Expansion: the One Thing That Business Owners Fear More Than Going Bust

Expansion is a bit like skydiving. There are some people that fear it and stay away from it at all costs, there are some that’ll revel in the joy of diving off a plane in the sky, and there are those that will do it just because everyone else around them is jumping off into the unknown.

Whether or not you’re planning for expansion now, there’s no doubt that there is some fear in your mind. What if the new business location I planned doesn’t work out? What if I lose business? What if my competitors start to catch up to me? What will I do about staffing? Am I spreading my resources out too thinly?

These are just some of the important questions a concerned business owner will ask themselves—and rightly so! Not everyone is cut for expanding and it’s a journey that requires small baby steps. There is a lot of planning involved, some inherent risks and of course, a lot of money is required.

Why expand?

If you’re sitting comfortably on a decent living then you might ask yourself: “Why expand? I’m set for life!”. While you’re not wrong to settle on a single source of reliable income, the business landscape is a treacherous one with lots of bumps on the surface and devious competitors who are trying to bring you down.

Your business might be comfortable now, but what about in several years? What if a big-name brand moves in and manages to steal your business? What if some of your critical staff members quit to look for a new career? What if a fire burns down your establishment and it takes several months to bring it back? What if your product goes out of style? There are countless problems that could be completely out of your control, and you’d be hard pressed to find a reliable way to deal with them without burning through more money.

So if you have to spend money to fix these potential issues in the first place, why not mitigate that potential loss and expand now to improve your business?

From dream to reality

There is a lot of planning involved whether you want to expand a humble family business or your 20-floor office building. For starters, measured building surveys are a great way to scout out locations to plan your expansion. Most BIM services offer turnkey solutions for your expansion. From the moment you sign the contract, they’ll help you survey land, map out your building, hire an architect and even manage all of the drainage and electricity solutions.

Once you’ve taken the first step and started your initial talks, you then need to worry about staffing your place and advertising. If you have already established an online presence (if you haven’t it’s never too late to start!) you can generate some hype over social media platforms to bring more attention to your business. A simple web page or digital flyer showing your new local or your plans to expand is usually enough to excite people that enjoy your products or services.

Don’t be afraid
Expansion is scary—every business owner knows that. However, you should think of expansion much like growing up in life. It’s a necessary part of living, and unless you want to be stuck in the body of a child for the rest of your life, you need to take on the challenges ahead of you.

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