In Business and Bored? Explore Your Next Steps
By Business Desk
Friday, September 14, 2017.
Entrepreneurs are, by definition, dynamic people. They are people who see problems and seek solutions; who are willing to branch out, try new things, and explore the roads that others leave untraveled.
At the beginning of a business journey, this dynamism is endlessly useful, and provides the spark for a company that may one day be a booming enterprise. However, some entrepreneurs find that when their business is up and running, and their initial goals realized, that spark doesn’t quite transform into a burning flame. Away from the excitement of starting a business and dealing with all the challenges such an endeavor presents, they begin to feel a little… well… bored, perhaps even frustrated, like there’s something missing.
If you have started a business that has grown into a roaring success, you may recognize the sentiment above and relate it to your own experience. Now you have achieved your initial aims for your company, your enthusiasm, and that all-important spark of dynamic energy, is beginning to wane – so what can you do about it?
Set new goals for the next phase of your business journey
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In business, there are always new goals that you can set for yourself, and a simple refocus in this area can help to alleviate some of the boredom you are experiencing. If you have reached the goals you initially set when embarking on the creation of your company, take the time to assess your current operations and develop the core business.
Second-stage business goals are quite different from startup goals; you should seek to focus on advancements and improvements to existing operations rather than starting new endeavours. For example, you could set goals such as hiring a number of specialist staff, or increasing revenue by a certain percentage within six months – with your new, ambitious goals in place, you may find that your enthusiasm immediately returns, and you’re ready to push your business on to the next level.
Explore franchising options
If you have found that the day-to-day running of your business is not all that you expected it to be, then franchising is an idea well worth considering. After all, while you may not particularly wish to run your business, other people might – and franchising allows you to offer this opportunity, while also drastically changing your day-to-day life when running the business. If you have a proven business idea that is successful, but not quite engaging enough for you to manage personally, then contacting a franchise consultancy firm could well be a sensible next step for you.
Branch out into other products or services
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The next step for your business might be a sidewards move rather than an expansion. Many businesses start with a very narrow focus, and then expand outwards to cover other areas. For example, if you are running an SEO business, you could look to expand into related markets – IT, content generation, and marketing could all work well alongside your standard SEO practice. If you sell products, then you could look to expand to other demographics; for example, a fashion company could begin producing a line of clothing for the older generation. These examples of sideways moves can help to refocus your passion, while still allowing you to take advantage of the reputation you have already established for your company.
Start a second, separate business
If you do not feel that branching out into a related area is a suitable choice for you, you could always start a second business that is a completely separate financial and legal entity from your existing company. There are a variety of benefits to this choice, with the primary benefit being the fact you will be able to experience the excitement of starting a business once more. In addition, you will also have the opportunity to move into a radically different niche without trying to tie it to your existing company, but ensures you still have the safety net of your established, reliable company while you do so. Finally, it is worth noting that you have already built and established one business, and you can take the lessons you learned during that process and apply them to your new company, which can help to ensure the establishment of a second company is as smooth and efficient as possible.
The one downside of this option is that it is hugely time-consuming, and you will usually need to contract a management team to supervise your existing business while you focus your efforts elsewhere. However, if you are in a position to be able to afford this, then starting a second business – that is unrelated to your first – could be a great choice to reintroduce an extra element of excitement into your professional life.
Sell your business
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The decision to sell a business is never one that should be entered into lightly; it means saying goodbye to all of your hard work, and potentially cutting yourself off from the future profits that the business may be able to achieve.
However, if you are genuinely feeling bored or stifled by the everyday running of your company, it may be the best choice for you. Entrepreneurs start companies for the excitement, for the ability to be their own boss, and to enjoy their working life – if you are not experiencing these benefits, then it could be argued that you are missing out on one of the most crucial components of entrepreneurship. While selling a business you have built from scratch is a huge decision that requires plenty of consideration, ultimately, it could be the right choice for both you and your company – just be sure you know what you are going to do next before embarking on this path.
In conclusion
If you find yourself bored by the day-to-day running of your business, exploring the options above could well be worth doing. Achieving your initial business goals is just the start of your entrepreneurial path, so if you are bored, seek a new or different challenge elsewhere – you’ve proven you’re capable of meeting a challenge head-on, and the new routes you can explore could provide the fulfilment you have been seeking.
