Is your dorm room business ready to expand? If you’re now finishing college or university, chances are you’re looking for ways to turn your side hustle into a full time business venture. It’s great that the work you’ve put in over the last year or more, your side hustle dorm room business has given you foundations to build on. With a little work, you could reach the stage where you’re earning full time from your company. Here’s how you can go about it!
Move to office premises
If you’ve been running your business from your dorm room, parents basement or spare bedroom then your first step to expanding operations would be to move to business premises. Find something that suits your budget, and choose a sensible size. You need space to grow, but you can always move to a new place later on if needed rather than fork out lots of money for space you don’t need. It doesn’t need to be majorly flashy right now, but a practical space to work from and a professional place to meet clients and customers is a good way to move your business forward.
Hire staff
Your next step would be to hire staff, as your business grows there will be no way you can take care of all of the different tasks and elements yourself. Spend time in the recruitment process getting things right, the last thing you want is to spend time and resources finding, interviewing and training an employee just for them to leave. Use an applicant tracking system to make the process as hassle free as possible, this software means you can easily and quickly compare employes and make the best decision on who to hire. Find employees that are hardworking and motivated, ideally they will have proven experience in working similar roles to what you’re offering. Otherwise you could hire based on potential and train workers up yourself, although you’ll need to factor in the extra time and cost of this.
Go global
If you’ve been doing business from your dorm room, chances are you’re already selling the products or services that your business has to offer. But one way to improve on this is to go global. This can take a lot of extra work, but when you enter foreign markets you can massively boost your profits. Hire staff that are knowledgeable in selling overseas and push your business to the next level.
Improve your marketing
Finally, one of the most important things to consider when you want to grow your business is marketing. You need to be getting your name out there and reaching customers who are likely to be interested in what you have to sell.Whether you’re expanding by selling abroad or continuing to sell nationally it’s something you can’t afford to overlook. You could hire a marketing team, or outsource to a third party company if you prefer. Consider affiliate marketing, video marketing, social media and blogger outreach amongst others.
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