Growth and expansion are exciting concepts for small business owners. Expansion leads to more customers, products and services, sales, and income for your business. For businesses that have physical locations, an expansion might mean global expansion, opening a second business, or launching an online business. Here are six ways to tell if your business is ready for growth. 

You Have Dedicated Customers

This is one good indicator of a strong business. If your business is steady and growing, then you already have regular customers. Having regular customers means there's demand for your products or services. Dedicated customers are the best kind of customers to have. 

They prove that your products and services are worth buying. Having repeat customers will make your business more stable. When you see more customers buying each month, you can feel confident about your business. If you see a sudden spike in customers, this doesn't mean you should start expanding. This could happen from business seasonality or market fluctuation. 

Your market research platform can provide you with this information. Wait it out and see if the increase is ongoing or a one-time thing. 

You Have a Strong Team 

Without a strong team and passionate employees, your business can't become a success. Expansion depends on a great concept and high sales as well as reliable employees. It will also require you to give up direct control. Can you trust your team to make informed decisions? Are you ready for what you're entrusting them with? 

Will these employees be working for your company in three years or five years? Think about who's committed to your organization and who you can't expand without. 

Your Customers Want More

If your customers want your business to grow, then it's probably time to expand. They're probably asking for more products and services. During this time, it's important to keep up with that customer demand. Your expansion and growth should benefit your customers, which can increase sales and make up for the money invested during your growth. 

If you have a physical location, then you should consider opening a second location if customers in another region want to visit your business. If you're a brick-and-mortar business, then you probably should launch an online business. Notice what you're customers are asking for, and notice those patterns. This will show you where to invest. 

You Have Regular Profits 

Your business's net income will give you a better idea of your profits. Look at your business's gross income and subtract any expenditures. This lets you know how much money your business earns after bills. If you've noticed increased profits, then it's time to expand and grow your business. 

You don't want to just focus on short-term success. Look towards long-term success and plan accordingly. Find ways to consistently grow and increase profits. If your business receives regular income, then you can invest some of your profits into growing your business. As your business grows, your net income should grow, as well. 

Your Industry is Growing 

It's important to stay up to date on the industry you're in. Find out if your industry is growing by checking out industry trends. If your industry is fading or slowing down, then it's not a good time to expand. You could end up losing the money that you invested in your business.

You may be in an industry where it can't support the expansion of your business if it grows or adds more locations. Think about which offerings can help expand your growth into the long-term. Your new products and services can help you increase your income and have the stability to grow. 

You Have A Lot of Business

You might have noticed that you're bringing in more business than you anticipated. This is a good time to hire more workers or increase space. Expanding your business can help you acquire more customers, increase your efforts, and keep up with the demands.

Finding a designated space for your business, or adding a second location can help you accommodate more customers. 

Still considering whether to expand your business? You should only expand your business after you think about these six factors. If you're not sure if your business is ready to grow, don't rush it. Make a plan for growth and keep up with that plan on a regular basis. When your business is ready, you'll enjoy increased growth, income, and more customers.