3 Key Indicators Telling You To Expand

An exciting day for any business owner is the day they realize their business is growing and ready to excel to the next level. Business growth is exhilarating, just knowing that this little thing you created from the ground up is experiencing success.

If you’re thinking it might be time to take the next step, whether that means hiring help, expanding locations, or even selling the business, these key indicators may help you decide.

Your Time is Maxed Out

This one is simple enough. If you no longer have time to take on more work, you’ve hit a ceiling and you need to hire help. If you’re the sole employee, you may just need help with small administrative tasks so you can take on more paying, client-facing work. If you have a team of employees and they’re all maxed out as well, adding another employee or two to the group will help your bottom line.

You’re Outgrowing Your Space

Much like not having the time to take on more work, not having the physical space to make more money is a key indicator that it’s time to expand. This is most clearly seen in the restaurant business. If every table in your restaurant is filled every night, there’s a line out the door and you have to turn people away, imagine the income boost that would come from adding a few more tables. If putting a massive addition onto your building is too daunting, that’s understandable. Consider a smaller leap like adding patio seating or additional high-top tables in the bar.

Your Business is Wildly Profitable

If you are experiencing wonderful success, but you have another idea in mind, it may be worth selling your profitable business. Of course, this type of growth requires a lot more than just hiring a few more employees or squeezing in a few more tables, but it’s certainly worth considering. By selling your business, you allow it to live on under new stewardship, and you give the new owner the joy of running their own business. Best of all, you now have the seed money needed to start your next business. Starting a new business with little to no debt is a wonderful luxury and allows you to become profitable much more quickly.

If it’s time for you to expand on any level, congratulations. Business growth is to be celebrated, so notice the indicators telling you that it’s time to level up, and then take action. Before long, you’ll be expanding again.