Every entrepreneur faces a series of plateaus in terms of both personal and professional growth. With regard to professional growth, successful entrepreneurs ultimately determine whether additional investment and expansion in their startups and small businesses is a viable course of action. While there are some situations in which expansion may be premature, competent entrepreneurs know how to spot the difference between opportunity and mishap. Victoria Nupen, Founder of Iconic Marketing Solutions, recently highlighted the prime indicators of sound business expansion and shared her personal experiences with entrepreneurship and growth.
One of the best indicators that sound business expansion is possible for a startup or small business is the amount of potential that exists for partnerships, according to Victoria Nupen. “When ample opportunity exists but a lack of funding or management remains, then it becomes time to consider whether the addition of partners is worthwhile”, she notes. While creating partnerships can create more logistically complex business structures, the benefits of growth can make such dynamics worthwhile for any involved entrepreneurs.
Nupen notes that Iconic Marketing Solutions works with clients who wish to expand their sales, subscribers, and reach in digital settings. Such growth ultimately leads to a need for additional internal resources, precipitating a need for expansion sooner or later. As such, another crucial indicator that a startup or small business can be successfully expanded often revolves around whether the entity has a viable, professional marketing strategy like those provided by Iconic Marketing Solutions.
Victoria Nupen also pointed out that the cost of debt and/or equity can be a strong indicator of whether a startup is ready for expansion. “Entrepreneurs who play it safe can sometimes miss an opportunity to be the first to conquer a new niche or trend, but expanding too quickly can be a costly gambit that results in long-term losses for the brand”, she stated.
Lastly, a strong indicator that expansion is viable is a steady increase in customers or clients that results in excessive amounts of work for entrepreneurs and employees. However, Nupen cautioned against making snap judgments based on seasonal or temporary trends that might otherwise be fleeting. Consistent growth not tied to unreliable surges in interest that strains existing capacity is often a prime indicator that expansion is necessary.
To help businesses keep growing and making expansions possible, Iconic Marketing Solutions will continue to assist clients through its arsenal of professional digital marketing solutions and its commitment to excellence.