1. Open another location. This might not be your best choice for business expansion, but it's listed first here because that's what often comes to mind first for so many entrepreneurs considering expansion.
2. Offer your business as a franchise or business opportunity.Bette Fetter, founder and owner of Young Rembrandts , an Elgin, Illinois-based drawing program for children, waited 10 years to begin franchising her concept in 2001-but for Fetter and her husband, Bill, the timing was perfect.
3. License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product,
4. Form an alliance. Aligning yourself with a similar type of business can be a powerful way to expand quickly.
5. Diversify. Small-business consultant McGuckin offers several ideas for diversifying your product or service line:
Sell complementary products or services
Teach adult education or other types of classes
Import or export yours or others' products
Become a paid speaker or columnist
6. Target other markets. Your current market is serving you well. Are there others? You bet. "My other markets are what make money for me," says McGuckin. Electronic and foreign rights, entrepreneurship programs, speaking events and software offerings produce multiple revenue streams for McGuckin, from multiple markets.
7. Win a government contract. "The best way for a small businessto grow is to have the federal government as a customer
Apr 22nd, 2015
Did you know? You can earn $20 for every friend you invite to Studypool!