7 Tips to Plan for a Business Expansion
I came across this article that lists 7 Tips to Plan for a Business Expansion. It’s pretty long so here are a few snippets that you might find interesting:
When opening a small business venture most owners hope to grow their company someday but when that day comes, the business expansion can cause a great deal of confusion. If you are planning to expand your business, either within the same market or to a whole new area of the world, there are steps you can take to make the transition smooth and relatively stress-free.
#1. Define Exactly Why You Are Expanding
One of the most important steps to take when planning a business expansion is to define exactly why you want or need to expand. It could be greater demand for your products or services and it could be that you are doing so well you would like to expand into a new market in a new location. This step will impact other steps in your business expansion plan so take time to do a thorough explanation, in writing, as to the purpose of your expansion.
#2. Research and Analyze Your New Location
You may want to expand into a new market for any number of reasons, some of which may be personal such as climate or standard of living, however, this may not be the ideal location for your particular industry. Before going any further it is vital to research that particular market as it relates to your business. Are other businesses doing well in that region? Is there a call for what you have to offer? What is the economy like there? These are just a few of the questions you will need to answer along with the average cost of commercial rents if that is your intention and the cost per unit for your utilities. All of these things should factor into your decision as to where you will be opening a new location.
#3. Local Laws and Regulations
No matter where you plan to open a new location there will be laws and local regulations that you need to abide by. If you are only going to start a new location within your current market area, this probably won’t be an issue.
However, in recent years many businesses have been expanding overseas to new markets and as a result, international laws and regulations may be a problem. Before setting your goal as opening a branch in some global market that appeals to you, make sure your expansion also appeals to the local government as well.
Find the full article here and don’t hesitate to discuss your thoughts with me. Please feel free to contact me on 0467 749 378 or email at [email protected] for any thoughts and perspectives.
Thanks,
Robert