It’s always the dream of every business owner to grow bigger and better, and not to experience stagnation. If your business is already thriving, the next move should be expansion — this in return brings in more customers and business partners, hence more income and profits. In this post, you will learn how to achieve business expansion by increasing your business location and boosting your employee base.
First Step: Open another Branch
One of the great ways to achieve business expansion is to open another branch — which can be in a different location or the same location. This will bring in more customers and partners to the business.
However, before you open another branch, you should embark on extensive research, in addition to planning carefully and creating a budget. It’s important that your business is keeping up a steady bottom-line profit, as well as stable growth over a previous couple of years.
Also, consulting an expert can help you determine whether or not your business is at the stage where it can actually open another branch. Thereafter, you should come up with a business plan on how your new business location will run — this will also let you in on whether or not you are financially buoyant enough to finance and man the new business branch.
And, when choosing a business location, ensure that such location can help move your business forward. You should target a place that draws a large customer base. In addition, you should determine whether or not the new location can help strengthen your brand and business image.
Second Step: Consider Franchise
Franchising is also a great way to expand a business. It’s simply a technique whereby you make your business an investment opportunity for interested persons. In franchising, other investors or business owners can buy into your brand and product and open new locations of your business. In fact, franchising your business will pave way for both national and international expansion and exposure. For instance, Kentucky Fried Chicken (KFC) has spread to different parts of the world through franchising.
However, make sure you speak with a franchising attorney and also gain insight from a business mentor before deciding whether or not a franchise is suitable at this stage of your business.
Third Step: Get More Hands
The business expansion also comes with the need to hire more hands. This will help keep up the quality of customer service that your business has always been known with. Also, you should hire the right persons – people with great interpersonal relationship — especially for your customer service section. Better still, you can outsource your customer service to spend less and achieve more.
Finally, it may be good to merge locations with fellow business owners in the bid to expand your business.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.