I want to expand my business, but I am not sure if I should do it right now... kindly advise


#1

I want some tips on business expansion.


#2

Business expansion is an important step.There are some things to consider before taking this step.

Here are some things to consider before expansion/business growth:

  • Do a research about the location, to know the competitors and potential customers.

  • Analyze the employees and machinery.Whether the employees are capable to meet this step or there is a need to hire new employees.And also whether you need new equipment or machinery or if there a need to repair some equipment.

  • Conduct a market research to know what is available in the market and is there a need that your business can fulfill.

  • Decide on funding options for your business.An unsecured loan is preferred for business since there is no security involved and you wont have to wait for a longer time before the loan gets disbursed.

  • The last and important thing is to do a SWOT analysis i.e. know the strengths,weaknesses,opportunities, and threats so that you will have an idea about what is there and if something needs to be improved.