When you’ve built your business up so that you are running at full capacity then it may be time to expand your business. For example, if you find yourself with a full order book, no hours left in the day and perhaps even having to turn work away. But how?
There are many ways in which you can expand your business, including:
When you are working at full capacity, hiring in some help can, in theory, enable you to double the work that you are able to take on. Hiring in staff to take on other tasks, for example, your admin or marketing, can free up your time to work on your business priorities. Taking on staff could even help you to expand your business even more, by enabling you to spend time bringing in new business – thus creating a positive circle.
Do, however, consider the costs and responsibilities involved in hiring staff. Go to the HMRC website for information regarding your legal obligations and let Office Allsorts deal with your additional office furniture and equipment needs.
Diversifying – perhaps by expanding your range or moving into a different but related area, can be a great way to move your business on to the next level. It is usually wise, however, not to move into a completely unrelated line of business. For example, a web design business could also offer a copywriting service as the two are linked and one line of work will feed into the other, making for organic expansion.
You could also consider moving your existing product or service into a different market, perhaps adapting it slightly.
Deciding to franchise your business is a big step, but one which can bring vast returns. You do however have to be prepared to relinquish some of the control, which can be difficult for small business owners. But if you are serious about expansion then it is something that you will have to come to terms with, as delegation is key – whether that’s to a new staff member, a manager of a new premises, or a franchisee.
Deciding that it’s time to expand your business is an exciting step worth celebrating. If the time is right for you and your business then careful expansion can move you onto the next level of success.