When starting your business, you are always going to invest a lot of time, money and effort into getting your business off the ground and up and running. However, there comes a time when you realise there are more doors to open and roads to explore in developing your business. So what do you do now to try and grow?
It is great to be the manager of your own business, as you are then able to make a difference and decide that it’s time to make some changes.
Within business, you need to be able to have a solid business model, with targets and goals to hit. Setting realistic and easy goals are good if you are hitting them, but it also means you don’t strive as much to hit and exceed harder targets. In order to grow your business you need to be able to successfully put in place, understand and constantly improve your business model.
You could look at opening another location. This doesn’t always work for everybody, but it is an option you may want to consider. However, make sure you have been stable within your cash flow, with a steady growth over the past few years. Furthermore, you will have to have a strong team behind you who are happy to help set up and get you up and running. Also, make sure you look at how you are financing the new location- you do not want to get into something and then run out of money half way through.
Another option is to look at franchising your company. It allows you to branch out into a whole new area, and market outside of your home territory. This means you are targeting a whole different audience, and making people more aware of your products and your services. It also means that you are allowing others to have more control over your business and you trust the company name in the hands of somebody else. You have your businesses being run across the country without you having to have loads of control over each one.
Looking at setting up partnerships to advertise and grow your business can also be an option. This means you can delve into another company’s client base and through referrals and word of mouth you are able to expand marketing for your business. Partnering up with a company who offers a service that you can complement means you can join together and strengthen your services, as well as making a profit at the same time.
For more business advice, or to see if there is any way we can help benefit your business, pop in for a free, no obligation chat today!