STAPLES BizTIPs: Know when it's time to expand

By Small Business Expert Roger Pierce, BizLaunch

Growing your small business may mean opening new locations, franchising or licensing your business model. While some entrepreneurs are quite happy to keep their business small, for others it’s important to know when to expand. Here are some signs you’re ready to grow:

· Customers ask you. Pay attention to people who say, “I wish your store was in my neighbourhood.” Prepare a customer survey to ask your customers where they would like to see your next location open.

· More business than you can handle. If you’re having trouble keeping up with customer demand for your product or service, it may be time to increase your output capacity by expanding.

· Cash surplus. Extra money in the bank is always a good sign and it likely means you’ve made it through those treacherous first few operating years. Consider plowing your dough back into your business by expanding into new markets or improving your current location.

· Aggressive competition. Tim Horton’s quietly opened up 47 stores in downtown Toronto during the past few years, putting pressure on competitors Starbucks and Second Cup. To thwart your competition, it may be wise to dominate your particular geographic marketplace by expanding.

You can learn more about this and other how-to topics in a free STAPLES BizLaunch Webinar. To find one near you, please visit http://www.staples.ca/bizlaunch today.

 



ROGER PIERCE is passionate about helping entrepreneurs achieve success. Co-founder of Canada’s largest small business training company, BizLaunch.ca, he’s launched eleven small businesses of his own and personally experienced what he calls “the good, the bad and the ugly” sides of entrepreneurship.

BizLaunch advises thousands of Canadian startups through its popular how-to seminars and webinars delivered with partners such as STAPLES.