In Show 149 – 5 Reasons NOT to Expand Your Business originally broadcast on Facebook Live on Monday 12 November 2018 we explore this interesting topic.
All this month we’re talking about expansion. But expanding your business might not always be a good idea. Here are the five reasons why not to expand.
Growing your business is going to be extremely stressful. Even the best of us can crack. You have to make sure that you are in the best place professionally and personally to take on this monumental task.
As you grow your business you are also going to grow the amount of risk you’re taking on. That can include things like increased overhead and more debt.
Even if you hire managers for the expansion you’re going to take on a lot more work. Do you have the time to do this?
You will likely have to handle more staff for the expansion. That means more money going to payroll and taxes.
5. Less personal time
You’re going to spend a lot more time at your business which means much less time to be spent with friends and family.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.