Four Ways to Expand Your Business

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Four Ways to Expand Your Business-Chispa MagazineTo get a competitive edge in the market, your business needs to think about how it’s going to expand. Here are some great options to consider:

  1. Open in a New Location

If you have already made a success of your business in one location, why not try to do exactly the same thing in another location? This is the first step in expansion for a lot of businesses. You don’t need to do much planning or strategizing because you’ve already done it all before. It’s just a case of repeating your success.

Of course, there might be minor differences to take into consideration. You will need to be aware of how the local market is different to the one you have worked in previously. Find a good office and location, and then start selling. Find a company that offers office fitouts to get the office right before you start operating though.

  1. Franchise Your Business

For people who own a business with a sturdy business model but don’t want to open a new location themselves, franchising is an option. This takes away the risk for you while still offering you a lot in the way of rewards. You can make plenty of money from your business model without having to implement it.

It acts as a kind of reward for coming up with an idea that works so successfully that other people want to use it too. The risk of setting up the business will rest on the shoulders of the franchisee who has chosen to open a branch of your business in a location near to them. You will have to regulate their performance and methods though so that they don’t give the business a bad name.

  1. Move Into New Markets

Moving into new markets can mean a lot of things. The most common meaning is when a business brings out a new line of products that are different from what the business had been doing previously. This is a risk, but it’s the perfect way of expanding the appeal and reach of the business.

Alternatively, moving into new markets can mean selling existing products to new people in different parts of the world. For example, if your current range of products is selling well in Europe and North America, it could be a good idea to also move into the Asian market. This requires a lot of research and funds though.

  1. Buy Another Business

Taking over another business is incredibly risky. It’s a huge step, and it takes a lot of time, money and legal wrangling to get the job done. Having said all that, it can be a very positive thing for a growing business to do too. You should be looking for businesses that could be right to take over if your sights are set on expansion.

Taking over another business instantly accelerates your growth and dramatically increases your market share. If you’re taking over one of your direct competitors, this is even truer. You get to have instant access to all the customers that the old business had, so the investment should pay for itself in no time.

Expanding your business is always risky, but it’s something, as a small business, you may want to consider in order to become a big business.

Photo by Bonnie Meisels

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Milo Senalle

Milo Senalle

Managing Editor at Chispa Magazine
As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.

Milo Senalle

As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.