As your business develops beyond a small start-up, it may be difficult to know what to do next. First and foremost though, it is important to savour this moment: the business you have nurtured from day one is expanding around you. The decisions that lie ahead will be daunting but also extremely exciting. These choices are a mark of success so far in your entrepreneurial journey.
Once you’ve patted yourself on the back it is important to be focused and be wary of what these decisions will mean. In many ways, the first big expansion is starting chapter two of your business’s lifetime, and before you is a blank page. If you make the wrong moves here, then the business can suffer and even fail entirely. It is important to understand what has helped your business reach the point you are now at, and what aspect of that can propel you into the future.
During the growth and expansion of a business, the market your product or service is aimed at can change, or at least complicate. When this is the case it may be worth looking into something such as market segmentation. This can help you understand more precisely who your market is and how this will differ/expand as your business grows. Having thorough market research is vital to help signpost the way in which your business should expand, without it, too much money can be spent on an irreversible direction for the company to take.
It can often be rather expensive for a business to conduct market research and other areas of expertise within their own operations. As your business expands, it is important to understand when is the right time to outsource certain areas of the business. And as equally important, knowing what must not be outsourced. It can be scary to involve a third party within the process of your product or service, but is often necessary to sustainable business growth.
So, when you find yourself with an expanding business; be excited but know what lies ahead. Understand that your business, and the day to day running of it is changing. Conduct thorough market research before your expansion, and work out where it will be more beneficial to outsource certain processes and expertise within your business. If done correctly, there are firm foundations in place for the next chapter of your business to begin.