To start a business, it requires thorough research. In those instances, new business owners may have sought the assistance of financial advisors. Some may have read magazines and books to get more information on what to do and how to grow the business. A lot of business start ups require a lot of investment in time and money as well as sweat equity to get it off the ground. Now that you have gotten your business to this turning point, now what else?
Beyond Start Up Survival
If you have survived the start up phase of a business and built it to the point where it has seen some success, it is time to move to the next milestone or level, beyond its existing status. For any business owner, there are multiple possibilities to growing a business faster. It is best that you select the one that is appropriate to the type of business that you operate. Your success at business development will also depend on the resources you have available to you. These include time, sweat equity and money to invest. Below are some ideas that you can choose from.
- Open up a New Business Location
Business expansion may mean opening up a new location. This may not be wise for every business owner, especially without carefully researching and planning in advance. Be sure that you are keeping your bottom line consistent in the process of opening a new location. You should also ensure that your existing business is growing steadily. Take the time to assess market trends and consumer buying trends. Be sure to have a good business plan for the new business location.
As an extraordinary growth strategy, consider diversifying your products or services, selling products that complement each other. Use your expertise of doing business to teach other entrepreneurs, holding workshops or classes. This is another avenue of income. Export your products. Become a paid public speaker or a paid columnist, while providing information to the public from your knowledge and experience over the years. The extra income can prove to be helpful in filling seasons where profit is not as high.
- Targeted Markets
Even if your existing market is doing well, you could seek other target markets that you had not imagined possible. Some of the things that can give additional revenue streams from various markets include:
- Entrepreneurship programs
- Electronic rights
- Software offerings
If your existing target market, for example, consist teenagers, you could think about introducing the business to colleges, schools and community clubs.
- Government Contract
Have you heard the term RFP or Request for Proposal? An RFP is necessary when you are trying to win a government contract. You have the opportunity of securing a million or billion dollar contract from the government alone. Work with the local Small Business Association, Economic Development Agency or Service Corps of Retired Executive for help in determining the available government contracts.
- Sell Online
Take your business to the online world. With an online presence, you will be able to reach a global audience, making money while you sleep. Having a website in the era of advanced technology and customers making online purchases like never before, you will be leaving money on the table, if you don’t have a website for your business.
If you are not pleased with how your business is developing, you should focus on making one or all of these changes. Be obsessed with the sales for your business. Be passionate about servicing your customers. This will ignite your passion even more to grow your business faster.