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Things to consider before expanding your business

Expanding your business usually involves dedication and hard work. Before moving ahead, consider whether you and your team are fully committed to making the effort and if your operation is ready to support growth before investing your time and money. Whether your business is large or small, there are several personal and operational issues to consider.

Personal considerations

Evaluate your motivations for expanding your business, and the impact it could have on your personal and family life before going ahead:

If your business is home-based:

Operational considerations

Your current operations should be relatively stable before you consider expanding your business. Research shows that trying to grow when the business is not ready is a leading cause of business failure.

Growth can put a strain on your cash flow, your production capacity, and your ability to deliver services; be sure you are starting on strong footing. Carefully research your ideas and consider the impact on your operations.

If you're ready to move ahead, take a look at the ways you can grow your business, and some of the things you may need to do to achieve your goals.

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