How to Decide When to Expand Your Small Business

By Molly Belmont/Women@Work

(Photo: © iStockphoto.com/Rouzes)

Heaven on Earth was getting too small for Kerry-Ann Wilson. The busy beauty salon had outgrown its small Central Avenue storefront, and Wilson knew that if she wanted to take her business to the next level, she needed to move into a larger space.

When Wilson opened Heaven on Earth Beauty Salon in Albany in 2004, she had room to maneuver. Now, however, customers were overrunning the waiting area on busy days and sitting in stylists’ chairs. Since Wilson has no separate workspace, all the business of the salon was done in the open. She also wanted to be able to hire additional stylists, but didn’t have enough room. “The reasons for the expansion [were] so that I could run a business more efficiently and also bring in more people,” Wilson says.

Deciding when to take your business to the next level can be a make-or-break decision for many small business owners. Whether it’s taking a larger space or hiring more employees, providing benefits or launching a new product, the next move usually requires significant investment and research. And like everything else, timing is critical.

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