Ask any entrepreneur or small business owner; there is always a certain amount of risk associated when owning your own business. Though the struggles can be different, the outcome desired is usually the same. They desire success. To build a brand that flourishes and outlasts its competitors. But what if your product sales have hit a hump, or you aren’t seeing a rise in profits? Now might be the time to consider expanding your brand.

Expansion can mean anything from increasing production to adding new products. It can even mean the opening a bigger, or second, location. For your business, this can mean more sales and more income for you. And while there isn’t some unique formula or secret that, if followed, can guarantee outstanding success, there are some things you can ask yourself to help gauge whether or not now is the time to make that leap.

Regular Customers
Do you have a steady stream of loyal customers? Having a flow of regular customers shows that your product is meeting their standards and is in demand. And while you want to maintain sight of your returning customers, expanding your brand can allow for a new crowd of customers.

Growth Inquiries
If your customers have been asking for more products, new products, or a timeline of when they’ll become available, then this is a good clue that the expansion of your brand would do well.

Regular Profits
Take a look at your business’s net income. You should be pulling in a steady income and seeing consistent profit growth. Include the projected expenses you expect to see from expanding as well.

Industry Trends
Research your current industry trends and the projected trends heading into the future. While a rise in market trends offers a greater chance for success, it’s good to see a steady hold.

Meeting Demand
Have you been turning away customers? Is the demand too high or the inventory too low to meet your customers’ orders? Need more space? This can determine whether you need to hire more employees or find a larger workspace.

By addressing these factors, you should now have a better sense of whether or not the timing is right. And if you still need some more time, don’t get too down on yourself. It is better to take that additional time and work out any final kinks first. Ultimately, you’ll get there.