If you’re considering expanding your small business, first make sure you’re actually ready for growth. Even if you’ve had recent business success, there are other things you should look at.
Do you have regular customers?
If you have a steady, growing base of customers that demand your product or service, then you may be ready for growth. Repeat customers are great! Sales have to be consistent, though. If you see a sudden spike in customers, that doesn’t mean you’re ready to expand. Wait to see if that increase is temporary or consistent.
Do your customers ask you to grow?
Do they ask for more products/services? Do they ask for you to be open longer hours? Do they have any specific requests that you can’t currently fulfill? If you know your business growth will satisfy your customers and increase sales, then you might want to invest in expanding.
Do you have a consistent net income?
If your profits are consistently increasing, then you may be ready for growth. Don’t focus on short-term success. If you do have a regular income, invest some of those profits into your business. Hopefully expanding will also grow your income.
How is your industry doing?
Do you see a growth in your industry? Have you checked industry trends recently? Is your market on the rise? Don’t plan to expand if your industry is fading. If your industry is not growing, you still might be able to expand your business by offering new products/services.
Do you need more workers due to an overflow of business?
If your demand is higher than you can handle, then you may want to expand your business by hiring more workers or getting a bigger space.
Ask yourself these five questions before you expand your business. If you feel you need to hash out these concerns with a professional business coach, contact me for a complimentary session. I’d love to help guide you through this process.