When you started your venture into business ownership, your goal was certainly to be successful. However, if your success has overwhelmed you, you may have some serious questions to consider abou whether the time is right for expanding your business.
It is exciting and more than a little intimidating. You may already be feeling that you no longer have as much control over certain aspects of the business, and expanding your interests may require you to let go of even more of the day-to-day operations. Are you ready for this? To be certain, it is smart to gain as much information as possible about what you can expect if you move forward.
What do you have to do to get ready?
Perhaps the first question to consider is whether there is a need that your business expansion can fill. If your current business satisfies your clientele as it is, a second location may make it difficult for either branch to succeed. Additionally, if your business is successful in one area of Arizona, this does not mean you will find the same loyal customers on the other side of the state. Doing market research is an important step before beginning plans to expand. Other things to consider include the following:
- What important tasks are you willing to delegate to other employees?
- Do you have enough employees to open a new location, or will you have to hire and train more?
- Is there someone on your staff who is ready to move into a managerial position in one of your locations?
- Can you afford to pay your new manager a competitive salary or additional benefits to keep him or her loyal?
- Are you ready to establish boundaries for which business decisions must pass through you and which your new manager can make independently?
- Are you willing and able to make more personal sacrifices to open a new location?
Some of these questions you may not be able to answer until you take the leap of faith and open your new location. However, you can always seek advice from other entrepreneurs who have successfully expanded their businesses. Additionally, you have the option of reaching out to an Arizona legal professional for assistance with other questions, such as those related to purchasing or leasing commercial real estate, creating a solid employment contract, and limiting your personal liability throughout the life of your business.