There’s nothing more exciting than seeing a business which you have created from scratch grow. As a one-person operation launching a small business and then running it can be a rollercoaster ride and a lot of hard work. However, seeing your company develop from just an idea in your mind through to a thriving business is hugely satisfying.

If you find your hard work has resulted in your small business being ripe for expansion to take it to the next level, you may be wondering just how to go about making the leap, and what you will need to make this transition for your growing business run as smoothly as it can. Here are some of the practical points that you will need to consider when growing your small business:

Make a Thorough Plan

Just as you put together a business plan when you first started your company, it can be useful to put another one together when you are considering an expansion. Unless you are going to the bank in search of more money to fund your development, this plan is likely to be for you alone. Although you plan may never be seen by anyone else, it is still a useful tool for you to use properly clarify how you will go about implementing your expansion, the logistics of the expansion, how you project the growth to impact on your current business arrangements. If nothing else, the process of writing the plan will enable you to walk yourself step by step through the process of making it a reality.

Assess the Risks

Business, by its very nature, is a process that contains an element of risk, but when it comes to growing your company, it is worth paying particular attention to the risk involved. After all the hard work that has gone into getting you to where you are now, you certainly don’t want to jeopardize the business you have set up by either expanding too soon or not having a detailed enough plan for your expansion.

Staff

The growth of your company probably will mean that you will need to take on more staff to facilitate the extra work you will be carrying out. While in the long term, a larger team will be a significant asset to your business; initially, additional staff members will mean more work for you. The recruitment process, inductions, and training are all time-consuming processes, and that’s all before your staff start working for you properly. Once you have your team in place, you will need to set aside time each week or month for HR matters such as staff rosters, daily schedules, team meetings, payroll, and so on. This may sound a little daunting to manage, especially when you are also trying to guide your business through a time of significant changes, but luckily, there are ways to make this easier. Using staff management software is a solution which simplifies the whole process, by offering many different functions all typically controlled via one dashboard. Using software of this kind will be especially useful if you decide to scale up your operation even further and increase the size of your team once again.

Space

More business and more staff usually equals a need for increased workspace. When growing your company further, you may find that your current business premises become way too small very quickly. It is wise to research bigger spaces that are available and will offer the practical features needed by your expanding company so that you know that there are options out there for you when you need them. Work out whether the cost of these will be offset by your projected increase in profits so that you can ascertain just how feasible moving business premises will be. While calculating these costs, make sure you include the cost of the move itself, i.e., hiring moving vans, packing equipment, etc., along with the cost of redecorating and signage for your newer, larger business premises. Although these may seem like relatively insignificant costs, when cash is needed for all of them in a short space of time, you will need to ensure that the funds are readily available.

Don’t forget that an increased workforce, and increased working space means that you need to have increased working equipment for your larger team, such as lockers, desks, chairs, computers, etc. You will also need to consider whether additional facilities such as extra toilet facilities and a larger break room will be required.