1. Open another location. This is often the first way business owners approach growth. If you feel confident that your current business location is under control, consider expanding by opening a new location.
2. Offer your business as a franchise or business opportunity. Franchising your business will allow for growth without requiring you to manage the new location. This will help to maximize the time you spend improving your business in other ways, too.
3. License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product. Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product. To find a licensing partner, start by researching companies that provide products or services similar to yours.
4. Form an alliance. Aligning yourself with a similar type of business can be a powerful way to expand quickly.
5. Diversify. Diversifying is an excellent strategy for growth, because it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins. Here are a few of the most common ways to diversify:
- 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? Probably. Use your imagination to determine what other markets could use your product.