It’s time to Expand. Now what?
When we ask you what your plans are for business expansion, what answers come to mind? In today’s busy economy, small or micro businesses often find the need to expand, happen rather quickly in the business cycle. Expanding can mean many things from moving out of the dining room office, into an actual office space. Or, it can mean adding a satellite office to your already successful business.
Expanding your business is something that should be in your current business model, even if the exact plan of expansion is not yet known. The point is that if you have a business, you want it to grow. Isn’t this right?
There are a few things you must ask yourself when thinking about expanding your business.
- What are the financial costs associated with expansion? When you decide what, the financial costs are, you will have a better footing in deciding what type of expansion is needed. However, if the financial situation is grim, then you may want to reconsider the expansion. All expansion has an equal cost associated with it. A clear review of where your business is and where it wants to go, will assist you with this question.
- What are the immediate benefits of expansion, vs. the potential cost or loss associated with not expanding? You may see immediate benefits such as a better location generating more walk-in clients, or having peace of mind when a virtual assistant is handling many tasks for you through outsourcing. In attempting to convince yourself
“not” to expand you will want to explore the potential costs of not expanding. Get clear on your whys.
- What personal changes will I need to make if the expansion progresses? While this may sound like a bizarre question, it is very relevant. If you are accustomed to staying home with your baby all day, for example, expanding and going to an office every day may be harder than it seems. If you expand out and hire help, you will be stretched in ensuring they get the best training. Asking yourself what personal challenges will arrive is just smart care.
Most young businesses start out in their living room or garage. Just look at Apple and Microsoft. Both companies started in a garage. Expansion had to occur. Expansion happened and it happened quickly. In this changing market, the needs of your target market are also changing. Be there for the expansion when the time arise.
Here are 5 ideas for expanding your online only business. These 5 tips will assist you in deciding on or waiting on expansion.
- Go to Our Online Store and see that you can build an online store for as low as $25/month.
- Create a new website and buy a new domain for the purpose of testing the market for your expansion.
- Hit “Shark Tank” and apply to be on the show. You never know when your idea is the best one ever.
- Consider using Email Marketing to grow clientele and keep your customers inform of sales
- Finally create an idea map of programs, products or services you can develop up, or change so they can create cash flow for your business.
Deciding to expand is a natural and perfectly accepted need among business owners. You must expand to continue to grow, just choose carefully, when this expansion will occur.