7 ways to grow a business

Having launched your business, having overcome all the problems, difficulties and unanticipated characteristic of the initial stage of any project, and finally feel the security that comes from having a stable business that always generates profits, the time has come to the next level and make your small business to become one of the greats.

Please find below 7 ways to grow your business:

Open branches

If your product or service has a good reputation in the community, in which you find yourself, it might be the right time to open one or more branches. The best example of the success of this strategy is convenience stores or self-service that replicates their formats in different places in order to achieve greater market penetration. One of the advantages of growing up in this way is that your management team can remain the same, and one would have to grow your staff in areas such as sales or counter.

Franchise your business

Multiplying your business by turning it into a franchise is an alternative that can not fail to consider. Today there are several associations representing franchisors business and conducting studies to determine if a business applies for that model or if you need to take steps to enable it achieve. Once one of these associations has accepted you as one of its franchisees, enter your promotion programs for people interested in replicating your business, and thus become your franchisees.

Form an alliance

Forming a partnership with a company that has your same type of target audience, offering products or services to yours, or that even belongs to your competition, could afford to expand your market, increase your production, get more customers, and other benefits that allow you to grow as a company and individually that you probably could not get.

Diversify

Product diversification, whether you try to complementary products that already offer, or that are not related to your current products is another way to grow. For example, you could launch a new line of products, training courses for the use or distribution of your products or services, or give lectures in forums that are related to your activities.

Expands your target market

Another way to grow your business is by expanding your target market. For example, if your target market is made up of young people between 15 and 35 years, and your product is related to adventure sports, you could add to your prospects clubs or sports associations, hotels or service providers that provide complementary services your product, or your instructors product related activities.

Sell ​​him the government

If until today had not considered the possibility of selling to the government, it may be that the time has come to do. Government sells a product or service can make a big difference in your statement. Remember that the government buys a large scale, and probably the large volume of sales you make will offset sell your profit margin per product is reduced considerably, but this.

Expand to the Internet

It is well known that comment at some point did Bill Gates: "In the near future there will be only two types of companies, those with presence, and those that do not already do business." Perhaps your comment was a bit exaggerated, but it does have a lot of reason. Having a good website that is friendly, to facilitate the purchase, and has good search engine rankings, is another great way to grow your business.