Expanding a Business
Considering expansion? Think about the following points before you move forward:
- Develop a revised business plan, increasing the amount of money going out and identifying the profit margin you will need to make the expansion pay off and assess the amount of time it will take you to break even on your investment. Understand how much an expansion will cost your company?
- Assess your overall status to determine whether you should expand your existing space or to relocate into a larger space.
- Determine if you will need to hire more staff to accommodate the expansion.
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