If you survived the startup phase of your business, it is now time to take it to the next level and grow it beyond its current status. There are many ways to do it, and in this article, we will be sharing with you the top seven proven methods to make a business grow quickly. Since not all of this methods will apply to your business, we advise you to read this article and then decide on which methods to focus on.
Open another location – While physical expansion is not always the best method to expand, it is the first one that comes to mind for many entrepreneurs considering expansion. Should you open another location? That really depends on the kind of business you have. And there are other factors you need to consider, like financing and location.
Turn your business into a franchise – The franchising model allows you to expand while minimizing the risk of loss to your bottom line. With this method, you provide the materials for setup while the franchisee pays the fee and manages the franchise. The key to success in franchising is to streamline your business processes to the point that it is easy to replicate. To get started, enlist the help of nationwide franchise brokers.
License your product – If you own a branded product or service, you can expand by licensing its use. Licensing is low-cost, and you can receive passive income from the use or sales of your software provided, of course, that you succeed. Reach out to companies that offer services and products that are similar to yours and offer your logo, but before that, sit down with an attorney who is a specialist in intellectual property rights.
Partner with other businesses – reach out to other businessmen who are not in direct competition with you and partner with them. For example, if you are a fitness guru who sells fitness videos, partner with personal trainers and pays them a commission for selling your products.
Diversify your business – There are many ways to diversify your core business and fill seasonal drops in sales. You can sell complementary services or products, or become a resource person who speaks before crowds. If you have a loyal customer base, sell products with your branding on them.
Target other markets – Don’t limit yourself to your current customer base. When your business is on a plateau, you should spend at least 80% of your time finding other markets and selling to them.
Expand to the Internet – These days, you cannot afford not to have a website. It’s one of the best ways to expand as the costs are low and the rate of return can be well over 1,000% with a well-planned and properly executed marketing plan. Once your website is built, advertise on Facebook and Google Adwords and direct the traffic to your website.
As you can see, there are many ways to take make a business grow quickly. Choose one method that fits your business best.