A new year can bring all new goals and aspirations. Are you hoping to increase your revenue, open up fresh business opportunities or explore uncharted markets by scaling up? Whatever your motivations may be, the following steps will help you successfully expand your business in 2019.
What’s Your Motivation?
How will you know that expansion is not only desirable, but also necessary? Are you up for a challenge? Taking a successful business to the next level is hard enough. To survive the inevitable rough days, everything in your current endeavor must be running smoothly. You need knowledge, commitment, and stability to scale up successfully, so determine early on if you are ready to take on all that is involved in expansion, and whether or not your team is willing and able to offer you support.
Understand the Market
When we considered expansion, we chose to do it gradually without rushing any decisions. You need to do your research, evaluate new markets, and understand them intricately before moving ahead with any new plans. Analyze the trends, research your competitors, and determine if an additional location will be a good fit for your product and services. Also, be prepared and ensure that your financial situation can bear additional strain.
Beware of Pitfalls
A major pitfall that often plagues expanding businesses is insufficient staff or trouble with hiring. It takes time to identify the right new employees and provide them with adequate training. If you don’t time it well, you could be faced with vacant positions, underprepared staff and the destruction of your reputation. Allow plenty of time to seek, vet, train and evaluate your new team members before your busy season begins in full force. Expect growing pains and plan for how to survive them.
Messaging can also be a challenge for newly expanded businesses. Make sure you reach out to your current clients and colleagues and explain what is happening with your company, how it might impact them, and how you plan to ensure a seamless transition. Get ahead of the rumor mill so you can deliver your own news the way you want it to be heard. Finally, know that expansion does happen overnight. You must plan ahead. Prepare yourself for the rough moments, celebrate your victories, and dare to dream about a bright new future for you and your team!
Work on spreading the word in your new location since they might not be familiar with your product or service. It is helpful to let your current clients and colleagues know that you are expanding. You never know who they know or work within the new area that can help to expand and build relationships.
Heather Rouffe is the Director of Sales and Partner of Atlas Event Rental, a full-service event rental industry serving the Southern Florida market for over 30 years based. Recently named one of the top 30 rental companies in the US by Special Events Magazine, Atlas provides top quality merchandise and unparalleled customer service to each and every customer.