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You started your business with a dream. A vision for the future. And there’s no satisfaction like watching that dream come to fruition.
If business is booming and all your hard work is finally paying off, it’s natural to think about expansion. But how do you know when the timing is right to open a new location?
The truth is, there can be danger in growing your business too fast. According to the U.S. Bureau of Labor Statistics, about 20% of small businesses fail within the first year. And after five years, about half have closed up shop.
But time isn’t the only factor. Even if you’ve been operating for decades, scaling your business is still a difficult decision. Because a wrong move could jeopardize everything you’ve worked to build.
Are you ready to grow? Here are 9 things you should consider before opening your new location.