At first, upon opening your business, you did all your own planning. You read numerous books by business experts and successful entrepreneurs. But, now your self-help books are neatly stacked at home, having learned everything you can from them. You’ve survived and succeeded. However, to grow your business further, you must begin to walk from your crawl. The moment of truth will lie in the attempt and victory of expansion. Evaluate your position carefully, and ask yourself: do you have the resources at your disposal? How much money will you need? What’s your determined time schedule? If you’re confident you have calculated answers to these questions, these next few steps will broaden your shoulders.
Is it the right time?
Expanding your business is a notable sign of success. Going through the hard years of falling revenue, and rebounding with increased profit margins, is a journey all strong companies must take. If you have secured multiple investors and have signed a deal that will fund your business and future projects, take this as a sign that somebody believes in your judgment. Wanting to grow and become larger is innate within all entrepreneurs, so don’t fight your natural urges. Your business is no longer in its infancy, moving out of your office and hiring more people is a sign it’s growing up.
Your initial office may be your study at home, your garage, a friend’s house, or a rented small-space office. Move into a leased professional property such as an office floor in a building that specializes in such services. Crucially, your profit margin must be positive enough to keep you afloat; avoid dipping in immediate revenue access like the plague. As such, this is why planning out your move financially before anything action taken, is detrimental to the success of your expansion.
Merging into another business
For any business, the brightest and best are themselves a valuable commodity. In effect, rather than expanding physically, an intricate route could be to merge your workforce with another company. If you’re merging with another business which requires you retain those you’ve personally hired, this fork in the road is an opportunity. Staff retention during this process is essential, in turn, you must have a safety net in place. Compare business insurance quotes, that will protect your investment in people and the new office space during this time of much-needed change and expansion.
Credit – Matt Baume
Spreading your wings
Open another location, with this new addition being an extension of your original or new office space environment. Essentially you’re creating a head office and first wing with this approach. It doesn’t have to be fancy in the beginning, and the key is to expand, so you’re physically growing as well as service and profit share. To fund the first wing, offer it as an opportunity to investors – preferably before taking action. Hand in hand, this venture out could be entirely based on an exploitation of a gap in the market. Additionally, this is another reason why physically expanding to different locations makes sense as the head office should stay true to the original business idea.
Featured Image by – Unsplash, Max Pixels