Has your small business been experiencing consistent success? It may be time to consider expanding. Expansion is one of the biggest challenges (and one of the most rewarding adventures) that you will ever experience as a small business owner. For this reason, it is a decision that requires very careful consideration. The good news is that by researching, you are already completing an important first step! Read on to discover three important indicators that your small business is ready to expand.
1: You are experiencing more demand than you can handle. Success can sometimes create a paradoxical problem: small businesses can sometimes achieve a popularity that is difficult to support. If your business encounters so much demand that it becomes difficult to render the production and services necessary to serve all potential customers and clients, you may be ready to expand to new locations and new markets.
2: You have a great team in place. The cold hard truth? Expanding a business is an enormous time commitment. Too much for one person to handle, in fact. If you are going to expand to new markets while maintaining your original commitment to quality, you are going to need some help. If you have a talented team of employees capable of handling leadership and responsibility, it’s a good sign that your business could be ready to expand.
3. Your business has experienced consistent success. Before expanding your business, it’s necessary to take a long hard look in the mirror (or, more accurately stated, a good hard look at your financial statements!) Be realistic. Has your business been consistently successful for a convincing amount of time? If the answer is yes, you may be ready to expand.
If you have done the research and you believe your small business is ready to expand, contact us today at Allied Capital. We specialize in providing small to mid-sized businesses with the funding that they need in order to meet dreams such as expansion. Let’s work together to make your dreams a reality!