Expanding a Sole Proprietorship: 4 Tips to Get You Started
When your business grows to a point that you can no longer handle the workload yourself, you will need to start expanding your operations to keep up with demand. This means hiring a team to help with your daily business tasks. Whether you hire employees to help with specific tasks such as accounting, admin or payroll, or you hire a team to help with the core aspects of your business such as product development and providing services, moving beyond a sole proprietorship is crucial for your business to continue growing.
Making the transition from working for yourself, and by yourself, to managing a team and working with others can be challenging. To ensure that your business is as productive and efficient as possible, you need to recruit the right team and implement the most effective systems from the very outset. With a solid foundation in place, you can ensure that you make the move from being a solo venture to working as part of a bustling team as seamless as possible.
Let’s take a look at four tips to help you to expand your sole proprietorship successfully.
Use Business Management Tools
There is a range of business management tools available to business owners that can help you manage just about every aspect of your business more efficiently. Project management software can help you and your team to stay on track with client work. Accounting and payroll software can be integrated with the ATO’s systems to make managing your finances and reporting obligations seamless. Or why not try a staff timesheet app to keep track of your employee’s work hours? These tools can help you manage your business with greater ease as you expand your operations.
Hire The Right Team
Recruiting the best people for the job is crucial in expanding your team. First, you will need to identify what roles you need to be filled. Take some time to assess which tasks are taking the most amount of time and create a strategy to ease the workload by expanding your team. With this approach, you can ensure that you hire the right number of people to make your company operate more efficiently. Spend some time creating job adverts that will help you to attract the right type of candidates for the position and find people to join your team that you have the necessary skills and motivation to succeed in your growing organisation.
Change Your Business Structure
If you are currently registered as a sole trader and your business is growing, you will need to update your business structure. When you hire employees, changing to a company structure can help to protect your personal liability. If, as part of your expansion, you are considering bringing in a new business partner, you will need to apply for a new Australian Business Number (ABN) and create a partnership agreement. Updating your business structure is crucial in keeping yourself protected as your business grows.
For sole traders who are not ready to commit to hiring full-time staff and all the responsibilities that come with being an employer, outsourcing is a good choice. Simply outsource those mundane tasks that are taking up more of your time to boost your productivity. Accounting, graphic design, web design, social media management and content creation are all commonly outsourced tasks. With a range of freelancers and consultants available for hire online, you can free up more time in your day through outsourcing and increase your output without committing to hiring a full-time team.
Grow Your Operations Successfully
To continue growing your business and moving your venture forward, you need to find a way to increase your productivity and manage your business more efficiently. Whether you choose to hire a team, or to outsource, with a little extra help and the right approach to managing your business, you can ensure that you grow your operations successfully and move forward with confidence.