This is a tricky question since there is no universal answer. Expansion is a gamble, and a lot of entrepreneurs are hesitant to pull the trigger when they aren’t 100% sure they’ll do enough business to make the expansion worthwhile. And while it’s easy to say you should expand when you find you’re doing a ton of business, even that may be pre-emptive.

The first thing you should trust is your gut – if you feel like it is time to expand, then seriously explore that option. But you should also consider a few other factors.

Competition

Has your competition recently expanded?…

When a business is doing well, it is often tempting to leave things well alone on the basis that if it isn’t broke, why make changes. But this is somewhat short-sighted and many businesses will benefit from expanding in order to grow. So how can you tell when the time is right to embark on a business expansion programme and what the best way to go about it is?

Build Your Customer Base

There are lots of different ways to expand a profitable business but the most obvious one is to build your customer base. Firstly, look at ways to keep your existing customer base happy, perhaps by offering new products and services.…