After pouring your heart, soul, and sweat into your business, it’s now become a flourishing venture. However, you also find yourself at a crossroads: with business picking up and prospects looking great, is it time to finally expand?
Indeed, expansion is the next big milestone for any business, one that offers many great (and lucrative) advantages—as well as challenges. Business experts have warned that over expansion is one of the leading causes of small business failures. So before you consider opening another branch or franchising your business, check to see if it’s truly ready.
Resources
You can’t make more money if you don’t invest more money. After all, expanding a business means increasing overhead costs such as rent, salaries, benefits, inventories, warehousing, and the like. Of course, you can’t just assume that you can afford all of these additional expenses—doing so can be disastrous to your business. Read more from this blog: http://bit.ly/2yajvie
