You started your company with a bankable idea, a tiny space, and an even smaller group of employees. Like many entrepreneurial beginnings, maybe it was just you and one other person in a home office or garage. But lately, that smaller space and team don’t seem enough to handle the business coming your way. Is it time to expand your business?
You’ve been thinking about expanding and are excited about the possibilities your decision might bring. For example, the company could open another location, serve more customers, or venture into new product lines and services.
While your enthusiasm is growing as you drum up new ideas, you’re unsure whether now is the right time. So how can you be confident that expanding your business is a smart move? First, let’s look at some of the signs that it may be time for your company to branch out.
Industry and Market Opportunities Are Increasing
If your industry is taking off, there’s a good chance your business can capitalize on that growth. Changes in purchase behaviors, new tech developments, or market forces can create expansion opportunities for existing business lines. Sometimes this means creating new products or services that piggyback off current ones, or it might signal the need for bolder strategic decisions.
Nurx, a telehealth provider that started offering online birth control, recently decided to provide mental health treatment options. The expansion move resulted from rapid growth in the mental health space, increasing interest in telehealth services, and a strategic decision to help develop them. While the company’s birth control service line was well established, its leaders recognized that mental health patients desired the same privacy and convenience.
When it comes to health care, making appointments, locating clinics, and visiting pharmacies can become barriers to access. A broader range of telehealth services expands care access and removes many of those barriers, especially in remote areas. Increased use of telehealth services during the pandemic also acclimated more patients to its conveniences. All these factors presented an opportunity for the company to improve care access in various locations and become a part of the solution.