Before you opened the door on your business, chances are you did a lot of research and had help from advisors and business partners. You invested a lot of time and effort into getting the business off the ground, right? If you’ve made
it through the start up phase and are now wondering what’s next, maybe it’s time to consider expanding.
What are the possibilities for expansion? Choosing one that makes sense for you is as big an undertaking as was opening the doors on your first business. Here are seven possibilities on how you might expand your business and take it to the next level:
- Taking it to the streets. Can you open a new location? This option may not be right for every business, but it is typically what the entrepreneur thinks of first when thinking of expanding. Physical expansion though may not be the best bet. If you’re thinking of opening a new location make sure your business has operated with a profit the past few years; what are the trends for your continued business growth; how will you obtain financing if you need it; and is there a location that seems a viable option?
- Is it licensable? Are there products or services that you offer than be licensed? This could be a low cost way to effectively expand your company. With licensing you receive upfront royalties and licensing fees.
- Can your business be emulated by others in a franchise format? If you have the type business that could thrive in other parts of the country or state, why not consider looking for individuals who’d be willing to operate under the business principles that you’ve set up and sell the opportunity as a franchise.
- Spread your business wings. If your company is thriving in its current market could you easily expand it? Could you offer foreign or electronic rights? Does your business model lend itself to that model? If your business serves the senior citizen market well, why not look for other opportunities in that area outside of your current city.
- Partner up. Aligning yourself with a business that offers complementary goods or services. There’s strength in numbers and you could double your database and cut down the cold call marketing you need to do. Another way to effectively partner up is to join a Trade Association – it’s a great way to network and to help grow your bottom line, meet like-minded individuals and find new business opportunities.
- Diversify. Look for complementary goods or services that you can offer. Even if you don’t have the skills yourself, someone on your staff might or you could outsource a service. Take your particular area of expertise and turn it into speaking engagements. Pitch story or article ideas and become known for your writing skills – ever thought of penning a book? Again another way to partner up, is to offer your goods or services as an add on to another small business in your local area.
- Go electronic. If you don’t already have a strong internet presence, now is the time to start building one. Bill Gates was quoted as saying, “there are two kinds of businesses; those with an internet presence and those with no business at all. Become involved in social media, build your website, make your website user friendly and welcoming. When individuals visit your site, make it a habit to gather individuals’ email addresses so you can get them on a mailing list – offer a giveaway as an incentive to sign up.
If this is the year that you’re taking your business to the next level, congratulations and good luck!