Signs You’re Ready to Expand Your Startup Business
Starting your own company always brings about so many emotions and doubts. Before you do it, you tend to deliberate so many times and for so long before you finally decide on the move. And while the initial launch of a business may be extremely overwhelming, the reward in having a successful startup is all worth it. And then, your business starts doing so good that you start thinking about another possibility—are you ready to expand? Especially for entrepreneurs and small businesses, this could entail a lot of risks but also much reward. Basically, expansion is the Schrodinger’s Cat in business. And if you are having a hard time deciding if you should finally do it, here are important signs to watch out for.
You have done enough and thorough research, including client survey
The one thing you can’t do is decide on a whim that you are ready to expand your business. Many startup businesses fall into a trap when they expand before they’re ready because they didn’t do enough and proper research about the industry in which their business belongs and more importantly, of the clients from which their success largely relies.
You have a strong team that you can rely on
Expansion is normally not a decision that you make without considering other people, especially the team that you are going to work with. While expansion means that your business has been successful thus far, it also means that you are prepared to welcome in more work, entertain more clients, introduce more products, or all of the above. Your team is going to play a huge role in your company’s expansion, and it’s important to make sure that each individual that you assign in a position will be able to perform his or her tasks efficiently without being micro-managed all the time.
You have achieved all your previous goals and profit is steadily climbing up
Ultimately, the first and foremost item in your checklist before you even begin to consider expansion is that you must have already achieved all your previous goals within the timeline that you set for your business. Even if you have a capital prepared long before, you are only going to waste your money if you expand before you’ve met all your objectives.
Aug 28, 2015