“The key to success is not making any fatal mistakes that are going to kill your business,” he said.
In other words, investing money more than you can afford to lose is a bad idea when testing out new concepts and strategies says, Moltz. Before expanding, you should at least secure some extra profit or cash so that you can reinvest it in your business says, Moltz.
It’s also important to figure out your “why.” Why do you want to expand? Are you willing to grow your profits, or diversify in order to sell the business, said Moltz, who has worked with married partners who had the same case as the Elias family.
