How long have you owned and operated your business? How much has your business grown since its inception? Are you thinking it may be the right time to take your company to new heights? Have you noticed that every sentence in this blog post, so far, has been a question?
Well, that’s because we’re looking to adequately answer the question posed by the title of today’s blog! To do so, we’ll be asking you a few more questions.
Is there a growing demand for your products?
If your business is the type to offer a unique product or service that can’t exactly be purchased anywhere else, you may want to consider finding a way to get it to more people. A great reason to expand is to grow the sales of a very popular product. A bakery that specializes in sports-related pastries, for example, may become a hot spot for people who are equal parts sports fans and sweet tooth owners.
“Do out-of-town visitors beg you to open a location in their cities?” asks Rieva Lesonsky on Fundera.com, “The owner of a women’s clothing boutique I know successfully opened a second location after noticing a steady stream of shoppers who drove from more than 50 miles away and told her they wished they had a store like hers in their neighbourhood.”
Can you corner a part of the market your competition may have missed?
To branch off of the point we just made, it’s important to remember that your products and services may just have worldwide appeal. Are you stifling your brand by having your place of business exist only in one area? Global expansion may be in the cards for your business if your competitors are not satisfying the needs of your target audience the way your company can.
“Businesses that expand in markets where their competitors do not operate often have a first-mover advantage, which allows for them to build strong brand awareness with consumers before their competitors,” says Jan-Emile van Rossum on BizJournals.com, “International expansion can also help companies acquire access to new technologies and industry ecosystems, which may significantly improve their operations.”
Do you have more business than you can handle?
If so, that’s a good thing! Of course, being too busy for your current customers isn’t such a good thing. Yes, it’s great to have your products flying off the shelves and your store constantly filled with people. However, if there are people who are leaving disappointed because they didn’t get the attention they deserved, you’ll need to better your ability to serve them.
“Are you turning away customers or too busy to contact sales leads in a timely fashion?” asks Lesonsky, “Are you and your employees working what seem like 24-hour days? Assuming that this isn’t the result of poor time management, but of high demand, this is a major sign there is room for business expansion.”
For more than a decade, Synergy Merchants’ unique merchant cash advance program has been helping Canadian business owners to expand their businesses. To find out how you can take advantage of it, please don’t hesitate to call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.