How Can You Know If You Have The Resources To Expand?
As a startup, your first and only job is to make sure you survive. With 90% of startups failing to stay in business, there’s no need for heroics. Still, there will come to a point when every startup will, and should consider expanding. After all, isn’t entering new markets and raising awareness of the brand the overall goal? How Can You Tell If You Have The Resources To Expand?
If your launch has gone to plan, you might already be planning an expansion strategy. Sadly, it’s not as straightforward as renting more offices and employees. To be successful, a startup has to ensure they have the right resources, and you can find a list of them underneath.
Please note that sales and leads aren’t the be-all-and-end-all of growth. However, they are two essential features that you’ll need if you’re going to fund your plan. Sales turn into profit, and leads encourage more sales. Therefore, you must have the right business contracts at your mercy on which you can rely.
Deals can be tough to come across, and that’s why a tendering service is worth checking out. The way it works is simple: you sign-up and are verified. Once a suitable contract is available, the middlemen will partner you up with a legitimate tender. It couldn’t be less painful.
Market research played a significant role in your decision to launch a startup, so why wouldn’t you conduct any before expanding? In reality, it’s the same process only with more resources and a better reputation.
Still, you’re trying to break into a market and sell a product or service to people who need convincing. As such, it’s time to do your research. Who are the consumers that are likely to be your target audience? Is there a gap in the market? Can you appease their fears? Aside from these, you also must investigate the competition and examine the size of the industry.
Supply and demand aren’t quantifiable with numbers. You can’t log how much demand there is, and therefore, how much quantity you’ll need to cover it. But, that’s not to say you can’t get a feel for whether there is a high level of S&D.
Indeed, it’s pretty easy if you log the people who call and their queries and input them into your CRM software. Then, it shouldn’t be a problem to spot a definite pattern and use it as a sign that your customers want you to grow. As your foundation, they are the base for any expansion.
Again, how often you have to turn down work isn’t a figure you can collate with ease. However, it’s a sign that growth is essential because you’re bringing in more work than you can handle. At some point, you’re going to need to find a way to stop saying ‘no.’ Otherwise, leads and new customers will bounce to your rivals. So, if you have to reject custom regularly, it could mean that you need to invest in more resources before you execute your expansion plan.
You should only consider it if you have the resources for the job. So, do you?