The month of January seems to have just flown by, hasn’t it? With 2019 already a month old, here’s hoping you’ve gotten some of your New Year’s Resolutions for your small business underway. Before the new year began, many business owners had aspirations of renovating their places of business while others were looking to add new products to their lines. For many others, expansion is the name of the game.
There are many reasons to expand your business. If you haven’t yet considered this particular mode of growing your company, perhaps it’s important to take a deeper look into how your business is doing.
Do you have amazing support from your customers?
This is the first and most obvious sign that your business may be in line for expansion. If you have a growing and loyal customer base, it only stands to reason that you would want to serve an even larger section of the population. Pay attention to what your customers say about you and consider where they are travelling from in order to support your brand at its present location. Might it make sense to open up a new location?
“Your customers can tell you a lot about whether you’re ready to expand your small business,” says BondStreet.com, “If multiple customers are asking you to open a new location or expand your services, you can be sure you have demand and a loyal customer base to rely on. Another way they can indicate you’re ready for expansion is by what they do. Do customers seek you out on their own? Do they come back time and again?”
Are you dominating your local marketplace?
Does your place of business cater to the needs of its customers in ways that no other business can? Especially if you have a niche business that specializes in unique products and services, it’s safe to say that expansion can help you to fill voids in other areas. Josuah Burk of Elements Global Services writes that having a successful local business is a sign that going global may be a great option.
“Doing well locally is your first indication that your business might also be successful internationally,” notes Burk, “Global expansion can help you overcome the plateau in revenue patterns after operating in your local market for so long. You might even find new business opportunities that you can fill in your new demand overseas.”
Can you afford it?
“You’ll need a lot money to carry you through the ramp-up phase of your expansion, which usually means unforeseen costs and investments that won’t see returns for a long time,” BondStreet.com points out, “You need to be profitable for a few years and have sufficient cash flow to carry your business through a successful expansion, whether or not you receive financing.”
Most small business owners throughout Canada worry that they’ll never be able to afford their plans to expand. This is where Synergy Merchants can help! Our unique merchant cash advance program can get you the funding you need – within 24 hours – to put your expansion plans in action right away. Contact us to get a free, no obligation quote by calling 1-877-718-2026 or emailing firstname.lastname@example.org.