Transitioning Your Small Business Into A BIG Business


Presentation Description | Growing a small business into a big business takes just as much energy and resources as the initial start-up. Entering this new territory requires research and connections with the right people who will contribute to and support your growth. The right path depends on your type of business, product or brand, and with unwavering dedication, consistent growth can be a reality.


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Research, Time, and Sweat Equity :

Research, Time, and Sweat Equity Starting a business requires a lot of research, investment of time, and sweat equity. The decision to move a small business to the next level takes careful consideration because the next step in growth will take an even greater amount of resources. There are numerous ways to make the change, and the route taken depends on the type of business you own.

Open Another Location :

Open Another Location Physical expansion is challenging and requires significant research and financing. A consistent minimum profit over several years, along with studying economic and consumer trends, will reveal your company’s viability. Even though your existing business may already be stable, it is best to prepare a business plan for the expansion and ensure administrative systems and management teams are operating at peak efficiency. Opening another location can also be applied as expanding into another market, such as moving online or into retail.

Market Development & Franchising :

Market Development & Franchising Another growth strategy is to plan to sell more currently available products or services to new customers. One way to accomplish this is to create a franchising model. This is a way to expand into new territories without doing all the grunt work yourself. Franchising allows you to grow your brand through the dedication of your franchisee, while also making a profit. When people have a vested interest in their work they enjoy it more, furthering their level of commitment to success. Franchising grows from this philosophy.

Licensing :

Licensing offers an effective and low-cost growth opportunity, particularly if you have a branded product or service. This structure allows you to collect money upfront and royalties from continued sales, use of your product, software, name brand, etc. If you don’t have an established company, you don’t need one for entrance into licensing. For those who don’t want the responsibility of building an established company just yet, licensing minimizes risk and is low cost. Licensing

Diversify :

Opportunities for diversifying can come in the form of selling complementary products or services, importing or exporting yours or others' products, or becoming a paid speaker. When you diversify, you gain multiple streams of income that increase sales and profit margins. It can even cover periods of the year when sales are lower than normal. Diversifying broadens your market and presence in the marketplace, which then leads to greater opportunities. Diversify

Merge or Acquire :

A growth jumpstart can be stimulated by merging with or acquiring another business. Sometimes it’s challenging to continue growth and servicing clients without taking over a competitor. After such a large change, it is important to retain customers and the best employees. A huge benefit is the integration of the new company’s technology with your existing technology and the concentration that can now be placed on making the company even stronger. Merge or Acquire

Expand Globally :

Global expansion may be part of a merger or acquisition, but it isn’t the only option. You’ll also reach global growth if you prime your business for an international market. If you have a physical product, you'll need connections with a foreign distributor who'll carry an inventory of your product and resell it in their markets. You can locate foreign distributors through your city or state to find a foreign company with a U.S. representative. Expand Globally

Maximize Time and Resources :

While all efforts are being placed into growing the business, you and your employees’ investment of time and sweat equity is best spent on the business growth rather than coordinating the influx of calls. Managing the constant flow of communication is critical to the success of expansion. A professional call center can offer a highly trained team to take calls and messages. Unlike other techniques for growth mentioned, there is also no limitation on the type of business that can benefit from an answering service. Maximize Time and Resources

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