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How to start moving your business forward today

Module 04

Expanding your offering

Expanding your business – the footprint or the products and services you offer – and your team requires careful planning. It’s easy to think that after the hard graft of getting your business off the ground, expanding it will be straight forward. But getting it wrong can be mean small imperfections in your model quickly turn into problems that could threaten to put you out of business altogether. Expanding a business requires water-tight systems and cash flow, and the right staff and partners in place to support you.

In this module, we talk to the founder of independent fashion label You Must Create about the mistakes made while growing the business, the lessons learnt and how he put things right.

Get Started

01. Watch

Case Study

Meet the founder of You Must Create

"I think expanding quickly is a pitfall that a lot of people actually fall into. I know that we rushed and made some big mistakes that did virtually take us out of business."

Jimmy Collins, You Must Create

To see significant increase in revenues, sooner or later a business has to look at expanding its product portfolio, number of sites, or territories it operates in.

But expansion is a tricky thing to get right. Too cautious and you run the risk of being beaten by a competitor. But expand too quickly and you might find investment stretched too far. It’s a challenge that Jimmy Collins and Fraser Moss, co-founders of fashion label You Must Create (YMC), know only too well.

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You Must Create in brief:

02. Listen

Episode #4

Expanding your offering with Joe Jessup

Joe Jessup is the small business segment director for Barclaycard, working with growing businesses to help them access the support and expertise they need from their payment partners.

03. Read

Getting expansion right

When to expand your offering is an inevitable question if you’re growing a small business. Adding new products or services to your range, or opening in more locations, will invariably mean extra complexity, but also brings with it exciting new challenges at every level of your business.

The prospect of expanding early on can often seem daunting to a small business, but it also represents a prime opportunity to grow – and to get a head start on competitors in the same market.

Embrace the numbers

Checking your accounts regularly might be boring, but taking it on board can be a great way to learn about your business. "There is a point to the information that can be provided," Jimmy says. "It gives you an opportunity to adjust if you spot mistakes; it's far better to spot those mistakes quickly than to ignore accounts."

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04. Download

Get set for expanding your business today

Follow the seven steps in this simple guide and you will have:

  • Identified the capacity of your workforce and where you need to recruit
  • Market research to support your expansion plans
  • Identified any potential problems that could make things difficult down the line
Download the worksheet →

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