Running a business in today’s world has changed immensely even over the last 18 months. Remote work has become the norm for millions of people around the world. The expansion of businesses is going to change due to this fact as Zoom meetings have now replaced in-person interactions. The expansion of a business has to be done carefully as pouring too much money into the expansion can leave a business strapped for cash. A business does not want to alienate their current customers/clients by a drop in quality of the services/products they provide. The following are things that you need to consider when expanding your business.
Expanding Your Current Location
Expanding your current location could lead to your business being closed until construction has been completed. Dumpster rental Raleigh or somewhere else in the Triangle Area is not just affordable, but it is also extremely convenient. The lost income due to the closure of your current location should be incorporated into the overall costs of the project. The ability to expand a location and have it almost immediately become profitable is something that rarely happens without proper planning. Take a look at the costs locally for building permits and the restrictions that have to be met. Certain cities have far more restrictions than others which is something to keep in mind.
Scaling Work With Freelancers
The misconception that you have to hire in-house staff to take on large amounts of work has been dispelled. Freelancers can be immensely helpful when it comes to scaling projects. Freelancers can be used to do anything from data entry, copywriting, sales, and web design. The trick is to build a team of reliable freelancers that can be used as needed. Some of these freelancers could eventually be offered full-time positions once you have gauged the quality of their work. Judge freelancers on their hourly rate, communication, adherence to deadlines, and working in an almost autonomous manner. The ability to call on a dozen copywriters to knock out a large project provides convenience without impacting quality of the product delivered to the client.
International or Domestic Expansion
Domestic expansion is going to be far easier than international expansion. State laws do differ on establishing businesses but are generally relatively similar. International laws for a foreign business might require a number of documents and legal representation. Aspects of business like that of marketing change during international expansion as the target market is far different. The beauty of today’s world is that a single employee could account for an office location. An employee in a hub like that of New York or San Francisco can be invaluable with the connections that they make.
Expanding your business is a great position to be in with so many companies struggling worldwide. Doing the appropriate market research along with a risk analysis is imperative. The last thing you want is to ruin your business by trying to expand far too early in the business’ lifecycle.
