Monday, March 25, 2019

Three Signs Your Business Is Ready to Expand


Serial entrepreneur Neal Martin Zeavy divides his time among several executive-level positions, including as the president of not only Zeavy Development, but also NZ Consulting. More recently, Neal Zeavy joined Nic’s Organic Fast Food as an angel investors and a co-owner. The first certified organic fast food restaurant in the United States, this Illinois-based company plans to expand to California and New York.

Below are three signs your business is ready for expansion:

1. You have loyal customers. No matter what you are selling, a steady flow of customers indicates that there is a steady demand for your product. These customers not only reward your business with a recurring revenue source, but they also promote stability and are a great indicator that you’re ready to grow. Customers may also be requesting that you open another location, thus reassuring you that the successful expansion of your business is highly probable.

2. You need extra space. As your company grows, you will need more workers and space to accommodate growing demand. This is great, but it may result in your current space being too small for your operations. If you find that you are bursting at the seams to handle your current volume, it’s time to consider expanding to an additional location to balance the demand.

3. You’ve enjoyed steady profits. Businesses sometimes experience sudden surges in profits. While this isn’t necessarily bad, a brief increase in profits does not automatically mean you should expand. Instead, make sure you’ve been enjoying steady profits for at least three years before adding another location. Since these profits are more long term, they are more indicative that your business model is working and that you’ll be capable of recreating it elsewhere.