The early days of business, no doubt you will have done a lot of research and found the best ways of doing things. You might have studied or attended seminars to find new way of doing things. You are likely to have already invested a lot into the business. Whether that be with money, time, or good old hard graft. It will have helped to get the business off the ground. But what is left now?
If you have survived the startup stage of a business, and are looking to grow your business, then it can be tricky to know what the next steps are. Some of it will depend on the type of business that you have, of course. But there are plenty of things that can be done to expand and grow your business. So if you’re ready to take things to the next stage, then read on.
Start In Another Location
This isn’t going to work for every business, so it does depend on what your business is. But expanding and doing the exact same that you have already done in a different location is a good way to grow your business (as long as it is a business that will grow in that way). However, it should be done just because you have been successful in one location already. You almost have to treat it like a brand new business plan to make it specific to that area. You should check that you are making a consistent bottom line profit as you go on, and have been showing growth in your current location for a while. It won’t make sense to make a move without it. You need to stay on top of the market, if your business is dependant on it, to decide if it is going to be a viable option for you. Things like restaurants are likely to stay in business, but a gift shop could be less likely, for example. Overall, you need to choose the new location on what is best for your business and what will sustain your business, not just what is best for your wallet.
Locations in cities are going to be more expensive due to higher rent costs for the office or store space. However, they may be more viable as you have a larger number of potential customers in the area. So don’t just choose somewhere rural as it will be cheaper if it won’t actually work out well or benefit your business as other locations might.
Offer Franchises Of Your Business
If you want to grow your business, but don’t want to have to deal with all of the relocation side of things, then why not offer your business as a franchise? In short, someone will pay you for your brand name, you will offer them support, and then they will set up the business themselves. This won’t be for everyone, as you do lose an element of control. But it can be a viable option if you’re willing to give it a go; just look at McDonalds, for example.
You will need to be a strong leader and be willing to get stuck in with the work as you help someone to do what you have just done. Get involved with franchise associations and network with people in that way. If your business is in transport or logistics, then you could look somewhere, like https://www.robsinclairfinance.com.au/finance-options/, to see your options on leasing new trucks or equipment, as part of the franchise package. Basically, the people buying into your business or franchise should have a ‘start your own business kit’ set up for them to get them going. So do look out for things that could work for the kind of business you have. The better deals you get, the more money you will make in the long term. You should also get a good franchise attorney to guide you through the process, and it can be relatively seamless.
Make an Alliance
Getting yourself aligned with a similar business is a good way to expand. It helps to get your brand or business known to a whole new network of people, as well as making expansion happening quite quickly, as there isn’t a whole lot that needs doing. Similar websites might team together, or you could do a partnership with a brand of clothing, for example. It all depends on the kind of business that you have set up already. For many business owners it can be hard to think about joining up with someone else after all of your hard work. Do you really want your money to be going to someone else? But if you have the latter as your attitude, then you are pretty much shooting yourself in the foot if you’re after expansion. New businesses to partner with will have new customers for you, so it is one of the fastest ways to get successful.
Diversify Into Different Things
If you have a successful business that is maintained day to day, then you need to look at other things that you can be doing to generate an income. As well as what you started your business out in, could you also do some lecturing or guest speaking at events some of the time? If you feel your story is motivational and you have learnt a lot on the way, it is a good way to earn an income, as well as increase awareness of your business and gain a loyal fan base. You could look somewhere like http://www.icmi.com.au/speakers/ to get an idea of what might be expected of you or the type of events you could speak at. That isn’t the only option, though. Could you become a columnist for a paper or be a paid business coach for startups looking to do something similar to what you have already done? You could diversify your product range if products are what you have, as well as get into import and export of the products perhaps. When you sit and think about it, there are lots of options. You just need to decide what route to go down.
With the internet in these modern times, the world is a very small place. So is expanding globally something that you would have considered? Again, what will work will depend on the type of business that you have. But if the majority of it is based online, then it is something that can be easily done. Global growth is something that can snowball your business and really take you to the top of your game, so it shouldn’t be dismissed as an impossibility. It can quite easily become a possibility.
You’ll need a contact in the country that you’re looking to expand to, especially if you need inventory of a product or an office space. You can check trade groups or franchise associations for people looking to take on a foreign business. You could even check out some foreign businesses in the cities close by to you that have a US representative and go from there. If you’ve set up a successful business at home, then doing so again but abroad, will be a viable, and could be rather lucrative, option.
Expand To the Internet or Smartphone Market
If expanding globally with physical premises isn’t going to be the thing for you, then have you thought about expanding your business out to the internet or smartphone market with apps or websites? It means your business will be global, but it also means that you can do it all from the comfort of where you are. As has been said, with the internet, the world has become a smaller place. So you could definitely look to tap into those potential customers that just so happen to live in a different country to yourself.
If you’re thinking of app development, then get a good designer on your team if you couldn’t do this kind of thing yourself. And make sure that you are solving a problem with the app. Like a business idea, no one is going to need it if you are not solving or simplifying a problem. Games can be things like games too, but that is solving the problem of boredom, so there is still a need for them. Just make sure there is a need for the app, or it isn’t going to work well. Second of all, you’ll want to get to grips with search engine optimization if you want your business to grow online, then you want to be coming up on the front pages of search engines, right? So learn how you can do that or hire freelancers to take care of it if you’re not doing so already. It can make a massive difference to your business and the potential customers you might get if you’re tapping into a whole new world of the online and search engine variety.