25 Jan 2019, 13:02 — 5 min read
As an entrepreneur, you’re always looking for new avenues to explore and new ways to grow. When you’ve reached a certain level of success, it’s only natural to consider the idea of expanding your business.
But there’s more to growing your business than meets the eye. It’s not just the next step towards a bigger, more successful venture — in many ways, it’s a lot like starting your business all over again.
If you’re considering expanding your business by branching out, setting it up for franchising, or moving to a better location, there are some things you need to pay attention to first. After all, if you want your newest venture to be successful, you can’t jump into it headfirst without testing the waters.
Consider the following in your business expansion strategy:
1. Are you prepared?
In many ways, expanding your business is like starting all over again. It might involve a new location or platform, a new target market, or a new facility or building. These requirements for business expansion will come with a set of challenges you’ll have to face. Of course, you’ll have the benefit of bigger-than-starting capital and the experience you’ve built so far, but it won’t be a walk in the park. Make sure you do your research and prepare yourself for what’s coming.
2. Where are you going?
Location is a big factor to think about when planning for business expansion. Pay attention to things like your industry, market, the competition you’ll have in that area, the space you’ll need for your team, and the availability for connectivity and mobile signal. If you already have location options in mind, don’t forget to consider these things to make the most of the space you have.
3. Who’s coming with you?
At this point, you and your team should be working as one unit. If you’re prepared to expand, your team should be too. If they aren’t ready yet, perhaps you and your team aren’t on the same page. This can be dangerous if you choose to expand your business, but your team is not yet ready for the change.
Bring your team up to speed by aligning your goals with theirs. Help them understand that branching out isn’t about more work for them, but it’s about bigger opportunities for all of you.
4. Can you afford it?
This is the question that you really need to ask yourself before doing any big change in your business. Remember that all investments require you to shell out some capital in order for them to succeed. Especially with this big move, you need to assess your budget and take note of whether you’re in a stable place financially to take on a new venture. If you aren’t, it’s better to be safe than sorry, and hold off the risk until you’re ready to take it on.
5. How will you reach your new market?
Keeping loyal customers is important, but you need to expand in order to get new targets. If you want to reach a new demographic of people, you need a plan set in motion even before you set up in a new location. Be it through announcements online or in physical form like posters, billboards or signs, make your presence known so customers can look forward to your arrival. Then when you’ve already set up, your marketing efforts need to be tenfold at least for the first few months.
6. How will you stay connected?
One of the most important things to remember is to keep your new branch connected to your main one, or even to the other branches of your business. The best kind of connection is safe, simple, and affordable. It also allows you to manage bandwidth among your branches, so that you can allocate more data to the branches that need it most. With faster data access and updates, you also don’t need to manually consolidate or regularly visit the branches you need connectivity for. It’s the easiest way to get connected.
If you’re looking to expand any time soon, don’t forget to consider the questions above in your business expansion plan. It’s not easy growing your business, but it’s definitely worth it as it brings you even greater success!
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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
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