In the life of an entrepreneur, there are a few things that are better than Christmas morning. Learning that your business is a successful entity and that you have finally made enough to open another branch tops the list. While this is spectacular news, it can also prove to be extremely stressful news, as well.
Being the new kid on the block, whether in school or business, can be difficult. Below are some ideas that might soften the blow and make expanding your business a much more pleasant experience.
Plan a Field Trip
Have you ever walked in on a conversation you knew nothing about, but tried to hold your own anyway or guessed at what a friend wanted for their birthday and be absolutely wrong? Planting a new branch of your business in a city you are not familiar with can have the same effect on you and your customers.
Plan a field trip before you leave your company’s footprint in town. Spend a few days or a few weeks getting to know the city, its people, and culture. Is there enough demand for your product or service? How do people view the invasion of a new business? Will you be greeted with open arms or the cricket sounds of an uninterested mob?
Do Your Research
It really doesn’t matter if you are a man or a woman when it comes to the research (asking for directions.) If you don’t do the leg work, you’re simply flying blind. Even if you are a small mom and pop business looking to introduce your flavor to another town, it’s a wise thing to know a few details first. Is there interest?
Is the population large enough to support you with a good selection of employees? Do you have enough capital to run your business for a year if you made no profit at all? These are all very valid questions and should be considered even before the field trip.
Take It Slow
Slow down. Take it one day and one topic at a time. Starting your own business is a huge feat. Expanding it and then, basically, taking on the responsibility of two businesses is twice the stress. If you take it all in at once, you will be overtaken by a tidal wave anxiety, self doubt, and impatience.
Which, in turn, will cause you to make mistakes. This will cause more of the same feelings and perpetuate the cycle. Give your brain a rest every now and then. Slow and steady wins the race. Remember?
Planting an expansion of your business is an exciting part of any business venture. However, it can be a stressful one if you allow it. Refer here for ideas that will help you travel this new path stress free.