2021
I saw this ad this weekend, and wondered a simple thing: If it was simple, why would they need expert advice?
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