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Carrie expanded Body Tech
as needed. When her
classes grew too large to fit
in her basement, she signed
a lease agreement and
opened a studio. She leased
more space as her business grew, but kept her
flight attendant job for security, so she could always meet the lease payments. After eight
years, Carrie had a studio custom designed in
a new office building near downtown. Rather
than add new studios, which would dilute her
time and attention, Carrie works from her large
office in her single studio and finds ways to use
her time more productively. She produced a
workout video and book. She says about the increased competition in the aerobics business,
“My theory is, theyʼve caught up, so leave them
behind and come up with something new.”
UBid
CAN YOU AFFORD
TO EXPAND?
Make certain you can afford to expand.
Donʼt expand on promises or the expectation
that someone else is going to invest. People invest in assets and profits, not in liabilities and
plans. Youʼll probably have to spend your own
money, which can include a bank or private
loan. But you have to pay back loans, so it is
still your money.
Also consider your staff. If you ask your employees to take on more projects, like Ednaʼs
publishing company, can you increase their
salaries?
continued..
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