By Neil King
We help you decide whether the time is right to expand your company
• If you plan it well, your business will grow and earn more profit
• Your brand will reach more people and become more popular
• Your business might be better suited to small-scale operations
• You could grow too quickly
Should I look to expand soon after launching?
Most owners of successful start-ups will tell you that it’s important to walk before you can run. It would be much more advantageous to make sure you’re getting the core of your business right and building up what you’ve got than looking to go into new markets without a solid foundation.
I’ve been in business a while but how do I know the time is right?
Feasibility studies may cost time and money, but they are a great way to find out if it’s worth expanding into a new country or expanding your services or product range. Look at the competition, market need, infrastructure and resources, your own personal situation, and the economic landscape. It will give you a much clearer picture of whether you should grow.
Should all businesses expand in order to be successful?
No, not necessarily. A lot of businesses can be successful when they stay small. This can be especially for the owner. There can be fewer salaries to pay, fewer logistics to install and fewer chances of failure. Success doesn’t always equate to size, so assess whether your company is better off staying small – it’s down to you to assess whether expanding will make it even more successful.
I have a skeleton staff – who should I hire?
In most cases, to expand operations you need to expand your staff numbers. Even if you’re simply having to deal with an increase in orders, you’ll need to hire enough people to keep on top of things. The roles you should be hiring for depends on the type of business you have, but people who can multi-task are often a good idea. If you’re expanding into another country, high quality managers are vital so you don’t have to oversee operations in various places.
Will the laws be same from place to place?
Be careful – each country will have different laws. Indeed each Emirate in the UAE has different local laws, despite having the same federal laws. Make sure you’re familiar with employment laws, business laws, etc before expanding into a new country, and also be aware of sensibilities, be they cultural, social, religious, or anything else.