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Report pageI Create a Business I Advertisement I Competing I Creating an Idea I Hiring I Sales I Budgeting I Expanding I Citations Page

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In many ways, expansion is like starting out all over again. You’ll have to:
  • develop a new business plan and new sales and marketing strategies
  • go after more financing
You’re also likely to have to:
  • hire more employees
  • find larger premises
  • acquire more equipment


But as well, you may have to:

  • create new products or services to satisfy your customer’s demands
travel more to develop and serve new markets
  • be involved more in management—which may mean doing less of what you have been doing
If you’re ready and eager to expand, the Ministry of Small Business and Entrepreneurship can help you assess your current situation, develop your future plans and connect you with the right people, information and business resources.

You developed a comprehensive business plan when you opened your business. Now you want to expand and grow. It's time to review the business plan you have in place and modify it to reflect your plans for expansion.
A detailed plan is an excellent evaluation tool that you can use to spot any potential weaknesses or problem areas in your proposed expansion. It's always easier and cheaper to rewrite a plan than to change the direction of your expansion once you begin.
When to expand the business can be a big problem to some business owners. However, this should not be a problem as you are already in business and that makes you competent enough to respond to increased demand or new needs in the market you are already operating in.
Business expansion comes in different forms. One can expand the business by increasing the production capacity through acquisition of additional production equipment. Others expand their businesses by setting up new branches, while others can do so by diversifying into related or unrelated business lines.
The timing of business expansion is as important as the good timing of starting a new business. Bad timing can be disastrous and should be avoided at all cost. (assuming that you have been in that business for a while and understand the market needs better and how the industry you belong to behaves).
The issue of business expansion should be approached from the market needs perspective. If there is unprecedented demand for your product or services which is not situational, there is need to grab that opportunity and match the increased demand with increased supply of your product and services.

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