When we start a new business, we indulge ourselves into a lot of research to find out what’s best for our business and what’s not. A major part of research involves finding target audience and building strategic marketing around them. Well, there are number of magazine, blogs and other informational resources from where you can get valuable stats and business advice on your subject. You invested a lot of money and time to get your business off the ground and now it’s time you start focusing on its growth prospect.
For those who have survived startup and built successful businesses, it’s time that you take a leap and grow your business beyond its existing position. There are numerous possibilities, 5 of which we’ll outline here.
1. Open Another Location
This may not be feasible for many small business owners, but if you can pull it off, expect to double up your revenue every year. When we talk about expansion and growth, this is actually the first thing that comes in mind. Believe it or not, this is an ultimate solution for growth and development. However, it requires a careful research and planning to organize the full set up. But first of all, it is advised to make sure that your current business is maintaining consistent revenue, reflecting steady growth over the past few years.
Also, it is advised to choose your new location on the basis of what’s best for your business five years down the line. To choose a suitable location, you would need to be a bit more future-centric than focusing on the present demand.
2. Offer Your Business as a Franchise
If you wish to expand your business nationally, franchise can turn out to be a better option for you. Franchising is an effective and efficient vehicle for expansion for those who want to allow part ownership operating outside the home territory. In order to make it a possibility, you would need a franchise attorney as well as a mentor who can guide you with right business advice. They will help make the franchise process easier and convenient for you.
3. License Your Product
This can prove to be a cost-effective way to expand your business in the market. If you have a successful product to deliver, you can always receive upfront monies or royalties on your brand name, software or product name. Licensing your products also minimize the risk of duplicate content on the market. Moreover, it is low cost in comparison to what you would have invested in starting a new company to sell your brand. Do you market research and find a licensing partner. Do not forget to take along your lawyer who specializes in intellectual property rights.
4. Form an Alliance
Aligning your business with a similar kind of business can turn out to be a powerful way to expand quickly. You can develop many new products and form alliance within the industry. However, it is always advised to find a company who already has a good reputation in the market and list of prospective customers Even if you have to shed out some money on commission, it shouldn’t bother you much as in the big picture your sales are increasing and you are already earning better revenue than before.
5. Target Other Markets
Last, but not the least! You have already captured a huge share of your current market and now it’s time to move forward. Find a market where you can find potential demand for your products and services. Other markets might be able to make more money for you. For instance: if you target audience comprises of students and teenager, look for places where you can find them the most.
Now that you’re already familiar of the best business advice on business expansion and growth, it’s time you take a move and start planning today. If you want more growth opportunities, you need to keep your eyes open at all times and look for things that can help you grow your business in the long run, while providing reasonable profit in the present.
License: Creative Commons
John Vasher is a business writer from Bangkok, Thailand. If you need a serviced office in Bangkok for your business, John recommends Servcorp.