I started a service healthcare business mid 2015. Finding the right service providers was crucial. That year it was all about breaking even after start-up costs. While there was no profit, the continued growth and paying off all debts was enough to prove the model would work.
I spent a lot of time self-learning SEO. It is time consuming to do it well, but it has proven valuable. I also spent plenty of time networking. Face to face time with referral bases has brought a lot of business. Fine tuning where to spend my time amongst referral sources was helpful. Certain fields were more receptive than others.
2016 has led to steadily increasing profits. Word of mouth began spreading. The initial networking drive sparked introductions that I wouldn't have otherwise made.
As 2016 is winding down, net profits will be 100k+. I'm hoping to double that in 2017, but new problems and questions arise.
I am running out of space. While a good problem to have, my area has little suitable rent options. I'm considering buying an office that is about 2x current space. I'm not in a high cost of living area, so this actually won't increase expenses much.
I'm debating whether to add some level of healthcare products to sell. As returns and processing added transactions could increase employee costs (added personnel), I'm hesitant to enter this area.
I'm also debating a second location in a city 4 hours away. I won't be nearby to fix problems which worries me. I actually wouldn't even consider this if a couple service providers I know hadn't approached me to expand. As this is the only other city where I have good knowledge of service providers, this would be my next best option for expansion outside my current region. As service providers in this field do not change jobs often, this expansion may be now or never. Expansion so far away is higher risk, but it also doubles potential. The new market is more competitive too.
Comments and critiques are appreciated.
I spent a lot of time self-learning SEO. It is time consuming to do it well, but it has proven valuable. I also spent plenty of time networking. Face to face time with referral bases has brought a lot of business. Fine tuning where to spend my time amongst referral sources was helpful. Certain fields were more receptive than others.
2016 has led to steadily increasing profits. Word of mouth began spreading. The initial networking drive sparked introductions that I wouldn't have otherwise made.
As 2016 is winding down, net profits will be 100k+. I'm hoping to double that in 2017, but new problems and questions arise.
I am running out of space. While a good problem to have, my area has little suitable rent options. I'm considering buying an office that is about 2x current space. I'm not in a high cost of living area, so this actually won't increase expenses much.
I'm debating whether to add some level of healthcare products to sell. As returns and processing added transactions could increase employee costs (added personnel), I'm hesitant to enter this area.
I'm also debating a second location in a city 4 hours away. I won't be nearby to fix problems which worries me. I actually wouldn't even consider this if a couple service providers I know hadn't approached me to expand. As this is the only other city where I have good knowledge of service providers, this would be my next best option for expansion outside my current region. As service providers in this field do not change jobs often, this expansion may be now or never. Expansion so far away is higher risk, but it also doubles potential. The new market is more competitive too.
Comments and critiques are appreciated.
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