Should You Expand?

If you decide that you need to expand your business to stay ahead of competition or to take advantage of a rapidly growing industry, consider these questions first.

 *Can you actually profit from expansion and how long will it take?
 *What will you do with additional profits?
 *Is the industry growth just a fad or will it continue as a trend?
 *What are the long term projections?
 *How long will it take to start profiting from your expansion?
 *How quickly can you meet the increased demand?
 *Will bigger companies react to your expansion?
 *Will you need more office, warehouse or production space?
 *Will you need more trained employees?
 *Will you have fast distribution ability?
 *Do you have to purchase or lease more equipment?
 *Do you have the financial ability to finance the expansion?
 *Will you have to borrow to expand?
 *Will additional interest paid eat up profits?
 *Can you afford new employee pay & benefits until profits increase?
 *Will new demand be constant or just seasonal?
 *If seasonal can you use temporary employees?
 *Is it really worth it?

Barry is a speaker/trainer on business, marketing and networking. www.idealetter.com