Starting a successful business is a challenging and rewarding experience. If your venture has enjoyed consistent success, you might be considering ways to expand.
There are plenty of options out there for both large and small companies seeking business growth, but what works for one may not work for another. Here are a few considerations that will help you make an informed decision about expanding your business:
- Business type
- Available resources
- Liquid capital
Expanding your company can be a time-consuming process, requiring careful planning, consultations with professionals and in-depth research. Before you commit to a growth strategy, make sure you’re willing to commit the necessary effort and time.
This article will introduce four effective options for growing your business. If you’d like to discuss your options with a specialist, contact Amir Landsman. Landsman helps new and established businesses locate competitive financing options.
Open Another Location
Often, this is the first growth strategy that comes to mind. For some, it’s a smart investment that expands market reach, increases profits and diversifies your real estate investments.
Research and preparation is necessary before you seek financing for a new location. Here are some tips to get you started on the right foot:
- Don’t risk your bottom line; have a clear idea of when you’ll generate a profit from your new location.
- Be sure your business has been consistently profitable for several years.
- Examine consumer and economic trends for obstacles that threaten your new location’s long-term success.
- A new location could mean less employee supervision, so expand only if your administrative and management teams and systems are exceptional.
- Draft a comprehensive plan for the expansion.
- The right location for your company may not be the least expensive option, but base your selection on your company’s long-term goals.
- Research multiple financing options.
There are several financing options available to businesses of all sizes. Sometimes little or no money is due up-front, and your premiums and interest rates are determined by your company’s success. H. Capital offers plans like these, which are popular among entrepreneurs who need short-term financing.
For more information about these capital-access-instruments, click the link to more news on Amir Landsman.
Franchise Your Company
If you’ve streamlined your marketing and internal processes, consider franchising your business. The idea may seem overwhelming at first, but if you think your company would be successful in other locations, there are plenty of franchise options.
Franchise brokers can help you understand how to adjust your business for success. They can also connect your company to interested investors with the capital and know-how to grow your brand.
Expand Your Audience
Growing your business doesn’t always require dramatic changes or costly investments. Sometimes a small investment in marketing can help generate revenue and broaden your audience.
There are several third-party agencies that can design a marketing campaign for your business. If you’re serious about connecting to a broader audience, this could be a smart option. A marketing agency can help Internet users find your product or location online and promote your company on industry directories.
Other popular options include radio and TV commercials, event sponsorship and hosting charity events. Although you could go it alone, a marketing agency will match your company with the best strategies for your industry and provide accurate data about the effects of those strategies.
Government contracts are often long-term and provide high returns. If your company wins one of these contracts, whether on the state or federal level, it could mean a substantial increase in revenue and a business relationship that could grow in time.
Several types of contracts are available. The U.S. Small Business Administration and your regional Economic Development Agency can help you identify contracts for which your business is eligible.
Expansion Can Make Your Business More Competitive
With a constantly changing economy and eager startup entrepreneurs, it can be difficult for businesses to maintain their competitive edge. Expanding your business could mean a larger share of the market and more capital, giving you an advantage over other vendors.
Phil Jackson is a corporate consultant who publishes a blog about business growth strategies.