Expanding a small business is a bit of a gamble, similar to staring at a blackjack hand: do you stand pat, take a calculated risk, or does your hand look good enough to go for broke?
In today’s economic environment many small businesses that wondered if they would survive just a few years ago are now thinking about growing. Business optimism unseen in nearly a half-century is helping to fuel the expansion engine.
The National Federation of Independent Business (NFIB) has conducted its Small Business Economic Trends survey for 45 years. On May 8, 2018, the NFIB released April data showing the highest optimism index in the survey’s history and that small business profits are headed up, fast. In a news release, NFIB President and CEO Juanita Duggan said,
“Never in the history of this survey have we seen profit trends so high. The optimism small businesses owners have about the economy is turning into new job creation, increased wages and benefits, and investment.”
While it may seem like the time for a business to get in on the action, before you play that hand – with the resulting costs and risks - consider prudent suggested steps:
Other expansion-related subjects include tax issues; regulatory matters; permits and approvals; and an impressive list of other topics. Engage consultants that are experienced in this field. A plus is if they’ve actually undergone expansion themselves, that way you can avoid someone else’s mistakes and profit from good choices.
These things should improve your odds when you expand your business, and help you grow your baby big and strong.
This article was originally posted in the Knoxville News Sentinel.Share