Monday, September 20, 2021


Making Your Business Grow.

April 3, 2017 by  
Filed under Money/Business, Weekly Columns

(Akiit.comIf you have managed to establish a successful business and survive long enough to be financially stable, you might be thinking about expansion. Making your business larger can bring in a lot more money if it is done right, but it’s not as easy as you might think. It is not a case of simply opening up new premises and waiting for the customers to roll in. There are a lot of other considerations to make along the way, here are just a few of the key ones.

Decide How You Are Going To Expand

Opening new locations is one of the more common ways of expanding our business but it is not always the best choice. Before deciding to open a new location, you need to make sure that you have been profitable for at least a few years, and that you are showing growth. You also need to do extensive market research to see whether your business has the longevity you are hoping for. If lots of similar businesses have gone under shortly after expanding into new locations, then don’t do it.

You should look instead at franchising your business. This way you can bring in extra revenue but without the risk or overheads involved in opening a new location yourself. You won’t make quite as much money initially, but if it is successful and you manage to sell a lot of franchises, you could stand to make a lot of money without much investment on your part.

It might be the case that neither of these options are best for your business and you should just expand operations out of your current premises. You can increase the number of employees you have, and use them to get more clients, without having to move or open a new location.

Opening a New Location

If you have assessed your options and decided that opening a new location is best for you, then there is a lot to think about. The first step is to draw up an airtight business plan, outlining exactly how you are going to tackle your expansion. The main aspect of this should be where your new location will be and why. Look at demand in the area, and what competition is nearby. Once you have chosen a location you need to think about all of the logistical aspects of moving your office. You’ll need to find an agent and solicitor to facilitate the buying or renting of the new building, and find somebody that does office removals to help you get the new location ready for trading. You also need to make sure that you have hired all of the staff you will need, and trained them, so you can move in and get to work right away.

Franchising

If opening a new location yourself is not for you, then franchising is probably your best option. But there are a few questions you need to ask yourself beforehand. Does your product have the potential to sell nationally or even internationally? Can it be easily copied? If the answer to these questions is no, you should just consider expanding your operations from your current location. For more information on how to franchise your business, click here.

Staff Writer; Greg Moore


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