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That's a very common question, and one that (as a marketing and business development consultant) I help small business owners with daily. It's also the subject of a couple of the main chapters in my book. I'll come back to this thread when I have more time ( as it's Sunday) to give a few general pointers. If, however, you would like more specific advice, feel free to get in touch.
I am sure Stuart will give you and is well qualified to give you good professional advice.
Let me go from a different angle - why do you do you do what you do? Personally, I chose to get into the landscaping business because I enjoyed it and it has never seemed a 'proper job'. I am nearing retirement now and would advise to keep one eye on the part you enjoy and one on the profit margin. Let's say the chance of a big contract(eg a Health Authority)came up and you needed to be less hands on, manage a number of gangs and sit on a mower all day, but it meant no more interesting landscaping projects and you would probably lose your regulars - what would you do?? I had that chance and decided to stick with what I had and continue building slowly.
My advice would be expand that maintenance to employ you and 3-4 others(if you haven't already), with the expansion would come a regular need for new updated equipment, steady progress and possibly income beyond retirement - which could be important in years to come.
Hi Peter,
thats one decision that comes along with a growing business- stick to what your doing now or go for expansion. Personally having supervised a team of 13 in a previous job for an employer in the chemical industry, i found i didnt like the extra pressure and i prefer being self employed and just occasionally using a bit of hired help when i need to. I would only consider taking extra staff on and or mega expensive machinery if a rock solid opportunity presented itself, not just a one off job, so its really down to personal preference.
Thanks for the replies so far, interesting to get different perspective on it. I'm a one man band and I like it that way, I could never take on staff, it's just not my thing, I like carrying out thee jobs myself, and I've built up some solid customer relationships. So I don't think expansion is the way forward.
I suppose what I've thought about is buying some machinery that would give me an extra string to my bow. But it's deciding on what that tool is, so I'd better start doing some research and number crunching first.
Many like what being a self employed sole trader ( especially those who looked to move out of the rat race) and it can be a rewarding route being more in control of your own destiny ).
Others may look to build up a business to satisfy personal or financial goals and enjoy challenges having staff can bring.
There is simply no one right answer.
As you say a middle route may be to offer further services that somewhat overlay your current one, but allow you to develop new skills and interests. You may find you move to these fully or take on part / full time help you.
Colin's comment is key - you have to look & work towards your exit plan sooner rather than later - as a ST, how long can you go on for and what happens when you want to ease off or retire...?
I see that's where having 'staff' starts to make sense... The business can carry on...
two roads to go down, one seems to work and another doesn't.
Route 1. go out and get a shiny bit of kit because you think it will allow you to get into a field of work you're not already involved in and make more money. end result seems to eb nice new shiny kit gets used a few times, then gathers dust then gets sold at a reduced price and marked down as a bad idea, because it wasn't something you really needed and you have either a small or potentially business damaging hole in your bank account
Route 2. look at the kit you are actually using and the work you do and see if there IS something you would be better owning, rather than hiring as it makes financial sense, allows you to do what your good at faster/more efficiently/better. This year I bought a mini digger and trailer. we had been hiring and it made sense to buy a decent second hand one, and it has been worth its weight in gold, despite hiccups when things like tracks have gone etc.
I'm a firm believer in the right and the best tool for a job, but its got top be at the right time and a shrewd investment. I know with the excavator it was a good buy and that I should be able to recoup my money on it when we sell it for an upgrade
Any investment, whether in staff or kit is always a big step and a nervy one. I've taken on staff, bought vans, new tools etc. and its always a worry if its the right thing to do. You need to approach it with a flexible view and an exit strategy for that particular investment. I.e. if it doesn't work out where can I move this onto to recoup my investment. Do that before you buy it!
I haven't had many occasions where its gone wrong...touch wood. Its a bit like the mortgage on a new house. you look at it and think how the hell will I afford that for 25 years. a few years later you just get used to it, and then think how did I ever get by without it.
Thermo said:
Good advice on here, much appreciated.
I've got small kit at the moment which is fine for what I'm doing, I've been going for 4 years, I've improved my equipment, just had a strimmer break down on me and waiting to hear if it's dead.
I need to think this over, but winter seems like a good time to take stock and plan for the next year, I just want to try to invest in something that might give me a better days pay even for a couple of days a week.
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