At what point should you consider expansion?
And how do you keep it scaleable? This is a question that haunts entrepreneurs and board members. When to expand your business is a crucial decision for your business. You should make sure you meet the below requirements as you look at moving forward.
Will you have the business to support expansion? Chances are if you are considering expansion, you know this to be the case. You have several new orders, you are at capacity, you are turning clients away. For some industries, such as the food industry, this can be less clear. Will opening a new location lead to increased business? Is there enough demand in this new location? It’s important to make sure you consider this.
You are ready
Expansion is likely going to mean more work for you, personally, and likely for a while. Is it that something you are prepared for? Entrepreneurship involves a lot of late nights and long hours, make sure you have time in your life for that, at least temporarily. We have talked about taking care of yourself too.
Are you able to handle more orders, calls, and requests for proposals? Do you have the human capital to address your customer’s needs? Can your equipment keep up? Can you remain profitable if you do expand your operations?
Do you have the capital to expand? How quickly do you need to expand? Sometimes the speed at which you need to expand your business is faster than that of traditional lenders. Qualifunds can help! Apply today to see what we have available.