You’ve set up your business and you’re now excitedly watching it pick up momentum day after day. Your current business is under effective control. You start thinking of growing and expanding it because you feel that’s the next best thing to do. Elise discusses several ways to grow your business. Choosing one, two, or more of these methods of expansion will depend on a lot of things - your type of business, available capital, time, and other resources you are willing to invest. Here are your choices:
Opening another location. Spread your business to another location or city. This is the most popular approach among business owners – opening a new office or store in another place.
Franchising. If you have a highly successful business, people will be interested in buying out a franchise of your business. Franchise out not only to gain more capital and exposure but also to expand your business without requiring you to manage the new franchise. Before doing that, you’ll need to hire a lawyer to draft the franchise agreement and all other legal documents and to provide legal advice in the implementation of your franchise business.
Collaborate or form an alliance. Look at the big picture without leaving your primary goal. Aligning with similar businesses by forming an association or organization can be a powerful way to expand quickly.
Diversification. To diversify means having another product or service; or selling someone else’s product. You can also teach a class or speak on the same specialty. Diversifying is a great strategy for growth that can often fill seasonal voids of your own product or service.
Merger or acquisition. In this method of business expansion, make sure the business you are acquiring or buying is profitable, it has no debts, and the company’s mission and vision are aligned with your own. Do your research to find out if the business merger is beneficial.
Globalization. Export your products or import others’ products to expand globally. You will need to sign up with a foreign distributor who will resell your product in their domestic markets or vice versa, you can sell their product in your market. International business can be done through the internet but this calls for more responsibility. Due diligence is a must. You would need to do your homework through research.
You’ll find one more method of expansion for the small business and more detailed tips as you listen to Elise:
The rest of the Show Notes:
She describes the resources you’ll need for business expansion Your sweat equity, what it is Import and export of products Targeting other markets Speaking or writing about your business can expand your business Using your creativity in growing your business Search engine optimization of your business Business expansion through the internet Doing market research Using trade journals and magazines Importance of an attractive and optimized website When you just need to keep on growing your business without diversifying location Other opportunities for expansion Choosing the best opportunity and method
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