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How you know it’s time for expansion

Expansion - is it time?

Are you wondering if it’s time to grow your business? Check out these six signs to see if expansion is the best option for you.

  • You’re bored. Do the days feel like you’re stuck in a rut? Maybe it’s time for a challenge, and one challenge that will get you off the hamster wheel is seeing if expanding is the best option for you.
  • You’re overworked. You gotta make money to spend money, and if you’re doing work that could be delegated to someone else, think about hiring someone part time. With that extra time you could find more ways to make money.
  • You’re in high demand. Do you have to schedule orders weeks in advance? Are you having to turn customers away because you’re out of stock? This is a tell-tale sign to find ways to partner to make sure everyone leaves your store happy.
  • You’re profitable. If you’re making a profit in the hundreds (or even thousands) consistently, you are ready to expand. If your profits aren’t trending, then wait a while until they do. Read this article from Forbes to find out more.
  • You have opportunities. Has someone contacted you for a larger than usual order? Are people wanting to partner? Jump on that opportunity before it goes away (after all you never know when it will come again).
  • You have ideas. The best entrepreneurs act on market trends. Do your research first, but if you’re sure something is going to take off find a way to make a profit off it.Expansion.png

Expanding is exciting and can open doors for your business you never imagined. If you’ve been thinking about it, maybe it’s time to take the next step.

This article was inspired by The Small Business blog.


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