You’re getting ready to move your retail business from a sole employee business (aka you) to a medium-sized business with other employees. This is essential to your small business’ life cycle if you want to be profitable and expand. However, you also have to know how to keep your business safe during this transition. Consider the following tips:
Do a SWOT Analysis
Before you begin the expansion process, do an analysis on your store’s strengths, weaknesses, opportunities and threats (SWOT). The SWOT analysis is a planning tool that helps you find your best direction of expansion while identifying and hedging against risk.
