If you’re running a business, you need to have one eye on the horizon. Staying still actually means falling behind when have hungrier, more motivated competitors coming up behind you, after your share of the market. Part of your plans always need to include growth, so you’re searching out that new market, new product or new opportunity that will keep you successful. Relying too heavily on your existing success leaves you vulnerable to change. If you’re ahead of the change, every time, you’re less vulnerable.
Growing can be a risky proposition, though. Growth without planning could overbalance your business and leave you in a perilous financial position. You need a cast iron plan of action in place, and the resources to expand your business safely without overstretching it.
Making your plans means deciding how you know you’re ready to expand, be it keeping a certain key amount of money in the bank, or enjoying a certain level of turnover or footfall each month.
On top of being sure you have the resources to plough into a new branch, new market or new offering, you also need to be sure the demand is there. You need to either conduct your own research or work with a market research firm to reassure yourself that there is a ready and waiting market in your new location or niche who’ll be buying your services or products.
If there’s no market waiting for you, you’ll be doomed to failure however well you prepare. However well founded your new business is, if there’s no one who wants to spend money on it, it’s going to cost you dearly, so doing the research pays.
If you’re opening a new physical location, that needs a lot of physical resources: filling an office takes furniture and computers, and shops requires stock, shelving, furnishings.
Buying only when you need these things to fill an imminently opening branch puts you at the mercy of people selling them. If you look into business storage options, you can begin to store up what you need to open your new branch well ahead of time. This lets you look for deals and bargains, and not just minimise your expenditure but also make sure you can get exactly what you need to create a business that looks just as you want it to.
Creating a Crowd
Whatever your business, when you expand you need an enthusiastic audience on your first day. Building a buzz is crucial: it won’t happen by itself. You need to adjust your approach to your precise offering: opening a new branch of a retail venture might need posters and previews and launch day events. An online only business will need a digital marketing push. Talk to an expert if you can to create a plan that gives you the maximum chance of success.