Your business is experiencing robust sales and your friends are already urging you to consider expansion. The question that will instantly come to your mind is—Am I ready to make that big step?
[related|post]Entrepreneur Philippines asked some experts to help you answer that question.
Armando Bartolome, GMB Franchise Developers Inc. president, said before making an expansion, there are several things that need to be considered based on two major aspects—the entrepreneur, himself, and the business.
On a personal level, Bartolome said the first thing to ask is your commitment.
“Check your commitment to the growth. It all starts from the entrepreneur. Don’t just look at the business but what is his commitment towards growing the business,” he told Entrepreneur.
The second personal component, he said, is the entrepreneur’s passion. In considering this factor, the business owner should ask himself if his passion for what he is doing will enable him to explore different avenues in growing the business. The effort should not be half-hearted. The entrepreneur should be open-minded and should not be satisfied to be a mere copy-cat.
The third internal ingredient is the charisma. The owner should be a team player that can influence the management and the workers to work towards the achievement of the expansion targets. “The entrepreneur must know that without his team, he will not grow. Your staff are not there to work for you but to work with you.”