It’s not always obvious when it’s time for your business to expand. If you’ve always been a team of one, two or three, you might feel hesitant to hire additional staff and perhaps even rent or buy a bigger commercial property.
Expanding too soon may result in a disappointing outcome if you find yourself paying more money for a bigger team or office while you see virtually no increase in sales. On the other hand, you might receive so much attention after your expansion that it’s impossible for you to keep up with the increasing demand, which might not affect you financially, but may harm your reputation.
If you think you might be ready to expand your business but you’re not completely sure, consider the following before taking action: