Now that your business is a success, here are 10 options from the SBA to help it grow further.
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.
Allowing your business to be franchised enables it to grow without having to manage multiple locations.
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.
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.
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.
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.
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.
Investigate similar companies and form a merger or acquisition to help expand your resources and increase your sales.
Working with a foreign distributor can help boost your sales by expanding your potential customer base beyond the U.S.
Boosting your online presence can help increase customer awareness of your brand and boost your bottom line.
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.