How to Achieve Sustainable Growth In Your Business
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How to achieve sustainable Growth in your business
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You’ve put in the time to get your business going and now you’re up and running. You have a product or service, and it is selling well. The team supports each other well and you have a proven income model. Congratulations! You’ve overcome the biggest obstacle to business sustainability!
Surviving the startup phase is often the most difficult obstacle your business will face. If you’ve made it through that, you are ready to make the next decision on the road of sustainability: growth. There are many ways to expand your business, so read on to discover the next step that will be right for you.
Open Another Location: While this method is not a sure thing and should be carefully and intricately thought over, proper planning and research can significantly increase your chance of raising your growth potential.
Consider Franchising: Franchising is an excellent way to expand business without having to put the same amount of time, money, and sweat equity you did when you started. Franchising certainly is not for everyone, however. You need a clean-running internal operating system and clear leadership vision to make franchising successful. Plus, franchises must follow very specific rules around disclosure and sale to franchisees. Contact us to learn more!
Begin Licensing: Licensing can be a low-risk and low-cost way for service or branded product-based businesses to grow. Don’t jump in without consulting a Creative Business Lawyer though. Intellectual property rights are the key here; you have to protect your interest in order to see growth and not compromises. We can help with this too!
Gain Allies: Alliances can be mutually beneficial if you are smart with whom you approach. Find someone in the industry that has an impressive client base already. And don’t be turned off by the prospect of paying commissions. Dramatic growth in your clientele doesn’t happen quickly. However, if you can tap into an industry leader, the growth will dramatically increase. Remember to document all of your agreements with allies, and don’t rely on handshakes. These could create enemies later on.
Diversify: Diversification can lead to income streaming and counteract slow periods in your fiscal year. It can also help you to reach a larger audience and increase your market presence.
Infiltrate New Markets: Think beyond your market. Are there other places you could reach? Take your service or product to new places, but make sure that you go somewhere where it is in demand.
Welcome The Government As Your Newest Costumer: Government contracts are hard to win because they take planning, patience, and compliance, but the U.S. government is the largest consumer in the world. Once you secure a government bid, future submissions won’t be such a process.
Join Forces: Merge with or acquire another business, so you can appropriate its client-base and resources.
Expand Online: The internet can be your biggest ally in your path to growth. Tap into the unlimited exposure available online where your potential costumers number in the millions. With so much potential for success comes potential for failure, as well. You need to be strategic, or you will be lost in a sea of competitors. And, of course, comply with all FTC rules and regulations.
The key to smart business growth is planning. If you are ready to take the next step toward sustainable business growth, begin by sitting down with us as your lawyer.
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