Congratulations on starting your business successfully! If you are ready to go to the next step, but you do not know exactly how to proceed, here are some ideas for thinking about growing your business.
Turn Your Business Into a Franchise – If your business model is easily replicated and you want to see your business grow fast, consider franchising. As the owner, now called a franchisor, the name or trademark sells this right to a franchise.
Open Another Location – If you are the first property to succeed and be controlled, consider expanding it by opening a new location. Look for specific areas in which your demographic is frequent or well known.
Collaborate with other companies – By opening up to another similar or related business in your own industry, take advantage of this network relationship and collaborate on a joint event. It’s an opportunity to introduce yourself to new customers that you may not know.
Diversify your product – Look in the seasonal voids, is there a similar product to yours that can be introduced? Diversification is a great way to increase sales and profit margins. Seasonal or complementary products or services, or export offer of other colleagues’ products.
Turn Your Business Into a Franchise – If your business model is easily replicated and you want to see your business grow fast, consider franchising. As the owner, now called a franchisor, the name or brand sells this right to a franchise. However, be prepared to work through various regulatory and legal rules and obstacles when it comes to franchising your business. Look at the federal government rules, as well as the requirements of the state, in order to sell your business.
Expand to the Internet – In this digital age, it’s important to have a superior online presence to maximize your exposure to new and old customers. Look into creating a website so that the customer can discover your business through an online search engine.
Understand your limitations, available resources and your ability as a business owner before looking to grow your business. However, with a successful business plan, good market sense and dedication, there is always room to grow!
Got a question? Contact Jerry Love. Your comments are always welcome!