How To Grow Your Business For Entrepreneurs

HOW TO GROW YOUR BUSINESS FOR ENTREPRENEURS

When you first started your business, i guess you probably did a lot of research to keep your business alive. You may have sort assistance from business expert; you may have gotten information from books, magazines and other reliable sources just to keep yourself in business. You invested a lot in terms of money, time and sweat equity to get your business off the ground so....now what?
 

       For those of you who have survive storm and built successful businesses,  you may be contemplating on how to get to the next step and grow your business beyond the current position.
       There are numerous ways to do that, 5 of  which we'll outline here. Choosing the proper one (or ones ) for your business will vary depending on the type of business you operate, your available resources, and how much money, time and sweat you're willing and able to invest all over again. If you are ready to grow your business , follow the steps below....

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1. OPEN ANOTHER BRANCH

       

          This might not be the best alternative for business expansion due to the nature of your business, but it's listed first here because that's what often comes to mind first for so many entrepreneurs considering expansion.
     "Physical expansion isn't always the best growth answer without proper research and planning" says small business expert FRANCES MC GUCKIN.

2. OFFER YOUR BUSINESS AS A FRANCHISE

         Franchising defined! This is a form of licencing in which a company (franchise or) agrees to provide the franchisee (investor) with name,logo, method of operation,advertising, products and other elements associated with the franchiser's business in return for a momentary consideration.
This kind of arrangement is an opportunity for entrepreneurs  that is thinking of expanding their business to tap into.
         The idea is that when people have a stake in their work, they enjoy it more, bring more to the table and are more successful overall. Franchising is a perfect system to achieve those goals.

3. LICENSE YOUR PRODUCT OR SERVICE

           This can be a cost - effective and rick - free way of achieving substantial growth in business, particularly if you have a service product and branded product . Larry Bennett director of the Larry Friedman international center for Entrepreneurship says, ' You can continue to receive up front monies and royalties from the continue sales or use of your software , name brand, etc - if it's successful, he says. Licensing also reduces risk and low cost compare to starting your own company.

4.  FORM A MERGER

           Aligning yourself with a similar type of business can be a powerful way to expand quickly. If the thought of sharing commission or any of your own money for sake of an alliance make you uncomfortable, Labadie advice looking at the big picture. You need to align your business with other businesses that already have lists of prospective customers, it's the fastest way to success".

5.   DIVERSIFICATION

           Small business consultant MC GUCKIN offers several ideas for diversifying your product or service line: 1. sell  complementary product / service. 2. Teach adult education or other types of classes. 3. Import or Export yours or others products etc.

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