When you start your own business, you need to concentrate on getting the basics right and building up a solid local reputation. However, as success follows and plans are then laid for growth, at some point you are likely to want to expand your business around the country. By ‘going national’ you not only increase the pool of potential clients and customers, you can also benefit your company in many other ways too.
By having a national presence your brand will naturally become better known. This not only means more sales for your services and products, it also means suppliers will be eager to get your business in order to share in your success.
Are there risks?
As with any changes to your business plan there will always be risks associated with expanding nationally. The biggest is making the move at the wrong time and taking on more than you can handle. Many smaller successful companies have failed because they tried to accommodate bigger demands on them before they were ready to handle the increase in productivity that was needed.
How to ‘go national’
Of course, there is no ‘one size fits all’ answer to how you can make your business work on a national level. For some this will mean acquiring new premises around the country, whether that is retail units or office space. For others, financing the expansion might be the issue and new investors or sources of capital will need to be put in place.
If your company is involved in a niche or specialist area of operations, you might need to look at building new premises to your own specifications. MBi Social Care is a property consulting service that was created to help manage all aspects of a project from design stage to completion. Having worked with property developers, the private market high net-worth buy-to-let sector and more recently the UK care sector the company has a wealth of experience across many different scenarios. Having a third party look after the overall strategy, development and operation of the property aspects of a national expansion is an important factor in ensuring a successful process.
Of course with the changes in consumer behaviour brought about by the ever growing digital marketplace, becoming a nationally recognised brand might not even mean going further than your current physical location. Even so, increased demand will eventually mean employing more staff and other logistic considerations so it’s best to consider all options when you are at the planning stages of your expansion.
No matter what type of business you are in, there has never been a better time to think about expanding nationally. Historically low interest rates mean investment can be sourced and the fact that mobile communications tech really has made the country a smaller place all come together to create opportunities for those willing to take them.