Having launched your business, having overcome all the problems, difficulties and unexpected characteristic of the initial stage of any project, and finally feel the security that comes from having a stable business that always generates profits, the time has come to the next level and make your small business to become one of the greats.
Please find below 5 ways to grow your business:
If your product or service has a good reputation in the community in which you find yourself, it might be the right time to open one or more branches. The best example of the success of this strategy is convenience stores or self-service that replicates their formats in different places in order to achieve greater market penetration. One of the advantages of growing up in this way is that your management team can remain the same, and one would have to grow your staff in areas such as sales or counter.
Franchise your Business
Multiplying your business by turning it into a franchise is an alternative that cannot fail to consider. Today there are several associations representing franchisors business and conducting studies to determine if a business applies for that model or if you need to take steps to enable it achieve. Once one of these associations has accepted you as one of its franchisees, enter your promotion programs for people interested in replicating your business, and thus become your franchisees.
Form a Partnership
Forming a partnership with a company that has your same type of target audience, offering products or services to yours, or that even belongs to your competition, could afford to expand your market, increase your production, get more customers, and other benefits that allow you to grow as a company and individually they probably could not get.
Expands your Target Market
Another way to grow your business is by expanding your target market. For example, if your target market is made up of young people between 15 and 35 years, and your product is related to adventure sports, you could add to your prospects clubs or sports associations, hotels or service providers that provide complementary services your product, or your instructors product related activities.
Expand to the Internet
It is well known that comment at some point did Bill Gates: “In the near future there will be only two types of companies, those with presence and those that do not already do business.” Perhaps your comment was a bit exaggerated, but it does have a lot of reason. Having a good website that is friendly, to facilitate the purchase, and has good search engine rankings, is another great way to grow your business.