Expanding a business is a tricky venture, but it’s one of the most worthy in the working world. After all, why wouldn’t you want to bring new products, locations, and talent into your business? It’s a huge sign of success to even be able to do that, but before you dive in head first, you’ve got to double check you’ve ticked off every box. Without further ado, here’s a little list of the resources you’ll need the most.
Do You Have Enough Employees?
The amount of manpower at your disposal right now is probably not enough to expand. And this is especially true if you want to add a few more branches and turn into a franchise – you’re going to need enough staff across all of these new locations. You’ll want to get your hiring process out of the way as soon as possible, so it’s best to get the ball rolling in the job market right now. And to ensure you don’t cash out too hard here, your employee retention rate needs to shine here, and you need to make a positive working environment where anyone can find a good place to work in.
Have You Secured Necessary Equipment?
Expanding a business cannot be done without some serious ground floor power. And once you’ve got your staffing needs all sorted, you need to think about your equipment needs. If you’re going to be adding in a new product line or opening up a new location, what will you need to invest in for the basic functions? If you’re a candy company, for example, opening up a new shop across the country will be hard to manage without a gummy manufacturer near it, so you’ll likely need to invest in a new factory as well. Take a look at the budget and see how far it could take you.
Is There Plenty of Budget to Spare?
Speaking of budget, have you got enough in the bank to spare for an expansion? You’ve got a lot of costs to deal with here, some of which are more hidden than others. Obviously your physical bills are going to shoot up, and so is your payroll, but have you thought about what it’ll cost to stock your new location? Or how much product you’ll need to make a profit with a new line? And what if something gets in the way of this delivery, and you run out? And there’s always a chance an emergency will occur! All in all you may need at least double the budget you’ve currently set aside.
Are You Keeping Your Customer Base Involved?
And finally, you’re going to want your customer base involved as soon as possible. As soon as your expansion plans are in place, let your followers know! Start spreading the hype to get it building in good time, and make sure you’re regularly posting updates on how it’s progressing.
Expanding a business takes time; double check you’ve secured everything above.