How to Expand Your Business
Consider opening another location in a different area., Franchise your business., Merge locations with an existing business., Hire more staff to better serve your existing customers.
Step-by-Step Guide
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Step 1: Consider opening another location in a different area.
Think about physically expanding your business by opening another location in a different area to gain more customers.
Always do careful research, planning, and budgeting before you do a physical expansion.
Your business should be able to maintain a consistent bottom-line profit and have steady growth over the past three to four years.You should also consult business trends to confirm your company has enough staying power to justify another physical location.
Draw up a business plan for the new location so you can be sure you have enough financing and staff to keep the new location afloat.
Choose a location that will help to foster your business, preferably in proximity to your customer base.
Consider if the second location will help to reinforce the image and branding of your business.Think about whether or not the new location will attract new customers as well.
You should also organize a management team to help get the new location going.
Put your strongest team members at the new location to ensure it gets off the ground smoothly. -
Step 2: Franchise your business.
Franchising is when you offer up your business as an investment opportunity, where other business owners or investors can open up other locations of your business and buy into your business’ product and branding.
Going for franchising will also expand your business nationally and potentially, internationally.To get the franchising process going, you should consult with a franchising lawyer and with a business mentor who has gone through the franchising process before.
You may also want to join the International Franchise Association so you can make contacts within the business community and get advice and guidance on the franchising process. , Another option for expansion is merging your business with an existing business, thereby taking over their physical location and site of operations.
Merging with another business if often done if a business is going bankrupt or struggling financially.
The buy out will then allow the other business to stay afloat and potentially flourish under the guidance and support of the more profitable business.You might decide to merge with a direct competitor that offers the same service as you or you might consider diversifying your products and services by joining with a different type of business entirely.
In some cases, you might just buy the name and location without adopting the practices of the business.
If you decide to merge with another business, you should focus on staff retention, where you keep or rehire the failing business’ best employees, and customer retention, where you work hard to keep the failing business’ existing customer base.
You can also merge the business locations so the businesses appear related or in tandem with each other.
You may update the technology of the business you merged with so it matches your business’ system.
You should also share branding and marketing strategies so the businesses feel in sync with one another. , If you feel your business is going well and you want to maintain the high quality customer service your business has become known for, you may consider hiring more staff.
Look for staff that can work in a variety of areas or departments in your business and individuals who bring energy and excitement to the business.
Maintaining high customer service standards will only help your business expand further and flourish.
Another option is to promote top employees to manager positions or to positions at a second business location.
Internal promotions can help to boost employee morale and show your employees that expanding the business will directly affect them and benefit them. -
Step 3: Merge locations with an existing business.
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Step 4: Hire more staff to better serve your existing customers.
Detailed Guide
Think about physically expanding your business by opening another location in a different area to gain more customers.
Always do careful research, planning, and budgeting before you do a physical expansion.
Your business should be able to maintain a consistent bottom-line profit and have steady growth over the past three to four years.You should also consult business trends to confirm your company has enough staying power to justify another physical location.
Draw up a business plan for the new location so you can be sure you have enough financing and staff to keep the new location afloat.
Choose a location that will help to foster your business, preferably in proximity to your customer base.
Consider if the second location will help to reinforce the image and branding of your business.Think about whether or not the new location will attract new customers as well.
You should also organize a management team to help get the new location going.
Put your strongest team members at the new location to ensure it gets off the ground smoothly.
Franchising is when you offer up your business as an investment opportunity, where other business owners or investors can open up other locations of your business and buy into your business’ product and branding.
Going for franchising will also expand your business nationally and potentially, internationally.To get the franchising process going, you should consult with a franchising lawyer and with a business mentor who has gone through the franchising process before.
You may also want to join the International Franchise Association so you can make contacts within the business community and get advice and guidance on the franchising process. , Another option for expansion is merging your business with an existing business, thereby taking over their physical location and site of operations.
Merging with another business if often done if a business is going bankrupt or struggling financially.
The buy out will then allow the other business to stay afloat and potentially flourish under the guidance and support of the more profitable business.You might decide to merge with a direct competitor that offers the same service as you or you might consider diversifying your products and services by joining with a different type of business entirely.
In some cases, you might just buy the name and location without adopting the practices of the business.
If you decide to merge with another business, you should focus on staff retention, where you keep or rehire the failing business’ best employees, and customer retention, where you work hard to keep the failing business’ existing customer base.
You can also merge the business locations so the businesses appear related or in tandem with each other.
You may update the technology of the business you merged with so it matches your business’ system.
You should also share branding and marketing strategies so the businesses feel in sync with one another. , If you feel your business is going well and you want to maintain the high quality customer service your business has become known for, you may consider hiring more staff.
Look for staff that can work in a variety of areas or departments in your business and individuals who bring energy and excitement to the business.
Maintaining high customer service standards will only help your business expand further and flourish.
Another option is to promote top employees to manager positions or to positions at a second business location.
Internal promotions can help to boost employee morale and show your employees that expanding the business will directly affect them and benefit them.
About the Author
Andrea Rodriguez
Specializes in breaking down complex creative arts topics into simple steps.
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