Growing a business without investors comes with additional responsibility and pressure, since you are likely your only employee. In the beginning, you may not have the capital to hire employees, causing you to take on every job title and responsibility by yourself.
“You learn to become your own lawyer, accountant, secretary, etc., and you run every department until you acquire enough money from your sales to hire talented and specialized personnel,” Grech said.
Make the necessary sacrifices to grow your business – Your business, like a baby, is going to demand a lot of time and attention. You must be willing to make sacrifices to free up your time. Grech said the more time you can free up, the more you can work on your startup and expedite the next phase of your business. However, keep in mind that spending time on your venture will take time away from other activities or people. It’s a give-and-take that you must figure out how to balance.
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“In the early part of my career, I had to make a lot of sacrifices,” said Grech. “Every penny went into the company, and Paul and I did not travel unless it was for business. We skipped family gatherings, birthdays and nights out with friends, all to work and focus on the company’s growth.”
Hire the right individuals (when you can afford it) – When you are finally in a position to scale your business, you should invest in the right individuals. The people you hire should be specialists who believe in your vision. Grech said that finding the right employee is like finding the right investor.
“You need to find those who share in your vision and your growth, who believe in what you’re doing and the message you are spreading,” Grech said. “For me, company culture was everything, and if we were going to expand, it needed to be with the right people.” Grech advises bringing on team members slowly, only hiring when necessary. She said it is important to focus on building a business savings.