How do you know when it’s time to grow your business?
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In an article featured on an American Express Open Forum, Wear Me Out, a family-owned and operated business discussed their expansion and how Michelle Marshall and Simone Adler, the co-owners of Wear Me Out, knew when it was time to grow their business.
When the timing is right, expanding is the key to fruitful growth, says Sarah Shaw, CEO of Entreprenette Consulting.
“When you’re running a successful company, clients continually want something new from you. Expanding allows you to give them what they want. It also helps you avoid the ‘one hit wonder’ syndrome, which can mean the end to your business.”
So, when is the time right?
1. Strong sales. For Wear Me Out, large reorders of their product line after they launched it in 2008 gave Marshall and Adler a clear indication that expansion into wholesale would be a good idea.
“When demand starts to outpace supply, expanding is a natural progression,” says Michelle Marshall, Sue’s daughter and the company’s director of sales and merchandising. “At that point, it’s important to bring in more products or find more places to put your products in order to serve more people.”
2. Little to no growth. If you don’t see growth, there is simply no room to expand!
3. Customer requests. Are your customers asking you to expand? If so, begin to expand.
How do you develop a successful expansion?
In order to effectively grow your business, you must have a firm grasp of your market, says Sue Marshall. “An effective growth campaign requires that you find your niche and don’t deviate,” she says.
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Her daughter agrees. “It’s really important to find what makes your company different,” Michelle Marshall says. “What is it that stands out about your company? Why should people buy from you and not the competition? Once you know these answers, you can launch a successful expansion campaign that speaks directly to your market.”
Remember: Beware of runaway growth!
“Avoid taking leaps before you can walk,” Sue Marshall advises. “If a product is selling well, try adding it in another color, and see how well it’s received before you launch an entire new line. For small-business owners, a slow and steady approach is most likely to result in successful expansion.”
Do you want to learn more about Wear Me Out’s beginnings or tips for success?
Tweet us at @wmoclothing! We’d be happy to answer your questions!
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