Expanding Your Business? 5 Things You Will Need to Make Sure You Have Considered

We all know (or have been told) that business is the lifeblood of the British economy, but that does not mean that “big business” is necessarily the most important factor. In fact, an article in The Guardian shows us that it is sole traders that are at the forefront of business growth in the UK, and it is hoped that these sole traders will become successful and become employers in their own right. However, the road to a successful business entails more than a hard working owner; and knowing how to manage a business to keep it running is as important for a one man band as it is for the biggest companies. If you want your business to grow from a single worker to one that employs others, here are a few things you will need to make sure you have considered.

Your Market

You may feel that your business is thriving and ideal for expansion, but are you 100% sure? If you expand, you need to know that there is a big enough market to supply you with work and income; so make sure you do some market research before investing time and money in a doomed enterprise. Look at your order books, do you have work backed up every month, do you need to turn potential business away? These things will give you an idea, but ideally you should ask a marketing company to find out for you; the investment could save your company.

Finance

It is relatively easy to keep control of your finances when you are a sole trader, but that control can be lost if you are going to expand your business. Expansion will generally mean further expenditure on your part, and that expenditure will need to be funded. Paying for premises, extra stock and supplies, and staff, could put a strain on your resources, so make sure you have access to any extra money you may need. This could come in the form of a business loan, backing from other businesses, or even a partnership. However you do it, make sure you have access to the money, or your business could fail quickly

Staff Training

If you are going to employ people, you will need to make sure they are capable of keeping up the good work you have done to grow your business. Training is vital, and whether you train staff yourself or employ people who are already skilled, it is these people who will help you create the reputation for success; so give them the best training available.

Visibility

A business with employees has larger overheads and will take a bigger income stream to support. This means more customers, and you will have to generate them. Advertising and marketing can be done in many ways, and you should diversify your approach, and ideally use a professional. Make sure you maintain your marketing approach, and ensure you have a web presence that is available 24 hours a day. Using a web hosting company like bestunlimitedwebhosting.co.uk will take care of your web presence, but make sure your website is attractive to potential clients too.

Take It Slowly

It is only natural to want your business to be more successful, but that drive for success often has the opposite outcome. Expanding too fast is one of the major reasons that new businesses fail, and even a sole trader who has the perfect business model needs to be wary. Draw up an expansion plan, and cover every area that needs to be considered, take advice from as many business people as you can and talk to your bank manager. The government has some great advice on starting and running a business too, so make sure you visit the government’s business website online.

Keep these things in mind and your expansion should go well. Ignore them, and you could be sorry.