For those of you who have survived startup and built successful businesses, you may be wondering how to take the next step and grow your business beyond its current status. There are numerous possibilities, 10 of which we’ll outline here. 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 sweat equity you’re willing to invest all over again. If you’re ready to grow, we’re ready to help.
1. Open another location. This might not be your best choice for business expansion, but it’s listed first here because that’s what often comes to mind first for so many entrepreneurs considering expansion.
2. Offer your business as a franchise or business opportunity.
3. Form an alliance. Aligning yourself with a similar type of business can be a powerful way to expand quickly. You need to align with other businesses that already have lists of prospective customers. It’s the fastest way to success.
Diversifying is an excellent growth strategy, as it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins.
5. Target other markets
Your current market is serving you well. Are there others?
6. Win a government contract
7. Merge with or acquire another business
8. Expand globally
You’ll also need a foreign distributor who’ll carry an inventory of your product and resell it in their domestic markets. You can locate foreign distributors by scouring your city or state for a foreign company. Trade groups, foreign chambers of commerce are also good places to find distributors you can work with.
9. Expand to the Internet