Think Your Small Business is Ready to Grow?
Even if your business is relatively new, it may be ready for you to consider expanding. While significant growth is not for every entrepreneur, and sometimes expansion is the wrong move or premature, it can also make your business more successful than you had initially imagined. How do you know when you are ready?
Typically, experts say that you should wait to expand until you’ve seen two or three years of uninterrupted profit. This gives you a solid base that indicates you likely have a stable future.
Is your market in a constant or growing industry? Right now, industries like technology and medical are hot and will likely continue to grow for the near future, at least. Market segments with adequate growth like these should bode well for an expansion of your business.
Does your financial situation allow you to expand? Check your business situation and figure what you will need as far as resources for your expansion and decide if you can do so without adding significant debt before moving forward.
If you have lots of loyal customers, your business is probably already successful and will continue to thrive. Continuous demand for your products or services is one of the keys to expansion and success, and it also shows that customers are happy with your products or services.
When you expand your business, there will be tasks you’ll have to delegate. After all, you cannot be everyplace at one time. While you are used to doing most things yourself, some of that workload will need to be passed on to others. Having an experienced and trustworthy team is critical for success.
These are the important signs to identify before considering expansion of your business, and you should have all of them in place before moving forward to ensure success.