Many entrepreneurs have their sights set on expansion but achieving this in the right way is a challenging experience. You'll need to consider issues such as whether your business is financially stable enough to support change and whether market conditions are right. Read thisguide to assess when is the right time to expand.
Planning is crucial and you will need to update your business plan as the company grows. Use the plan to carry out various scenarios so you can judge which expansion areas are the best ones to pursue. Carry out market research to assess whether you can develop new products or services or reach out to a different customer base. It's also vital to ensure that your business is financially stable enough to expand and that you can raise the necessary funds to finance your expansion in the long-term.
Any expansion opportunity needs to be considered with goals and targets in mind - if you don't set benchmarks you'll find it increasingly difficult to measure progress and judge whether you are making the right move. Setting several goals will also help you to identify a time frame for expansion.
Local expansion is the easiest option to go for as you can monitor progress easily and therefore have more control. Once you have established your business and your brand in one area, you can think about regional expansion. Expanding your business nationally is by far the more time-consuming and expensive option. It's also where good planning is crucial as reactions to your product or service may differ greatly from those in your local or regional bases.
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