How can you tell if it’s time to expand your laundry business? Growing your laundry business takes lots of time, capital, and hard work. However, for your growth to be sustainable, you’ll have to look at expansion from the right perspective. Also, you should look at the capital you have to put towards the expansion. And that includes getting the latest laundry equipment like those from Continental Girbau. As such, you should work out ways to satisfy new clients without risking the relationship you have built with long-term customers.
What are some of the signs that you will notice if your business is ready for expansion? Keep reading to learn more.
Your Industry is Developing Faster than your Laundry Business
Always ensure that your industry never leaves you behind for you to survive in the business world. Also, consider if there are new industrial washing machines that you haven’t acquired, yet your competitors are already benefiting from using them. If that’s the case, then it may be time you considered expanding your business to create room for those new trends. Note that the business world requires that you have an approach of “adapt or die”.
Business Is More Than You Can Handle
Not being able to meet your customers’ demand, maybe the apparent indicator that expansion is necessary. But ensure that you’re keeping track of your numbers. That’s because having a good month does not equal sustained demand. This is particularly important if it corresponds to a special event or the holidays. Also, ensure that you monitor your historic sales from month to month. This way you’ll be certain that the demand for your product is real and not a coincidence.
Space Is Getting Tight
Another sign to look out for is when you don’t have any more room in your laundry store. You might have been hiring to meet the growing demand but over time your staff gets overcrowded and cranky. That then means that it’s time to find a place that offers you more square footage.
You’re Meeting Your Goals
Realize that having a plan for your business is not enough; you also have to achieve the milestones you’ve set. Also, if you’re ahead of your schedule, then you could consider speeding up your plans. However, if you’re continually falling short, you should then reassess your plans. This doesn’t mean you should scrap off your goals. However, you might need to adjust your path and timeline.
You Have Money in The Bank
While your laundry business may be doing well on paper, you should also protect it from cash-flow problems. You can do this by having an account balance amounting to two months of your operating expenses. Besides that, consider investing any extra capital in expanding your business.
Customers Needs Have Evolved
Another key indicator to look out for is when your customers are requesting more of your services. Also, they could be telling you that they’d love to have your laundry services in a specific location. Again, if your customers have to travel from far to access your laundry services, then consider having a second location. But first, research to determine whether you have a ready market for you to continue expanding your business.
Growing your laundry business can be exciting. However, identify some of the above signs to figure out whether your brand is ready for growth. Once you’re ready, you can then prepare to take the next chapter of your business’ journey.
