What to Consider When Expanding Your Business

There are few things more exciting than realizing your business is ready for its next big step. When business owners decide to expand, however, they take on a serious workload. There are many different things to consider when it comes to taking your business to the next level, and it’s important to give it plenty of time and energy in order to make sure you do things right.

Read on to learn about some of the most important steps entrepreneurs must make when expanding. We hope it makes the process a little less intimidating.

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Address Legal Matters

The first thing you should do before expanding is to see if you have any unaddressed legal to-dos. For example, you might have been putting off forming an LLC, unsure if it was the right move for you. As you expand, however, this designation may become more important and advantageous.

The bigger your business, the greater your risk. When you have the LLC designation, you protect your personal assets from any litigation you may experience down the road. Plus, it makes filing taxes substantially simpler, which will be valuable when you have more employees. Save yourself time and energy by using an online service to knock this task out.
If you don’t already have one, now is also the time to build a relationship with a small-business lawyer. Even if you never wind up in legal trouble, you’ll deal with legal matters all the time as your business expands. Having a lawyer on hand who you can call to ask about employment and benefits law, leasing concerns, and more will be extremely helpful.

Find Your Allies

Expanding is a big undertaking, and it’s unwise to try and go it alone. There’s simply no denying the power of networking when it comes to business success. We like to think that hard work is the beginning and end of getting the job done, and it’s definitely important – but knowing the right people sure helps and, more importantly, it can make the work less hard.
Fortunately, there are plenty of organizations designed to help business owners make the connections they need. For example, you should join your area’s Chamber of Commerce if you haven’t already. Membership connects you with other businesses in your area and allows you to get – and give – the support businesses need to succeed. Companies are strongest together, so take some time to get to know other business owners and form mutually beneficial relationships.

Build Your Team

As you expand, you’re probably going to need to hire some new people. If you’ve been on your own up to now, you might be unfamiliar with the hiring process. There are tons of guides online that can take you through this in detail.
When you’re evaluating potential employees, it should be as much about personality fit as it is about skills, if not more. To a certain extent, you can train people to be right for the job. A personality mismatch, however, is likely there to stay, and it’s certain to hold you both back. Focus on asking questions that give you a sense of who the candidate is, in addition to what they can do.

If you already have employees, you’re facing a different hiring process. As you expand, you’ll probably need to widen your managerial pool. You need people who can manage tasks – and maybe, other people – on your behalf.

Start by looking at the talent you already have. There’s a good chance you have someone with management potential on your team . Talk to them to gauge interest and, if they seem open to the promotion, give them a shot. If you don’t have a good candidate internally, really think about the dynamic you want from an external hire. Value experience in similarly-sized companies and you’re likely to find a good fit.
You’ll also should consider some specialists you may need to hire to expand your business. For example, it may be in your best interests to hire a web designer to create a more engaging website or an app developer to design an app. You may also need to hire a company that can monitor your app’s performance and effectiveness to ensure it’s yielding the desired results for your business and customers.

There’s a lot to keep in mind while expanding your business but focus on finding your path forward. With proper planning, you’ll be able to make your dreams a reality. Enjoy taking your business to the next level: you deserve it!

Credit: Womenled

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