Note: Thank you to Andrew Rombach from Lendedu who provided these insights…

There are almost 30 million small businesses in the United States, and they employee around 48% of all workers. Many small business owners feel positive about the economy right now, which means they may be more likely to expand.

For example, the Spring 2019 Business Growth Index showed 59% of small business owners believe business conditions are good or excellent. 76% of business owners planning to hire in the next six months say they provide competitive or industry-leading salaries, and 51% say the new tax plan has been good for small business.

All of this can mean growth and expansion are in the works for many small business owners, but it’s not always that easy. They may have to find ways to raise capital to pave the way for that expansion, even with the added perks of continued growth.

Why You Would Consider Expanding Your Business?

There are plenty of valuable benefits to expanding a business. It allows you to expand your customer reach, diversify your assets, expand your products and services, and potentially increase your revenue.

There are different routes to expansion, including purchasing more inventory, developing a new product, opening a new location, or hiring more employees. Expansion can also mean investing in equipment or changes to your office.

Here are some indicators you might be ready to expand your business include:

  • You’re outgrowing your current space
  • You’re on track with a specific and detailed strategy for growth
  • You’re exceeding the current milestones yo