Sooner or later, everyone who started their business face the question: “Maybe it’s time to expand?” In this article, we will tell you how to understand that it is time to expand your business, give practical, and proven advice.
When It’s The Right Time To Expand The Business?
1- You Cannot Find Contractors Who Suit You.
For example, you make tools for beauty salons, but you hire contractors to create packaging and deliver to customers. And so, over time, you begin to notice that it is more and more difficult to find contractors who would meet all your requirements.
This is the first “bell” indicating that it is time to think about the expansion. Your view of the business becomes more voluminous. You begin to care not only about the production of goods, but also related areas: packaging, service, and reputation in the eyes of customers. So isn’t it time to organize your own delivery and open a small printing shop to create packaging?
It will strengthen your position. Customers are guaranteed to receive a correctly assembled order, just in time, and without spoiled goods during transportation.
2- You Start Receiving Big Orders.
Many starts out with a small – small UK assignment writing service, one or two good writers, and it is enough to work with orders. However, as time goes on, big clients begin to turn to you as your services are becoming more and more in demand.
How to proceed? Abandon major deals so that you don’t have to hire new employees, buy equipment, look for more spacious premises for rent, or start expanding your business! The appearance of big orders indicates that the quality of your goods or the level of service provision is so high that people want to take your services.
3- Old Methods Stop Working
We all faced this – in connection with the pandemic of a new virus. Many areas of our lives have changed radically. And this has led to changes for business. More often they talk about them in a negative way- new rules that complicate life, falling profits, and disappearing customers.
But you can look at this from the other side. If the previous schemes and methods of work cease to generate income, then it’s time to look at your business in a new way. Yes, it will not be the same expansion as usual, when new workshops are being built, new points of sale are opening, etc. Expansion during a crisis can go deeper – you can start developing new products, new services, or another way of interacting with a client.
4- You Are Ready To Go Online
The Internet is life. Today, in virtual reality, people order almost everything, from toys for a dog to building a country house. In a word, the Internet is a sea of possibilities, and if you start to play with the thought “Should I start a website?” Then congratulations, you are on the path of business expansion!
It is important to understand: even if the range of your products or the list of services does not change. As soon as you open your website, create a landing page, or launch thematic social networks, many more people will know about your business.
Consequently, the inflow of orders will also increase. If the number of orders begins to grow, then an increase in the number of employees, the purchase of new equipment, and the search for new premises are inevitable.
5- When Customers Are Ready To Purchase More From You
This point is closely related to points 1 and 2. When you think about your own delivery or the transition to large orders, then inevitably the thought will come to you “What else can I offer?” You already know your audience, your niche, and your customers. It means you know what else they are ready to buy from you.
By and large, most people are lazy. If you can buy three quality goods or buy three quality services in one place, then why give up? One way to expand your business is to offer your customers additional services or products related to a common area of application.
Returning to our example with writers of academic services; you can add others to expand your horizon by offering dissertation, abstracts, and essay writing services. Now you are on the way to expand your business.
When any of these five situations arise, know that it’s time to expand the boundaries of your business.