It happens to every growing business owner. You’re growing so much in your business and you’re desiring to have a greater impact, so you know expansion is what’s next for you. But are you prepared for what comes along with the growing pains of expansion? Before you take the next steps to expanding your business by offering a new product or service, here are 7 questions to consider to make sure you’re prepared (well, as prepared as you can be).
1.Why do I want to do this?
Sometimes when we’re comparing ourselves to others or trying to live up to someone else’s definition of success we can convince ourselves that we want things that we really don’t want. So as you’re thinking about expanding your business, make sure it’s what you actually want and ask yourself why do you want it. What does it mean to you?
2.What would expansion look like in my business?
This question makes way for clarity. The more specific you are about the way you want to expand your business, the more focused you can be in actually accomplishing it. If you don’t know what you want or you have ideas and you’re not sure which ones to focus on first, that’s okay. That’s where working with a coach/strategist, like me, can be a great benefit for you. You can start by writing the pros and cons of the ideas you have. Make a list of your ideas, then score them from 1-5 (1- being “no, not so much” and 5 being “yes, this is winning”) on what excites you the most, what serves your audience the best and what stands to be most profitable. If you find a product or service that scores high for all three, then that’s likely the best place to start.
3.What changes will I need to make to maintain these changes?
Most of us don’t like change, but with growth and expansion, change is all a part of the process. So let’s embrace it! As you think about expanding your business to add on a new service or product (this could also include a new marketing strategy such as public speaking or a podcast), write down the different tasks and responsibilities this new idea will require. Take a look at what additional time commitment it will need as well as the financial commitment. This will help you to be more prepared or may make you decide to hold off until you can be better prepared. Now I want to caution you here – don’t try to wait until everything is perfect or lined up just right to take the next step. This will stall you. Instead, assess what the change would require of you and be realistic with yourself.
4.What team support will I need to support these changes?
With growth comes the most apparent need for a supportive team. My suggestion to my clients is to not wait until they are in over their heads and desperate for help but to instead bring on the help before it reaches this point. If you wait until you need help, it’s likely going to be overwhelming and chaotic to bring on the team members, unless you have strong systems in place. So, as you think about the responsibilities your expansion will require, consider what team members could manage them with excellence.
5.How will these changes affect my overall goals for my business?
Having a clearly defined growth strategy is critical to growing your business because it affects the overall goals for your business. Creating products and services outlined in your growth strategy can ensure you’re staying focused and are in alignment with your vision. Ask yourself, how is this expansion serving my mission in my business and supporting my vision.
6.Who can I look to for support as I navigate these changes?
Expanding your business can be a mixture of emotions including fear, excitement, doubt, joy and the list goes one. Thus, having support through the process can help you push through the feelings that drain you and keep you focused and committed to the project.
7.What am I expecting from the expansion?
Expectations are critical and realistic here but slightly out of reach goals can be just what you need to expand your business. The more specific you are with what you want out of your expansion and what you’re expecting, the better you can align your efforts. If what you’re expecting isn’t what you can commit to, then changing your expectations can prepare you for success instead of the frustration that comes from missing goals because the expectations and commitment weren’t properly paired. So ask yourself, “what am I expected based on what I’m willing to commit.
Now that you’ve considered these questions I have one more for you. Is your money mindset prepared for the growth you’re desiring in your business? Let’s give your money mindset a check with this free Money Mindset workbook to help you adjust your mindset around money, so you can make more of it.
So tell me, which of the 7 questions do you need to explore even further?
Looking for some help from a business coach as you you’re growing and scaling your business? You don’t have to figure all of it out on your own. That’s where I come in as your business coach to guide you through my SWEET Brands systems of brand and marketing development, so you can grow and scale your business without all of the uncertainty and overwhelm. Schedule a complimentary coaching session to learn if we’d be a great match.