For those of you who have already successfully started a business and are ready to take the next step, you may be wondering what you can do to help your business grow. There are many ways to do this, 10 of which are outlined below.” – SBA
Here are 10 Quick Ideas for Growing Your Business from the SBA
- Open another location.
- Offer your business as a franchise or similar opportunity. It can result in growth without requiring you to manage a new location.
- License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product.
- Form an alliance. One powerful way to expand is to align yourself with a similar type of business.
- Diversify. Look for multiple streams of income to fill seasonal voids, increase sales and boost profit margins. Ideas: Sell complementary products or services, become a paid speaker or teach a class.
- Target other markets.
- Win a government contract.
- 8. Merge with, or acquire, another business.
- Expand globally. Look for a foreign distributor that can carry your product and resell it in its markets. You can locate foreign distributors by scouring your city or state for a foreign company with a U.S. representative.
- Increase your Internet presence. Make sure prospective customers can find you through an online search engine.