If you’ve set up a business, and you’ve defied the odds and managed to get off to a flying start, you may be thinking about expansion. The trouble is that there’s a fine line between success and failure, and if you make the wrong move at the wrong time, this could prove disastrous for your company. If you’re considering trying to take your business up a level, here are some questions to answer.

Can you afford it?

Growing your business will undoubtedly involve additional funding, so think carefully about whether you can afford to expand at the moment. If you’re only just managing to stay in the black or you haven’t succeeded in generating profits yet, it may be wise to wait a little longer. If you are considering taking the plunge, consider your options carefully.

Are you looking to borrow money from an organization like Unsecured Finance Australia? Have you got personal savings you could use? Or are you hoping to get investors on board? Weigh up the pros and cons of each option and make sure that the route you take is financially viable. You don’t want to be shouldered with huge debts if the future of the business is still relatively uncertain.

Is there a growing demand?

It can be very difficult to pinpoint the perfect time to try and hit the dizzy heights, and it’s really important to make sure that the demand is growing. If you’re taking in far more orders than anticipated or buyers or investors have shown interest in more products or services, and you’re ready to diversify, this is a positive sign. If sales are tailing off after an initial peak, it may be worth working out your next strategic move before you spend any more money.

Are you ready?

There’s a lot to think about when it comes to expanding a business, and it’s wise to prepare in advance rather than taking a punt and dealing with issues as and when they crop up. You may need to recruit extra members of staff, order more materials or change premises. Consider the impact of growth on your infrastructure, your staff numbers and the way you work.

Go through the figures and the logistics, and lay down some firm plans before you make a decision. If you’ve got a ton of orders coming in, you need to make sure that you’re ready and raring to go, otherwise, you’re not going to be able to give your customers what they want on time, and you’ll have a staff team that is overworked and unhappy.

Every business owner dreams of beating the odds and making their new venture a success. Unfortunately, getting off to a good start is not all that’s required. If you want to grow your company, it’s important to consider the implications and make your move at the right time. Weigh up the options, make sure you have funding available, and do some market research. Prepare in advance, and ensure that you’re ready to cater for more orders or an increase in client numbers.