What’s next for your business?
If growth is on your mind, here are 10 ways you might branch out or up to reach your growth goals. Read the list and then schedule a call or meeting with Sousa & Weber to discuss the best options for your business from a finance and tax perspective.
- Open another location. This is often the first way business owners approach growth. If you feel confident that your current business location is under control, consider expanding by opening a new location.
- Offer your business as a franchise or business opportunity. Franchising your business will allow for growth without requiring you to manage the new location. This will help to maximize the time you spend improving your business in other ways, too.
- License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product. Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product. To find a licensing partner, start by researching companies that provide products or services similar to yours.
- Form an alliance. Aligning yourself with a similar type of business can be a powerful way to expand quickly.
- Diversify. Diversifying is an excellent strategy for growth, because it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins. Consider expanding your product line with complimentary products or offering new products that are suited to your current target market.
- Target other markets. Your current market is serving you well. Are there others? Probably. Use your imagination to determine what other markets could use your product.
- Win a government contract. One of the best ways to grow your business is to win business from the government. Work with your local SBA and Small Business Development Center to help you determine the types of contracts available to you.
- Merge with or acquire another business. Two is always bigger than one. Investigate companies that are similar to yours, or that have offerings that are complementary to yours, and consider the benefits of combining forces or acquiring the company.
- Expand globally To do this, you’ll need a foreign distributor who can carry your product and resell it in their domestic markets. You can locate foreign distributors by scouring your city or state for a foreign company with a U.S. representative.
- Expand to the Internet. Very often, customers discover a business through an online search engine. Be sure that your business has an online presence in order to maximize your exposure.
If growing your business is important to you, it’s important to us. We’re here to provide advice and guidance, and are happy to connect you with resources to help you take the next step.
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Source – Small Business Administration