The startups usually are set up with a very little capital in hand most of the time. There are many startups that work from a garage or the living room of the owner. This is because these startups cannot afford an office space. All the capital will be blocked in hiring or buying office space and the growth of the startup will be hampered says Jignesh Barasara. So it is always advisable to use money judiciously when you are short of it. but many a time such startups grow fast and in no time they can buy their own office space and also employ more people.
Then they will also see the ROI in no time. Such ventures have tasted success too early in on their business. Then it is advisable not to be carried away by this early success and diversify. If you feel that you can expand then you should do it one at a time and not invest in many ventures at one time.
Diversifying or scaling up in one area or region may allow you to concentrate on that and make that venture successful as you succeeded in the first one. Once you are sure about the success of the second you should make plans for another venture or project to diversify or open a branch in other regions.
Also when you grow to try to keep the vision of your startup intact. And also give the core team that was with you from the start a chance to lead. These are the people who were with you during the hard times and also they know the venture as much as from the inside out. Their opinions also matter and may be useful in the growth path. What you may not be able to see or notice someone else may have noticed. Everyone’s perspective is different and so when all these are put together success will not elude you.
Growing is a must but making it too soon may be detrimental. Go slow and steady you will surely win.
Read Also – An Entrepreneur Needs To Be A Good Strategist.