Business expansion is a very difficult thing to not only do, but also to consider doing.

Whether or not you should do it depends entirely on you. There are many factors that go into it:

How busy are you right now? If you were bigger, would you be busier? What's the associated cost with that expansion? Instead of expanding, do you increase your prices or do you do a combination of both? Do you increase your prices to become more profitable, and expand at the same time? 

If you're a one-man operation and things are going well, maybe instead of expanding you should just stay as is. If you're making a good living doing what you're doing, that means that you're capable of making that living until you retire. That’s a good place to be, so it might be wise to not change a thing. But if you’re an entrepreneur that sets your goals higher and you're not satisfied with that, then go out and find some good people, and expand your business.

As I said, there's a lot of factors that go into this. Talk to your accountant; go through the numbers. It's important to make sure that your books are up to date so you can actually see what's going on. As accountants, we need to have that information in order to make good financial decisions. That's the entire point of having a bookkeeper and an accountant. 

If you're super busy all the time and you're completely maxed out, you still can expand if you want, but you also can also do exactly the same thing you're doing right now - maybe charge a little bit more money and make a lot more money - because your costs usually aren't going up in this situation. If doing that creates the life you’re looking for, then you don't have to work any harder, but that's completely up to you and what your feelings are.

If you have questions about expansion, get in touch with us, or get in touch with your accountant or business coach, and get some much needed help.