Thinking of expanding your business, but worried you may not be prepared? Here are some of the clear signs that it’s the right time to expand and take your business to new heights.
You’re running out of space
A lack of space could be a sign that you literally need to ‘expand’ your business. Perhaps your office is too small for you and your employees. Perhaps you need somewhere bigger to store stock or to keep equipment. Upgrading to bigger commercial property could be the solution, allowing you more elbow room. Just make sure that you truly need the space – if your office is simply cluttered, moving to bigger premises may just allow you to build up your hoarding habit.
You’re having to turn customers away
If you’re having to turn customers away because you’re so busy, this could be another good reason to expand. To allow you to take on more customers, you may need to hire more staff. Having more hands on deck could allow you to take on a bigger workload without feeling snowed under. It could even be time to relinquish responsibility and take on assistant managers.
You’ve identified a new gap in the market
Perhaps you’ve found a new gap in the market that you want to take advantage of. This may require expanding your business by offering new services and products. Now could be the time to make your move before someone else takes advantage of this gap. Just make sure that you’re not spreading your talents too thin – if you own a beauty salon that already handles a number of treatments and you’ve decided to take on a new form of beauty treatment, you may be offering too much variety rather than honing your strengths.
You’re craving another challenge
The desire to take on a new challenge can also be a good reason to expand. If work becomes too comfortable, it can start to get boring. Taking on new challenges could bring some excitement back to your business and make you fall in love with it again. That said, some people may enjoy the routine, in which case expanding isn’t so much of a good idea.
You can afford to expand
Expanding your business is likely to cost a lot of money, so having the funds to expand is also important. If you’re making steady profits, you may feel that you can justify taking out a loan to expand. If you’re currently in debt or running on a loss, expanding may not be such a sensible idea. You should hire a financial advisor to help you with expanding – they may be able to advise you as to whether it’s a good idea or not.