Is It Time to Expand Your Business? If So, Here’s How! | The Journey

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0:50 Have you conducted thorough market research and established a timeline?
2:16 Do you have best-selling products or services?
3:02 Can you afford to expand or will you need extra capital?
3:42 Can you establish some mutual partnerships?
4:30 Communicate with everyone involved?
5:05 Spread the news with your customers

Entrepreneurship may be full of risks, but the vast majority of small business owners don’t ride by the seat of their pants when it comes to business expansion. They likely have a plan in place, covering everything their newly expanded business needs — from leasing an additional commercial property space to hiring new employees to join the staff. Expanding a small business can be an exciting time for entrepreneurs.

It’s a win-win-win across the board for everyone including the business, people involved with it, and the nation as a whole. Revenue and cash flow are rising, which benefits the business. However, it’s important not to let your excitement for expansion cloud your judgment or preparation plans.

Are you ready to take your business to the next level? Answer these questions first to see if you’re prepared to make the leap forward. If you find you’re ready to do it, make sure to take care of the three key areas we outline below to keep your business in compliance.

1. Have you conducted thorough market research and established a timeline?
Your business may have certain elements, like a solid customer base and best-selling products or services, that are keys to its success. However, that doesn’t mean it’s time to start opening up random storefronts all over the place.

Begin conducting research regarding your plans for business expansion. Learn more about your customers’ demographics, location, and how you can reach them. If you discover that your customer base lives predominantly in a certain city or state, you may choose to open up a storefront in that area. Outline your plans for the company’s expansion over the short term (six months) and slightly longer-term (one year). Give yourself a clear idea of what to anticipate with that expansion and its changes. Remember to be reasonable in your expectations.

2. If you have best selling products or services, can you add on or diversify?
There are two strategies business owners can take if an existing product or service is successful. You can add new products or services to their lineup. You can tweak existing offerings that might not be popular now, to become more appealing to customers.

Creating new products or services make take a bit of time to test and work out the kinks, so be mindful of that in your expansion plans. It may be more cost-effective to take items that already sell a little, but have the potential to sell a lot, and hit refresh. Opting for one, or both, strategies allow your business to expand its revenue streams and meet customer needs.

3. Can you afford to expand or will you need extra capital?
Think back to when you first started your business. How did you fund it? Maybe you dipped into personal savings or even asked friends and family to help. You might have taken out a business loan or applied for and received a relevant small business grant. Extra capital may be necessary in order to expand your business.

4. Is it possible to establish mutual partnerships with other like-minded businesses?
This ties in with the strategy for adding on or diversifying best selling products and services. Consider establishing a mutual partnership with another business in your field. The best partnerships are fueled by key ingredients including engagement by partners, customer engagement, and mutual benefit for both parties.

There are a lot of “what ifs?” that come with entrepreneurship. Business expansion is a huge one. What separates great entrepreneurs from good ones is being ready and willing to take a risk. There’s never going to be the “perfect” time for expansion, and there’s no assurance that every business that expands will be successful either.

However, if you work hard, have a positive attitude, and listen to your gut instinct, it’s worth it to explore your hunch that the moment to expand the business is now. Remember that instinct is one of an entrepreneur’s most useful tools. Always be on the lookout for signs that it’s time to expand.

The above content should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

The Journey is what everyday entrepreneurs, like you, need to follow in the pursuit of online success. Our experienced GoDaddy Guides are here to take you through all the steps, both big and small, that you encounter every day.

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