It’s something that should be championed, but make no mistake about it; business expansion is a challenging game.
Sure, it’s somewhat easier than getting your business off the ground in the first place (and rubbishing all over those statistics that do the rounds about start-up failures). However, it’s still almightily tricky – and one that many people struggle to get right.
There are also countless myths that circulate, which do anything but help your plight. Today, we’ll now look at some of these to show what your business expansion really means.
Myth #1 – It’s just about growing what currently works
In most cases, this couldn’t be further from the truth. While you may have experienced monumental success with getting your business to this level, the next step can be different. Particularly if you operate in a local area. Have you exhausted all of the ways to target your audience? If you have, you need to open up to new demographics, resulting in a completely new plan.
Even if you’ve decided to expand to other country regions, what works for one area most certainly won’t for another. It may come down to something as simple as pricing. For example, in the UK, we know there is a giant divide between the North and the South, and attempting to replicate what works in one area isn’t necessarily going to succeed.
Myth #2 – You can do it all yourself
There’s no shame in admitting that you need help. If you’re looking to expand, you will need to take on more staff – and that’s an overhead that you need to factor in. On that topic, you’ll have countless other overheads, from increased insurance premiums to the extra office stationery costs!
You’ll also want to consider getting some professional help with your marketing. After all, this is a whole new beast that you’re taking on.
Myth #3 – It’ll be plain sailing from here on in
This is a dangerous myth to live by. Just because you’ve managed to get your business to a certain level, it doesn’t mean that things will be plain sailing from here on in. In fact, you’re likely to face more challenges than ever before.
This is particularly true when expanding into new territories. You’re likely to come up against the competition, and you need to be prepared for that.
Myth #4 – It’ll happen overnight
If only. One of the most challenging things about expanding your business is being patient. It doesn’t happen overnight, and you’re likely to be sorely disappointed if you’re expecting it to.
It takes time to build up a presence in a new area, and you need to be prepared for that.
Myth #5 – You need to be big to expand
This is another myth that does the rounds. You don’t need to be a big business for a business expansion – you just need to have a solid plan.
Of course, if you’re a big business, it’s likely to be easier (you have more resources at your disposal, for one), but it’s not impossible for small businesses to expand, too.
Featured Photo by krakenimages on Unsplash