How to Tell If your Small Business is Ready to Go Big

Tip 1 - When your competition starts worrying about you

Your competition will start to worry when you start doing good. They will either try to buy you out or bring changes in their own strategies to counter you. This is a good sign that you should go big and build on the momentum before your competition can swat you.

Tip 2 - You Can’t Meet Demand

You Can’t Meet Demand. Being unable to meet demands is one of the better problems for a small business owner to have, but it also means you are not operating at maximum profitability.

Consider what is stopping you from meeting those orders. Is it lack of manpower, which could be remedied by adding on a new employee? Do you need to extend your working hours to include evenings and weekends? Or, if you’ve hit capacity in both hours and workforce, it could mean that a bigger operating space is what you need to fulfill your orders.

If you are thinking about this kind of growth, however, be sure you have a......

By: April Atwood

Tip 3 - Starting a branch in another city would be profitable

If your work increases and you know that opening up a branch in another city would be profitable, your small business is ready to go big.

Tip 4 - If you have designed a process that can make you profit without you being there

If you have designed a process that can make you profit without you being there. When you can make money without being there, you have figured out the pains and your process is good enough to expand.  This is how all great franchise businesses have developed.  To go big, you can expand into other markets in other cities or even in other countries.  If your process is not ironed out, by going big, you will be taking on more headache.

Create processes for everything, product, price, promotion and location and track your results to see if it can be duplicated.

Tip 5 - Rick Spence: Are there any opportunities for spinoff products and services?

According to Rick Spence, the potential for expansion based on spinoff products is a good indicator.

Your best customers are your current customers. Great businesses provide numerous opportunities to sell accessories and spinoff products to the market that already loves your brand. Creating a family of products will give you many more opportunities to serve customers, with lower barriers to market entry.

You can read more by Rick Spence on the blog listed below.