Have you set out on the journey of starting a small business in Fort Collins Colorado? Or are you in the group of small business owners who weathered 2020 and now in 2022 want to find ways to grow beyond your current size? When is the best time to expand and what are the factions one should be looking for?
HAVE YOU DONE THESE STEPS YET?
What do your taxes look like?
If you've had some run ins with the IRS recently, it may not be the best time to expand your business as there are more pressing issues to deal with. This includes hiring a professional CPA to ensure there are no more audits or tax issues going forward. They can then advise you when it may be a good time to pull the trigger on expansion.
Are you on Google?
In 2022 especially, the internet is the lifeblood of small businesses. It, in many ways, can be the only good way to stand out and attract new business. Over 90% of searches on the internet are done through Google and therefore if you have not dedicated marketing, ads or SEO towards appealing to the Google algorithm, you are very likely not appearing in customer searches at all. We don't mean to sound cynical, but if you are not playing ball with Google, they aren't playing ball with you. Once you've established some esteem with Google, growing or expanding a business becomes a lot easier because a new location or new information is easily disseminated to potential customers.
Do you have a dedicated Professional Accountant?
Maybe this is the first question to ask, but then we wouldn't have much of a blog! A professional account is one of the first people you should hire or at least utilize through another agency if you have reached a point where company growth is at the forefront of your mind.
What does your website look like?
If you are running a business in 2022, a website is CRITICAL. If you lack a website, get one. If your website is not working well or is broken, fix it. If your website is not up to the standards of your brick and mortar store, it's time for some online renovations! Finally, if you can sell your services or products online and the website you own is not eCommerce enabled, this could be losing you thousands of dollars and will prevent you from growing.
KEY FACTORS TO LOOK FOR
How dedicated is your customer base presently?
If you celebrate returning customers often and see very little slow periods, off-seasons or dips in sales, you likely have a loyal customer base. This means, adding another location, expanding, hiring more people or introducing new products/services will have a customer safety net preventing major issues if the expansion has a rocky start.
How unique or niche is your product/service?
If the service or product you offer has virtually no competition or stand above the competitor's offerings, this may be your best sign to capitalize on a golden opportunity to corner the market. For small businesses this doesn't mean you suddenly become Amazon, but it does mean you can increase the size of your business and its profits before others do the same. It also allows your brand to become the most recognizable in the area yielding more customers.
Fort Collins and the Front Range in general is a huge market, but is small enough to allow a small business to make a name for itself among larger companies. Places like OtterBox are a perfect example of taking a small company and making it nationally recognized all from the humble origin of Fort Collins.