Those businesses that have survived the economic downturn may now find themselves in a position where they would like to expand. If that person is you, then how do you go about it without putting yourself at a financial risk?
Think carefully before signing up to any long term financial commitment. Remember its early days and although business is picking up, we’re not in the middle of a business boom just yet. That’s not to say you shouldn’t take any risk at all; without a certain amount of risk taking you don’t stand much chance of expanding, but just be very thorough with your research and eliminate as much as possible.
Have you considered diversifying? Spreading the risk across a number of different products or services reduces the chance of failure unless all happen to fail at the same time.
Do you need the help of another member of staff? Until you get a better idea of the work load it may be better to hire someone on a freelance basis for the time being.
Make sure you undertake sufficient marketing, particularly if it’s a new product you are offering. People need to be aware of your product or service to be able to buy it and ensure its success.
Do you have enough storage space to accommodate the extra products? This can be a problem for many small businesses and can slow down any potential growth. Naturally you won’t want to take on a much larger building just yet, so using a self storage facility instead will allow you extra space without a long term commitment. We caught up with The Self Storage Warehouse who offer fantastic self storage in Preston who stated, “there are many different sizes on offer and talking to your local self storage company will help you get the best sized unit for your needs. Some will even offer to collect and dispatch parcels for you making them a real asset to your business. Your stock will be stored in clean secure conditions and can be accessed whenever you need making it a highly convenient addition to your company.”