{"id":385,"date":"2012-10-31T16:24:24","date_gmt":"2012-10-31T16:24:24","guid":{"rendered":"https:\/\/blogs.poly.com\/?p=385"},"modified":"2012-10-31T16:24:24","modified_gmt":"2012-10-31T16:24:24","slug":"is-it-time-to-expand-your-small-business","status":"publish","type":"post","link":"https:\/\/blogs.poly.com\/is-it-time-to-expand-your-small-business\/","title":{"rendered":"Is it time to expand your small business?"},"content":{"rendered":"
Are you thinking that it\u2019s time to expand your small business in order to grow? \u00a0Maybe you\u2019ve trimmed your costs as much as possible and the only way you see increasing profits is to expand in some way.<\/p>\n
Expansion may mean offering complementary products to the ones you currently provide or expanding your services to attract a different customer or to get more business from existing ones. In some cases, expansion may involve taking your business across the country or across the ocean<\/a>. If you are retailer, it may mean opening another store in your own city but in a different neighborhood. Before you put a stake in the ground to expand, there are several things to take to think about. For starters, you need to consider what type of expansion is right for your company and the industry you serve. Building out your team with additional expertise \u2013 on site or by remote working<\/a> – is not the same thing as purchasing new equipment or inventory to serve a larger or different demographic. Nor is it the same thing as opening a new operation in another city.<\/p>\n The next question to ask is how your business will benefit from an expansion. Ask yourself the following:<\/p>\n If you decide to move ahead after asking yourself these questions, here are tips<\/a> from 13 successful young entrepreneurs who are part of the Young Entrepreneur Council<\/a>. While the recommendations are particularly related to starting a business in an unfamiliar industry, many are relevant to any business expansion. Here are five that I think are musts to follow:<\/p>\n 1. Don\u2019t be afraid to ask questions. Use every networking interaction to learn. What tips would you add about expanding or entering a new market from your own experience?<\/p>\n","protected":false},"excerpt":{"rendered":" Are you thinking that it\u2019s time to expand your small […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[510],"tags":[452,637,802],"_links":{"self":[{"href":"https:\/\/blogs.poly.com\/wp-json\/wp\/v2\/posts\/385"}],"collection":[{"href":"https:\/\/blogs.poly.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.poly.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.poly.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.poly.com\/wp-json\/wp\/v2\/comments?post=385"}],"version-history":[{"count":0,"href":"https:\/\/blogs.poly.com\/wp-json\/wp\/v2\/posts\/385\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.poly.com\/wp-json\/wp\/v2\/media?parent=385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.poly.com\/wp-json\/wp\/v2\/categories?post=385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.poly.com\/wp-json\/wp\/v2\/tags?post=385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/a><\/p>\n
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\n2. Leverage your fresh perspective. Rid yourself of all preconceived notions and immerse yourself in every aspect of the industry to learn as much as you can.
\n3. Talk to customers and partners every day.
\n4. Plan as much as you can.
\n5. Learn why others have failed.<\/p>\n