So Your Business Is A Success – Now What?
So, you did it. You started a business, worked on it for a time, and can now step back and acknowledge that it all paid off: your business is flourishing. You’ve done the almost-impossible. You’re at the top of the mountain, and life surely doesn’t get much better than this.
Or perhaps not…
If you are fortunate enough to be in the above situation, then you may well be utterly delighted with the outcome of your efforts. Many entrepreneurs are just as excited about the next phase of their business as they were when they first started the company. The initial success is largely seen as step one in a long sequence; they’re happy with what they have achieved so far, but they are already thinking ahead to the future, to the changes they can make, the new markets they can embrace, and the challenges that await them as they continue towards growth.
However, for some business owners, starting a business was the challenge. They wanted to get a company off the ground, turn the seed of an idea into a strong, healthy tree – but they find themselves less enthused by the idea of sticking around to trim branches. While their business is performing well and looks set for a bright future, the spark has faded.
If you find yourself experiencing a sense of malaise or dissatisfaction when your business becomes successful, you may find it reassuring to note that you are far from alone. As you can see from the likes of Kris Duggan’s blog and the many adventures of successful serial entrepreneurs, often, a single business just isn’t enough. However, while it’s good to know you’re in good company, you’re still facing a tough situation that needs to be rectified.
Should you stick it out?
The vast majority of the populace is risk-averse, so if you ask friends and family for advice on your predicament, you will likely be met with surprised, shocked responses – and encouragements to continue as you are. After all, your business is successful, you’re working for yourself, and you’re enjoying all the life perks that go alongside that – so why not just relax and enjoy it?
However, while it’s always worth asking yourself if you can stick it out, don’t be surprised if you feel very strongly that the answer is “no”. While the general populace tends to be risk-averse, entrepreneurs often aren’t; starting a business at all is a risk in and of itself, so entrepreneurs tend to need to be optimistic, go-getting people who are always willing to do something a little different. That side of your personality led you to start your business in the first instance, after all, and it now may encourage you to do something new.
So what are your options?
First, it’s worth asking yourself if there is something you can do to improve how you feel about your existing business. Perhaps there’s a new product line you could launch, an expansion plan you could implement – something that reignites your interest and makes you feel excited about the future.
However, if you just want to move on, then the chances are that the best thing to do is… move on. You’ve already proven that you can create a successful business; perhaps you have a new idea you want to explore, or simply want to take a little time to yourself after a frenetic few years getting your business off the ground; whatever you need, the chances are that both you and your business will benefit from making the leap.
Should you sell or hand over to a management team?
If you do decide you need to move on, you have two options: you can sell the business, or hand over to a team of managers who take full responsibility for the day-to-day running of the company. Choosing which of these options is right for you is mainly dependent on your intended next move.
If you’re just looking for a refresher, or time to explore other areas of interest, then employing a management team is likely to be the best call. You never know; after a few months, you might feel ready to get back to work, more enthused than ever.
However, if you’re convinced that you don’t want to continue with your business, then selling might be the best option – especially if you need to raise capital in order to start a new business venture. While selling is seen as a big step, many entrepreneurs find it is the right choice for them if they genuinely want to change their future path.
Whether you choose to try something different within your new business, or sell and walk away, it’s important to remember what you have achieved – and that your previous success indicates that your future path will take you to ever greater achievement.