QUESTIONS TO THINK BEFORE LOOKING FOR BUSINESS EXPANSION
Jul 16, 2019
Starting a business is just one step. Being successful gives you happiness and pride. But, does it stop there? No. You will start feeling pressurized to keep the momentum on. Also, you would want to expand your business once you start looking at its success. Expanding a business is a great thought. But, you are not an amateur like before. So you need to plan and execute in steps to develop your business that will skyrocket your confidence.
We will today understand the top 10 questions that you must ask yourself to attempt a successful business expansion plan. Start asking questions and that will help you reach heights. Let us list down the thought-provoking questions to align your thought process.
Top 10 questions before business expansion
- Which is the best location to be considered for expanding the business?
You might have an online business or a physical business place. At the time of expansion you must understand the market to check for the right location to expand. How come an online business cares for location is your next question. Even in an online business you must know which are the places you would like to deliver your stuff. The potential customer base with facility to ship is important. Likewise, for any physical business, the location counts because it decides the profit of your business.
In India, there are many locations that most of the business people ignore and hence we would want you to contact FlexiLoans. We will guide you with more than 100 cities in India which has great customer demand for different kind of business.
- What does customer expect?
Business and customer go hand in hand. Customer rules any business. Without knowing them you cannot move an inch in your business. When you started first you might have overlooked customer as it was your first time. But, when you want to grow seriously, then start knowing your customer. Customers are the brand ambassadors for any business. Yes, trust me, all your marketing strategy charge you, but not customer reference. The best marketing technique is to leverage your customers. Therefore know them well and rest assured upon your business success.
- Is technology expansion required?
Go with the flow and today technology dominates the world. You must also upgrade your business technologically. Brainstorm to get details about what technology updates are required for your business. It could be from using an app to your business or setting up smart systems in your showroom. Based on the nature of the business you must count on expansion technologically.
- Who are the competitors?
Investing in an expansion must consider competitors. Only when you know with whom you compete, then you will be able to plan accordingly. Are you in a niche business? Do you run with many people? Is your race on with giant competitors? Are your competitors considering you a competition? These are all the analysis which you must do before making plans to expand. Always remember, your success not only lies in your hands but in your competitor’s hands as well.
- How do you differ from competitors?
Once you get the answer to the questions in the above section, then you can devise a strategy to differ from your competitors. There are many clothes store, auto ancillary business, fashion accessories store and others. How one company does leads? This must be the question haunting you always and that will provoke you to do something different and reach the top. Dreaming to fly high alone will not suffice but criticize yourself often to fly high in reality. You must do things differently from competition and for that you must read your competition thoroughly.
- How much money is required?
Now, we have crossed the sea but halfway through. Yes, answers to above question will make you clear about you what you want to look at to expand business. But, the crucial part is MONEY. You must know how much you need and that will make you climb up the ladder. Allocate money for each area when you expand your business. Do not tell you need XYZ amount of money. But tell how much you need for what. Only this clarity will allow you to plan for using the money. If you fail here, then you will not succeed expanding.
- Who will offer business loan?
Next, question after calculating how much money you want, ask who will give you money. Yes, expanding a business can be done with your profits. You are not new to business and your existing business will help you. However, that alone will not be sufficient. Then you must know all the sources that can offer you with money. A business loan is a professional way to fetch money and expand business. Banks will offer business loan, private lenders will give you money, NBFC will provide you with business loan.
- What are the best features to be looked at from a business loan?
We listed some sources for a business loan and here again you will have the question of which is the best. Based on the pros and cons of different business loan lending models you must decide which one will suit your business. The best features according to us will be the model that supports the following benefits can be considered for business loan.
- Loan amount should vary from minimum 50000 to 1 crore and more
- Unsecured business loans – No demand for collaterals and security
- Flexible repayment
- No penalty for late payment
- Effective interest rate
- Minimal documentation work
- Quick and online processing
- How to market the business?
Business needs money, space, technology, and manpower. We have discussed all in the above sections. Did we forget to talk about business promotion? No, we did not; we are coming to that point. Marketing business needs money too. This must be considered before applying for a business loan. Check out different ways to let people know about your business. Not necessarily you need to invest huge amount for marketing but plan and utilize money in an effective manner. Use social media, contents, apart from the usual brochure, advertisement, and other expensive marketing models.
- Are you really keen and capable?
Finally, understand if you are mentally prepared for expanding your business. We are sure that if you have obtained the right answers to all the above nine questions, then you are ready to go. Assess your capability, strength, and weakness from the existing business and then plan for the expansion.
Once you ask yourself all the above questions, you will automatically land on a platform to expand your business. Make sure about the market, customers, employees, marketing ways and finances for your business expansion. Reach us for a business loan and we will offer you with all the best features quoted above. Thinking is the best practice before attempting to expand business as it will give you an insight about all possible outcomes. Therefore think and take small steps to make your business leap to success.