Thinking about launching a trading company and worried about not starting strong or being able to scale your business?
You’re not alone.
With so much competition, getting off to a good start, sustaining the momentum and growing your venture are essential for survival.
Need some help getting your trading company going and growing? Discover 10 effective strategies for launching and scaling your trading company in this article.
Planning and making wise decisions before launching your trading company will help you to start strong. Use these strategies to set yourself up for success.
A clear plan has been a key factor for many successful entrepreneurs in every field and sector you can imagine, trading included. By drawing up a plan for your company you can map your business’ specifics as well as identify factors you might have been unaware of.
Create a plan that includes:
Forming a legal entity such as a corporation or LLC for your business can protect you from getting held liable personally if your company gets sued. The most common types of business structure include corporation, limited liability company (LLC), partnership, and sole proprietorship. You can form an LLC yourself and pay minimal state LLC costs, or you can hire a registered LLC service agent to act on your behalf for an additional fee.
Make sure you’re all set up to start trading on the day you launch your company, so you and your clients won’t experience frustrating delays. You should:
A strongly defined brand always stands out from its competitors. Your brand defines your company values and plays an important role in how the public perceives it.
Think about your company’s values and goals, tone of voice, offerings, colors (for use in your logo and on your website, social media platforms, etc.), and how best to express these core elements to your target market.
Once you’ve defined your brand and designed your logo, you’re ready to create a website for your business.
Getting your business online is a key step to success in an increasingly digital world, and there’s no way you can replace a company site with social media pages.
Now that you’ve got a few strategies for launching your trading company on a good footing, take a look at five strategies for scaling it over time.
What you initially identified as the thing that sets your trading company apart from others may change over time, especially after you’ve hired additional traders. Take time to reassess what differentiates your company from your competitors.
There’s a good chance that the basic services you offer are the same services that your competitors offer, and that’s not enough. The core strength of your company is the competitive advantage that your competitors can’t compete with. Once you’ve identified it, focus on it in your sales and marketing strategies.
Make it your goal to find great talent when scaling your trading company. Create a clear and concise hiring process to improve your chances of hiring the right people for the job.
Do this by creating an ideal employee avatar, which defines the characteristics and skills that your ideal employee should have, and by working out the exact steps you will follow during the interviewing and hiring process.
When you launched your trading company, it probably was a one-person show; that person being you. Even if you hired more tradespeople, you probably continued to work directly for clients. Once you’ve hired employees, it’s time to start acting like the owner of your company.
Delegate most if not all the work you’ve been doing for clients to other employees and focus on the bigger picture. Learn how to calculate profit margins, familiarize yourself with HR procedures, reassess your business and marketing plans, boost your skills through courses and seminars, network, and look for ways to further expand your reach.
Make a commitment to continuous innovation and improvement within your company. By improving existing systems and allowing for the innovation that comes with implementing new systems, you can streamline day-to-day operations and practices, boost cash flow, leverage time, increase efficiency, and ultimately enhance the longevity of your business.
The people you hire can make or break your trading company, so be sure to invest in them. In addition to offering them perks (however small) such as flexi-hours, the option of working remotely, and regular social or out-of-office events, arrange for regular training sessions and other ways for them to improve their skills.
Check in with them regularly and let them know that they can approach you privately at any time to discuss concerns or other issues.
Launching and scaling a trading company is not an impossible task or an unattainable dream. It requires hard work and sheer dedication and determination, as well as walking in with both eyes open.
Set yourself up for success, knowing that there’s always room to grow.
