Success! Your small or medium-sized business has made it through the first few “lean” years and has managed to thrive. You know it is time to take steps to grow your business but you are not sure what direction to take. We suggest first meeting with your financial advisor to find out just where you can stretch yourself and where you should play it safe. Here are a few ideas from the Small Business Administration and other entrepreneurs on areas where you can begin to grow your business.
- Trade Shows – For the first couple of years, you may have been too busy to attend trade shows so start making a name for yourself now. Trade shows are a great way to expand your market. This is also a great time to increase your community activities.
- Expand your Product or Services – Now that you have successfully gotten your business off the ground, you may want to consider expanding your product line or services. Consider services or products that align with your current offerings.
- Open Another Location – If your current location is running smoothly and your employee numbers are growing, you may want to consider expanding to another location.
- Merge or Partner – Many growing companies that have proven that they can be successful find that growing their company may be more successful with a partner or merger with another company potentially in a similar industry.
- Expand Area – Local businesses often think about expanding the area that they service. This may mean opening a franchise opportunity or seeking funding to open a regional office.
- Expand on the Web – Your website may need to be updated or expanded if you plan to grow your business.