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What's your checklist when considering expansion?

Discussion in 'General Business and Entrepreneurship' started by ruener79, Feb 8, 2016.

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  1. ruener79

    ruener79 Entrepreneur

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    A lot of the members here are probably have been in the business for years? So, I'd like to take advantage and learn from everyone's experience especially in the line of growing one's business?
    When thinking of expansion, what are the things you consider? What's included in your checklist for you to say that your business is ready to take the expansion leap?
     
    Krista Jennings and T J Tutor like this.

  2. T J Tutor

    T J Tutor Entrepreneur

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    Yes, I've been a businessman for 47 years. Many here have long careers as entrepreneurs and business people.

    Growth and exit plans are often planned from the beginning. You will need to examine all parts of your business to establish their individual requirements as well as their current status in relation to their requirements (are they meeting, exceeding, or falling short of their requirements currently). Then you can begin to research the market to determine viability of expansion. Once these measures are complete, you can then begin to wireframe an expansion plan.

    Market share and penetration viabilities. Time table, budget, cash flow, manpower, competitive analysis, etc.

    This is essentially the same question as those above!

    In simple terms, you need to know you have a viable and profitable business currently in order to consider expansion. Then, you need to break down (on paper) the current business into its parts to be certain they are all performing at their peak before planning an expansion.

    Once you have everything at its peak, then you wireframe the expansion. In wireframing your expansion, you determine the requirements of the expansion and then make a plan to acquire that which is necessary to complete the task.
     
    ruener79 likes this.
  3. rz3300

    rz3300 Entrepreneur

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    Expansion is a tough one. Ask anyone who has ever had a business and they will tell you that it is the ultimate temptation when you first start making a profit, but it is certainly a decision that must be mulled over and considered very carefully because it is another large investment and it can ruin a good first one if you are not careful. Follow a model, have a plan, have a back up plan, do your research...and then repeat those steps about six more times.
     
  4. Krista Jennings

    Krista Jennings Entrepreneur

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    It depends on where you are in business and what direction you want to move towards?

    Are you going to be rebranding?
    What are the gaps in your business right now?
    What is a priority?
    What systems do you have in place in your business right now?
     
  5. Corazon

    Corazon Entrepreneur

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    I had some businesses before but it did not reach expansion. However, I know something on expansion based on my work experience in a bank (I am still presently employed). First consideration is the prospective market. If there is assurance of fertility of the market, a new branch is a go. For small businesses, the second consideration is additional capital. If the business if profiting well, it is all right to expand even if there is no assurance of a big market.
     

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