Business can be difficult! It can be severe enough to keep a new business afloat. Hard work doesn’t stop when you make it past the magical one-year milestone. If your business is doing well, you may be thinking about trying to expand. Growth is something most entrepreneurs strive for, but it’s essential to make the right calls. If you’re desperate to get the next step right, this guide should prove helpful.
FINANCING THE NEXT STAGE
Every decision you make in business comes down to making money. Growing a business is a positive step to take, but it’s so important to bear the figures in mind when you’re considering your next move. You may have brilliant sales figures for the first 12 months of business, but feel the state of the books before you spend more or start calling banks or investors. Even if sales are buoyant, it’s likely that you put a lot into the company to get it off the ground and you may be offsetting these costs for some time. Ideally, it’s best to wait until you’re in profit to consider expanding. If you are turning over a profit and sales are increasing steadily, seek financial advice and work out how much it’s going to cost to complete the next stage and how you’re going to finance the venture.
MAKING YOUR BUSINESS MORE VERSATILE
If you run a business and there’s a demand for what you do, you may be toying with the idea of increasing its versatility and making it more accessible to a broader audience. Consider the possibility of setting up an online shop if you run a successful independent store or buying or renting premises to sell stock from the shop floor if you’re making waves in the world of e-commerce. By offering both a physical and an online store, you could attract more attention, build your client base and offer consumers more choice.
If you have an online business and you’re considering branching out, get in touch with some commercial builders if you’re thinking of buying or converting a residential property or take a look at rental premises that are available in your chosen location. Investing in property is a good idea if you want the value of your business to appreciate in the long-term, but renting is almost always a cheaper option.
Before you make a decision, gauge the level of interest by asking customers and clients for feedback. If you had a store, would your customers make an effort to visit? If you set up a website, would your clients prefer to shop online rather than popping into the shop?
SCALING YOUR BUSINESS UP
If you’re thinking of expanding, you may be considering scaling your business up. Perhaps you want to launch menswear or a maternity website, or you’re looking to incorporate a broader range of products on your womenswear site, for example. If you’ve got ideas, test the waters. Get some feedback from customers and research the market to determine the level of demand.
Do you run a business that is growing by the day? If so, it may be time to think about the next step. Hopefully, this guide has given you some ideas and some useful tips to ensure you make the right calls. Collaboration.