Small Business Academy

15 Jul

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Q: Can a business grow without any external funding or bank loans?

A: As a small business owner and expert I have very strong opinions on this.  Given this economy and based just on what you said I would strongly encourage you NOT to go after external funding.  You would be saddling your company with debt and that could have the potential for bringing you down. I prefer the multi-revenue stream model. Let me give you an example of what I mean. When I first started my company I had $35.00 and worked from an end table in my living room. In a few years I had built it into one of the most exclusive and prestigious firms in the Seattle Metro area and netted over $1,000,000 in annual revenue. Here is how I did it.

For the first two years all profits were immediately reinvested back into building the foundation of my company. It sounds like you have already done that, which is great. Once I arrived to the point that it seems you are now, I continued to reinvest my profits, but this time instead of building the company foundation I began to build additional supporting revenue streams into my company. So my suggestion to you is to get your staff together (4 heads are better than one) and look carefully at your business model and ask yourselves a few questions. What is it that we do? Who are our clients? What needs do they have not yet met and how can we serve them better? Hopefully that should set you on a path to inspire ideas to develop additional revenue steams. For more free business success tips, tools, and support go to AlexzandraD.com

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