Expanding your HVAC business is a big deal. Treat it as such! There are so many things to think about — the biggest one being, what am I going to accomplish through expansion?
Consider these 5 things before opening another office or moving into a neighboring city:
- Workforce: Don’t leave your employees out of your decision-making process. In the beginning stages, your business’ success was heavily reliant upon your own entrepreneurial skills. Now, your business also relies on the people who are working to help it grow. They need to feel included and know what you’re considering. Without their support, your expansion could fail.
- Resources: If you’re looking at an expansion, consider the amount of resources you have. This includes financial resources as well as staff and technology. Be prepared to spend money investing in more resources for your new venture.
- Your abilities: Are you able to take on the additional research, marketing, distribution, and management that your expansion will require? Make sure you are not already stretched too thin and that you will be able to take on the additional workload. (This, or the ability to hire additional managers to help with planning.)
- Your customers: While you shouldn’t leave your good customers behind, you may consider dropping some of your worst customers. As your business grows and brings in more revenue, you can afford to lose those customers who no longer benefit the business’ bottom line.
What else should you be thinking about as you consider expanding your business?