Before you start a business, you have to conduct thorough research. You have to seek out for assistance from advisors or get information from books, magazines, and other readily available sources. This eases business growth.
There are numerous possibilities to grow your business successfully. Choosing the proper one (or ones) for your business will depend on the type of business you own, your available resources, how much money, time and sweat equity you’re willing to invest all over again. If you’re ready to grow, this will help. Carefully consider the following:
Open another location
This might not be your best choice for business expansion, but it’s listed first here because that’s what often comes to mind first for so many entrepreneurs considering expansion. Physical expansion isn’t always the best growth answer without careful research, planning, and number-planning. Try the following tips if you’re considering another location:
- Make sure you’re maintaining a consistent bottom-line profit and that you’ve shown steady growth over the past few years.
- Look at the trends, both economic and consumer, for indications on your company’s staying power.
- Make sure your administrative systems and management team are extraordinary–you’ll need them to get a new location up and running.
- Prepare a complete business plan for a new location.
- Determine where and how you’ll obtain financing.
- Choose your location based on what’s best for your business, not your wallet.
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Offer your business as a franchise opportunity
When people have a vested interest in their work, they enjoy it more, bringing more success to their business. Franchising is a perfect system to accomplish those goals. Also, streamlining internal systems and marketing in nearby states can help to bring few franchises. You need to be open to vision and business growth or expansion.
License your product
This is effective for business growth. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product. You can receive upfront monies and royalties from the continued sales or use of your software, name brand; etc.–if it’s successful. Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product. You can search companies that provide similar products to yours if you want a licensing partner. But before you set up a meeting or contact any company, find a competent attorney who specializes in intellectual property rights. This is the best way to minimize the risk of losing control of your service or product.
Form an alliance
Aligning yourself with a similar type of business can be a powerful tool for business growth. If the thought of shelling out commissions or any of your own money for the sake of an alliance makes you uncomfortable or if you want to keep all the money to yourself, you’re really shooting yourself in the foot. You need to align with other businesses that already have lists of prospective customers. It’s the fastest way to success.
Diversifying is an excellent business growth strategy because it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins. Small-business consultants can offer several ideas for diversifying your product or service line, such as:
- Sell complementary products or services
- Teach adult education or other types of classes
- Import or export yours or others’ products
- Become a paid speaker or columnist
Target other markets
Even if your current market is serving you well, it’s good to have other markets that would make money for you. Electronic and foreign rights, entrepreneurship programs, speaking events and software offerings produce multiple revenue streams for multiple markets.
For instance, if your consumer market ranges from teenagers to college students, think about where these people spend most of their time. If you could introduce your business to schools, clubs or colleges or offer discounts to special-interest clubs or donate part of your profits to schools and associations.
Win a government contract
The best way to grow a business is to have the federal government as a customer.
Working with your local and national offices, as well as state Economic Development Agency will help you determine the types of contracts available to you. A fair amount of patience is required in working to secure most government contracts. Requests for proposals usually require a significant amount of groundwork and research. This might sound like a lot of work, but it could be worth it. The good part about winning government contracts is that once you’ve jumped through the hoops and win a bid, you’re generally not subject to the level of external competition of the outside marketplaces.
Merge with or acquire another business
Scooping up a bankrupt company from the auction block was the easy part; then came the integration of the two companies. These are the notes of four keys to their success:
- Customer retention
- Staff retention: Rehire the best and brightest staff.
- Melding technologies: This allowed for a smooth integration of the two technologies.
- Focus: Focusing on a neglected product is a good way.
Related Article: 3 Ways to Gain Competitive Edge in a Crowded Market
As a result of integration, a business will experience global growth. This increased market share is what will allow a business to realize sustained growth. But you don’t need to acquire another business to expand globally. You just need to prime your offering for an international market the way some other businesses who has succeeded was primed following the integration of its technologies.
You’ll also need a foreign distributor who’ll carry an inventory of your product and resell it in their domestic markets. You can locate foreign distributors by scouring your city or state for a foreign company with a representative. Trade groups, foreign chambers of commerce in your country, and branches of your country’s chambers of commerce in foreign countries are also good places to find distributors you can work with.
Expand to the Internet
The web is becoming an effective and an integral part of business today.
Landing your website in search engine results is key. More than 80 percent of traffic comes via search engines. As there are now more than 4 billion Web pages and traffic on the Internet doubles every 100 days, so making your website visible is vital. You need every weapon you can get.
Design and programming on your website are also important, but it’s your content that will draw a visitor into your site and get them to stay. Putting together a content strategy based on user behavior, measuring and tracking visitor click streams, and writing the content based on researched keywords will get you excellent search results and meet the needs of your visitors.