While many small businesses ultimately close their doors within a few years of their launch, others find the path to success and grow by leaps and bounds within the first few years. Your small business may have had its challenges along a bumpy road at times, but you have successfully navigated it on a successful, profitable path. Your mind may now be focused on small business expansion, such as by expanding to a second business location or by adding new products or services to your line. This can be an exciting time, but growth can also be challenging for small businesses to endure. You understandably want to cover all of your bases to ensure that you proceed intelligently. These three steps can help you to achieve the goals you have for your business.
Revise Your Business Plan
Expansion of your business in different ways is a milestone event, and it often marks a turning point in the business. Because of how monumental this is, you should carefully revise your business plan to prepare for the expansion. Many aspects of your business plan, such as financing, marketing, competition and more, may be affected by your plan to expand your operations. Because of this, it is best to revisit each item in your business plan thoroughly before proceeding.
Research the Options Carefully
Regardless of whether you have plans to open a new branch or to add new products and services to your line-up, you should research the options carefully. For example, if you are preparing to open a new branch, carefully explore real estate prices, drive-by traffic statistics, the cost of labor and utilities in the new area, competition and more. If you are preparing to add new products and services to your line-up, research who the competition is, what they are doing, what they are charging and what you need to charge to provide products or services that are superior in some way.
Seek Funding for Expansion
Some businesses will be able to move forward with expansion plans using their own capital reserves, but most are not this fortunate. Many will need to obtain funds from loans, but OCE small business grants Ontario are another option to consider. With government funding programs like government grants for small businesses, you will not need to repay the funds as you would with a loan. With this in mind, you may consider using grants before using borrowed funds.
Expanding your small business can be an exciting experience, but you should not rush into it. Just as you launched your business initially with care, you must follow the same steps to ensure that your expansion plans are successful.