It is very difficult to start off on one’s own, especially when you’re young, inexperienced and have limited resources. Even when all of these are completed, it can be difficult to start your own company when you’re older because life’s responsibilities weigh too much on your shoulders. Thus the ones, who start when they are young, regardless of risk, have an uphill climb. But how do you know when that start-up is doing ok? How do you know that you are thriving? Here are some signs that will put you at ease.
You Need to Move
If your office premises are getting too cramped and you need to execute full-scale to new place, then that’s one way of knowing how well you are doing. Most start-ups start small, in someone’s garage or other alternative space. It’s only when they increase their staff or they bring in more equipment that they decide to go for the bigger office. If your staff is increasing and you’re getting more equipment that is a sure sign that you’re doing well.
You Have More People
At the beginning, you can barely afford the 2-5 people who have dropped in to work with you so of course, you total staff is small. Even when you are no longer flat broke and just about breaking even, it can difficult to hire more staff. Even if you wanted to, you would have to hunt around for workers that are within your price point. A sure sign that your company is doing better is that head hunters send you CVs of young hopefuls, or young people themselves send you their CVs waiting to be hired. If you have already done business relocation then you’ll notice a surge in the interest in your company alongside that.
You Can Do Bonuses
There’s nothing employees like more than the sound of a bonus. Once again, it’s just a dream for start-ups because they work 8-day weeks just to keep afloat. But once you ease off a bit and you are actually making a profit, you’ll find that you have enough money to give out some bonuses, maybe even twice a year. This is another sure fire sign that your company is doing well. It is also a nice gesture towards your employees because it shows that you appreciate them and their efforts.
It can be difficult for a young CEO to ever get out of the ‘start-up’ mentality; most will continue working hard and driving themselves long after they have reached stability. So if your company is exhibiting these signs, you will know that it’s ok to take the occasional day off and be a little more laid back about it than normal.