Expansion is an exciting time in any business, with a sense of success and future potential unlike any other stage in a company’s life cycle. It’s also a time of high risk, exposing you to problems ranging from financial overextension to hiring issues to logistical nightmares. All of these can turn this opportunity for greater profits into the threat of closing your doors forever.
Whether you’re expanding into a new location, a new market, or a new product, it’s best to start the planning by asking a handful of key questions about your readiness and goals. The answers won’t just tell you whether or not the expansion is a good idea, they can also help you build the expansion on a more solid foundation.