Grow a Business

Follow these 10 tips to take your business to the next level.

  1. Open another location
    Good choice for businesses with consistent bottom-line profit and steady growth. But business expansion isn't always the best growth solution if done without careful feasibility research and planning.
  2. Offer your business as a franchise or business opportunity.
  3. License your product
    This can be an effective, low-cost growth medium, particularly if you have a branded product. You can receive upfront monies and royalties from the continued sales or use of your products.  Licensing minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product.
  4. Form an alliance
    Aligning yourself with a similar type of business can be a powerful way to expand quickly.
  5. Diversify
    Diversifying is an excellent growth strategy that allows for multiple streams of income that can often fill seasonal voids, increase sales and profit margins.
  6. Target other markets
    If your current market is serving you well, look for other complementary markets.
  7. Do business with the government
    The federal, state, and local governments are one of the largest buyers of goods and services in the world.
  8. Merge with or acquire another business
  9. Expand globally
    Remember you don't need to acquire another business to expand globally. You just need to position your company products or services for an international market.
  10. Expand to the Internet
    As Bill Gates said, "there will be only two kinds of businesses: Those with an Internet presence, and those with no business at all."

One of the biggest mistakes you can make is to expanding too quickly. Take the time to review your expansion options and make sure that they fit your needs, experience, and financial capacity.