You didn’t start your business to stay small. In fact, you’ve always dreamed of expanding your business to countries like Thailand where the economy is thriving and the market is booming. You’ve already done your research for things like financing an expansion and finding the right market entry strategy for service firms.
The only question left in your mind: “Is my business ready for expansion?” Here are some of the signs that you should take the next step:
- You’re enjoying consistent revenue growth.
Expanding your business requires capital. Think of it like starting your business over again, only this time you already have most of the basics covered. But there’s also the challenge of being in a new location that requires financial stability. One of the signs that your business is ready to expand is a consistent revenue growth. If you noticed that you’ve been earning well over the last few years to not only cover your operational expenses but also to build a security fund, then you should start considering an expansion.
- You already have a strong system in place.
Running a business is never easy, especially when you don’t have a clear system in place. But if you already created a set of processes that have been proven to make your daily operations efficient, then you could be ready for expansion. Having a strong system is very important because it will make scaling up your operations a lot easier than starting from scratch.
- You’ve built a good customer base.
Let’s face it: your customers will always be the lifeline of your business. So if you’ve built a strong customer base to the point that the demand for your product exceeds your current capacity, it’s a sign that you need to expand to cater for that growing demand. Another good sign is if you’re constantly sold out and even have back orders because of how many people want to get their hands on your product. This means that you’re not just earning new customers, but you have loyal ones who can help sustain your business if you choose to expand in the future.
Of course, there’s the importance of being ready to take on an expansion. Business growth is always a good idea, but it’s not the easiest. Being in a new location, treading your way into a new market and building a new team from the ground up. While exciting, this can be a very demanding task, one that will require your time, effort, resources and everything in between. So before you expand, make sure that you’re as ready for it as your business. Keep in mind that this expansion will rely a lot on how you take the lead. So it’s very important to make sure that you’re ready for the next chapter of your business.
And if you ever need a professional partner to help you get started with your expansion, especially in Thailand, our team is always ready!
