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Tips for Growing Your Business
For business owners running a successful business, now might be the time to take the next step to continue to grow. Here are 10 tips from the U.S Small Business Administration.

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Now that your business is a success, here are 10 options from the SBA to help it grow further.

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Open Another Location

If you are confident you have a handle on your business’ current location and have the financial means to do so, consider expanding to another location. Be sure to scout out areas that serve your targeted audience and would be convenient to you as well.

Franchising Your Business

Allowing your business to be franchised enables it to grow without having to manage multiple locations.

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License Your Product

For small business owners providing a service or branded product, licensing your product can be a low-cost way to expand without taking on excessive risks.

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Form an Alliance

Aligning your business with a similar type of business can allow you to share resources to expand faster and tap into a new customer base.

Diversify Income Means

Diversifying is a great way to create multiple streams of income. According to the SBA, the most common ways to diversify include teaching adult education classes, import or export your own or others' products, or become a paid speaker.

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Look to Other Markets

Once you have found your target audience and it’s serving you well, now’s the time to examine other markets that would also use and benefit from your product or service.

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Land a Government Contract

Doing business with the government can provide a big boost to sales. Check out government postings to see how your service or product could help better the government. Work with your local Small Business Administration and Small Business Development Center to help with the application process.

Two is Better Than One: Merge/Acquire Another Business

Investigate similar companies and form a merger or acquisition to help expand your resources and increase your sales.

Look Globally

Working with a foreign distributor can help boost your sales by expanding your potential customer base beyond the U.S.

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Increase Your Online Presence

Boosting your online presence can help increase customer awareness of your brand and boost your bottom line.

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Tips for Growing Your Business

For business owners running a successful business, now might be the time to take the next step to continue to grow. Here are 10 tips from the U.S Small Business Administration.

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