- 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.