Your startup is doing great, and customers or clients are lined up out the door. Just the same, expanding your operations is an anxiety-producing thought. You’re deeply considered about overextending yourself.
You worry that the current business climate might not be ideal for expansion and don’t want to get in over your head. Is it time to scale up or should you wait?
Here are some of the signs that can help you decide to scale up
Waiting too long to scale up can be just as disastrous for your business as scaling up too fast. The fact that you have a steady stream of revenue and clients is good — unless you’re no longer able to meet their demands. That could damage your reputation and cause good clients to go elsewhere.
You’re probably ready to scale up your business when:
- You’ve had to turn down business because you lack the space, the inventory, the time or the staff to manage the work.
- You’ve attained and surpassed your initial goals, and meeting the current goals is clearly going to happen without a real challenge.
- You’ve developed a loyal customer base and you’re doing well when it comes to repeat business, referrals and sales.
- You have a strong team in place upon which you can build, and your concept for your operations is clearly defined.
- You are conscious of the risks of scaling up and willing to take the chance.
Scaling up your startup can be thrilling and scary — so don’t try to handle every aspect on your own. Working with an experienced business law attorney here in Austin can help you plan your next steps and put into place all of the legal documentation you need to keep your operation thriving.