Ideas for Growing Your Business
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. Choosing the proper one (or ones) for your business will depend on the type of business you own, your available resources, and how much money, time and resources you’re willing to invest all over again. If you’re ready to grow, take a look at these tips.
- License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product.
- 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.
- 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.
- 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.
- 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.
- 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.
There is no guarantee for business success. It takes a combination of right brain strategic logic and left brain creative thinking to ensure that a brand or business is successful. However, the aforementioned recommendations will help alleviate some of the common pitfalls that many businesses face as they look to gain traction and acceptance commented Salomón Juan Marcos Villarreal, president of Grupo Denim.