Thinking of expanding your business? Congrats. That means you’re doing well enough to think about tackling new challenges and opportunities. However, it’s important to prepare well. Expansion is a big step. Sure, your business is up and running, and your product’s on the market, but that’s only the beginning.
Along with the sacrifice, hard work and belief in your idea comes the possibility of expanding. There’s no shortcut and it’s nothing short of a tricky task. Here are a few pointers worth bearing in mind when you look to expand.
The Right Type of Financing for Your Business
Countless businesses will seek outside finance in order to get to the next level, namely home-based businesses which need to rent a premises or product-based companies who need money for a first manufacturing run. Are you ready to give away equity in exchange for cash? Is your business plan solid enough to secure a loan? Online lending is a fast and relatively painless way for businesses of all shapes and sizes to find finance. Everline.com provide business loans of up to £50,000 which can be granted in just a few minutes, with flexible repayment schedules and variable amounts of interest. So long as you can happily meet your repayment schedule, this type of finance is readily available at your fingertips. But be careful – if you’re unsure about whether or not you’ll be able to meet your repayments, this may not be the right option for you. Miss a repayment, and that’ll have a negative impact on your credit score. Not only that, it’ll have an effect on your ability to seek finance in the future.
Employing the Right Workers
Ahead of employing a worker, it’s vital to know the fundamentals, like the expenses and long-term benefits as well as the drawbacks. If you require additional help for a certain project, consider outsourcing to freelancers. This will reduce your responsibility.
Then again, if you need someone to answer the phones and manage your admin on a daily basis, it’s in your best interests to employ someone permanently. But with that comes responsibility as an employer together with ensuring you take someone on who will share your vision of where you want to take the business.
Grow Your Range and Offerings
Diversify. Think about what new and different ways can you serve your customers. Are there obvious extensions of what you already offer that can be designed and produced? As a result, this can create a new route to success, sell more products to your existing customers and reach out to new markets.
Have a Good Measurement System in Place
Measurement and target-setting is crucial. Although many small businesses can run themselves fairly contentedly without much formal measurement or target-setting, for growing, the control these processes offer can be compulsory. Knowing how the different areas of your business are performing is essential, but having a good measurement system in place will also let you look at the triggers for any changes in performance. For example, if your business succeeds or fails on the quality of its customer service, then that’s what you need to measure – through, for example, the number of complaints received.
The most important thing to remember is that when it comes to growing your business, nothing is foolproof. The more you do to prepare for potential issues, the more likely you’ll be to ride smoothly into the next stage of your career as a successful entrepreneur.
Set Up Shop Elsewhere
Consider relocating or moving to a new location to expand successfully. Is your business blooming because of its current location and could it run without you if you had to spend most of your time setting up elsewhere? But don’t plough ahead without meticulously weighing up the advantages and disadvantages of moving to a new area. For instance, is there a considerable team of qualified job applicants in the area? What about other resources your newly situated business will require?
Form an Alliance
Consider collaborating with another partner. When you join forces with another company, you offer one-stop shopping. Look at how the banks have diversified by offering clients every banking service known to man. If you have excellent service delivery, look for a company that has excellent client acquisition or marketing. It’s about strengths and weaknesses.