Most entrepreneurs start their business after thinking up a really great idea, talking to a few business development consulting experts and reading tons of books, magazines and blogs. In other words, a lot of time and money was spent in designing and launching your small business.
But after all the sweat equity you’ve put in – now what? Surviving a startup is only the beginning of your journey as a business owner. Growth is the key to success, which means you need to start planning the next phase of your operations. There are a variety of ways you can effectively do this. Let’s take a look at some of the suggestions made by business consulting experts.
Open Up Another Shop
This is normally the first idea that comes to mind when entrepreneurs consider growing their business. However, keep in mind that this isn’t always the best option. It’s a good idea to consider consulting with a business development expert first.
It takes careful research, planning and number crunching to make an expansion work. Some signs you can watch for that can help you determine if this is the right choice include:
- Having a consistent bottom-line profit and steady growth over the past few years.
- Seeing positive indications in economic and consumer trends.
- Having an excellent administrative system and management team in place.
If you see these signs, then you can create a business plan for the new shop, determine how it will be financed and select a location. Once you do, you will need to use an Internet marketing agency to create buzz on the Web and draw in foot traffic.
Franchise Your Business
This continues to be a really great way to expand your business. Franchising your company will help take it to a national audience. The great thing about franchises is that all you really have to do is create a business system for all the franchisees to follow, and they do all the heavy lifting. These business owners are emotionally vested in their new business, which means they’ll work hard for your brand.
License Your Product
If you have a service product or branded product, licensing it out can be very profitable. In some areas, you can get paid royalties and monies upfront. You continue earning money for each sale or use of your name brand, software, etc. You can find companies to license to by searching for those that offer similar services or products to yours.
Anyone serious about growing their business needs consulting with a business development professional. Make sure you have everything squared away before you choose a method of expansion.