Seven signs you could be ready to expand your business
As the owner of a thriving business, you might be wondering if it’s the right time to expand your operations. Fortunately, there are a few ways you can tell if you are ready to take your business to the next level.
Below, we outline some signs that your business could be ready to expand.
1. Your business is profitable.
If your long-term finances show that your business is consistently earning more than it is spending, it might be a good time to grow your business. You can even consider using some of your profits to fund your expansion.
2. Your operations are running smoothly.
Growing your business will likely take up a lot of your time, so it helps if your business is running like a well-oiled machine and that your team can run things while you focus on expansion.
3. Your customers are asking for more.
If your customers are asking for new products or services that your business doesn’t offer, they may start looking at your competitors. So, think about investing in the development of new product lines or training staff to deliver a wider range of services.
4. Your industry is experiencing steady growth.
When trends show a rising demand for products or services within your industry, you might need to think about expanding your business to keep up. Otherwise, you could lose potential new customers to your competitors as your market grows.
5. Your employees are motivated.
Employees who are motivated to see your business succeed can provide much-needed support as you execute your growth plan, so it’s important that you have an enthusiastic and driven team before embarking on your expansion.
6. You have a contingency plan in place.
Having a backup plan in place ensures that you can minimize any potential risks and quickly recover when needed.
7. You have easy access to capital.
Being able to easily access the capital you need to pay for new equipment, research new products or hire and train more employees is a good indicator that you might be ready to expand your business. And while you can use some of your profits to finance your growth, another effective way to get the funds you need is by securing a revolving loan against the equity you have in your home.
For example, Home Trust offers the Equityline Visa, a credit card secured by a mortgage against your property that offers competitive rates and convenient access to the funds you need when you need them.
Saying “yes” to growing your operations is the first step in your journey as a successful business owner. Learn more about what else is possible when you say “yes” with our interactive road map.
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