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Is it Time to Expand Your Business?

 

As an established small business owner, you may ask yourself when the right time to expand is. Whether you’re looking to open another location, hire more employees, or expand your product line, there are several key factors to consider before taking the next step!

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Key Takeaways

Is It Time To Expand Your Business?

  1. Your current space is limited, and your business struggles to meet demand.
  2. Your business has shown consistent profitability and income growth for at least two years.
  3. Your industry is growing steadily.
  4. Your current team can support your business expansion efforts.

Table of Contents

  1. Is Your Business Experiencing Growth?
  2. Is Your Business Profitable?
  3. Is Your Industry Growing?
  4. Can Your Current Staff Support Expansion?
  5. Get Started With FSB

Your Business Is Experiencing Growth

Outgrown

Question You Need To Ask:

  • Do you struggle to store all of your inventory due to limited space?
  • Is it becoming difficult to accommodate all of your customers due to space restrictions?

If so, this may be a sign that you should expand. Not only will this help you to accommodate demand levels, but it will also give you the capability to explore additional offerings to aid in continued growth.

Your Business Is Profitable

Consistent, increasing profitability is crucial for any small business looking to expand.

Short-term profitability can often be misleading, so it’s important to have a long-term record of success before considering expanding your business.

Look for continuous profit growth and regular income over a period of more than two years before considering expansion.

Profit

Your Industry is Growing Steadily

Expand

Question You Need To Ask:

  • Is your industry expanding, growing, and evolving?
  • Have industry trends been consistent or volatile in the past?

Expanding your business in a rapidly changing and high-demand industry can allow you more room to offer new, must-have products or to bring on more staff to meet the demand for your services.

Evaluating your sector will also give you ample opportunity to compete with similarly-sized businesses in your area and gain customer share.

Consider the trends of your industry before expanding- has it historically been up and down, or has it remained steady? Take this information into consideration when deciding on your expansion plan. 

Your Current Staff Can Support You

A major determining factor in readiness to expand is your workforce.

Expansion is likely well within reach if your team is:

  • Seasoned
  • Knowledgeable
  • Adaptable to Change

A strong and adaptable workforce is critical for successful business expansion. Investing in your employees and their training will help build a team that can support you through all of your business's successes.

Business Growth

Should You Expand Your Business?

Expanding a small business takes time, effort, and careful consideration. Be sure to evaluate your options, and take advantage of the resources and financial tools available to you before making a decision.

Inquire About Business Financing

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