August 9th, 2013.
Top tips for expanding your business
So, you’ve already succeeded in starting a business and you have to be doing pretty well for yourself if you’re looking to expand. So what are you looking for?
Are you trying to find fresh cash flow to expand your business? Perhaps you’re unsure of the best direction in which to take your company? Here are our top tips when it comes to taking it to the next level:
Buy the office
Chances are, as a start-up company, you’ll be renting a commercial property or working from home due to finances. Now that you’ve had a bit of success you should probably consider investing into your business by buying your own building. This means that you’re no longer wasting your income on rent and instead have decided to increase the value of your organisation with a fixed asset. If you’re already an established business it may be worth investing in opening another property in a different area to expand your direct market.
Employ quality staff
Take advantage of the current economy to snap up the best team you can find. Choose people who will be great ambassadors for your business, people who know what they are talking about, can think creatively and are proven hard workers. Building a strong team will cut down on the costs of hiring and improve your business by letting you run it much more efficiently thanks to brilliant teamwork.
Challenge the competition
Do you know who you’re up against? How are you ensuring your business stands apart from them? Are you offering better deals, customer service and a friendly overall experience? Focus on what your competition does well and do it better! The fastest way to grow your business is by putting yourself at the top of the market and proving you deserve to be there.
Turn your business into a franchise
If your business has a strong name and offers an excellent service then it may be worthwhile offering your business as a franchise. This allows people to open shops and restaurants etc. under your branding whilst adhering to your policies, but without the hassle of you needing to micromanage the company. This can be the fastest way to increase both your market and your investment, but it’s not right for everyone. Make sure you talk to a franchise solicitor about your decision first!
Many small businesses make the mistake of trying to go it alone, letting them hold on to a bit more money. What you may not realise is that by forming alliances with other business similar to yours you can seriously boost your publicity, increase your sales, provide discounts and form lasting business relationships. An example would be if you owned a gym, you would want to form a partnership with a protein shake manufacturer or the provider of gym equipment – this would allow you to offer cheaper memberships and have the best equipment, while getting publicity from both the partners.
Break into new markets
If your current market is doing great and you want that little bit extra coming in, why not tap into a new market? Try to make it something related to your initial business, even if it’s just vaguely related, as this will let you take over that particular market. Sony for example, now make every electrical product under the sun but they didn’t start out that way. Everyone starts out small, dreaming to be big – with a fresh cash flow coming in, your business will be at the top of the pile in no time!