Fortune favours the bold, and it takes some courage to take the plunge to expand your business. Whether it is taking on new clients, widening services, or opening a new branch, there is a lot to consider. Read on for some advice on what to bear in mind when grasping an exciting new opportunity.
Be ambitious, but be realistic
Expanding your business shows you have the ambition and the confidence to take the next step. That’s great! The most successful businesses are always looking for new opportunities.
But be careful with how much you can take on at once. Trying to expand in too many different directions at once could simply lead to spreading yourself too thin. Before making any major moves, evaluate what the best lines of expansion are going to be and go in with a plan.
Conduct market research
When you started your business, you would have conducted extensive market research. Establish where your services fit within the wider marketplace is always to first step when starting a new business. By now, you likely have a good idea of how your business stacks up against the competition.
But if you’re looking to expand your business, you’ll need to do some of this work again. There is inherent risk in trying to expand a business. To be successful, you have to be informed about where that risk lies and how to avoid it.
For example, perhaps you’re expanding the range of services you offer. Or maybe you are expanding the same services into a new area. In either case, you should find out who else is offering those services and find a point of difference. By scoping out the competition, you can go eyes wide open into your period of expansion.
Protect your business from risk
Careful planning and market research can reduce risk when expanding your business. But some things are simply out of your control. Consider purchasing to cover any unforeseen stumbling blocks during a new venture. Speak with an insurance broker to figure out where the greatest risks are likely to be and get a bespoke policy. This helps to give peace of mind that your business will not be unnecessarily affected if the worst should happen.
Evaluate staff requirements
When increasing the scope of your business, you need to ask whether your current staffing arrangements are up to scratch. Do you have enough staff to handle the added workload? Are there new specialist skills you need to hire for? Are you still able to handle the administration, or is it time to hire a personal assistant?
Pay attention to tax management
It could be a good idea to hire a tax professional to carry some of this load for you. This will ensure it’s sorted out correctly, letting you focus on overseeing the operational transition in your business.
In the world of business, you always need to be looking for opportunities to grow your business. No matter the size or nature of your company, there are always possibilities for expansion. While taking the step to do so can be daunting, the rewards are worth it. With the right preparations, the risks associated do not have to inhibit your development.
When she’s not busy writing and editing articles for numerous blogs and sites, Harper spends her time catching up on the latest business and technology trends. Learn more about Harper and her published work on her .