Growing a Business

You did it. You started your own business. After celebrations die down and the newness has worn off to reveal the real relationship you’ve gotten yourself into, it’s time to start looking to the future. At some point, your business will outgrow where it currently is. Knowing this, it’s up to you to create a contingency plan to keep finding the space for it to keep growing successfully. If you don’t, it’s likely to end up the same size as the cage it’s trapped in.

Diversify

Say you sell a specific line of products or offer a specific service. Eventually, this will not be enough. In order to grow this outlet, expand your expertise. Complimentary products, additional services and even being hired out as a speaker on your subject are great ways to generate additional income without putting forward a lot of initial investment. In the earlier years of growth, these are the preferable methods as they are considered low risk.

Another Location

Keep in mind that this physical expansion of the brand isn’t necessarily the best idea. Because of the upfront costs and high risks associated with it, there are specific things you need to make sure are happening constantly to keep the additional location alive. Has there been steady growth and a solid profit? What does the economy say about your brand’s longevity? How will you finance the new store? Do you have a detailed business plan designed for the location? Do you have a great team that can make it flourish? So long as these are positive, physical expansion is a great opportunity.

License

If going through a third party would be easier, your brand can bring in additional money without you having to do much more than sell to clients that will sell the product for you. Because of this, however, it’s best if you have an actual product to market. Before your item is sought after by other companies, you’ll need to do the legwork by seeking out local stores that sell items similar to yours. Local stores tend to be your best asset as they are less likely pressured by larger companies to not sell certain products.

Embrace More Markets

There are currently 7 billion people on this earth, and in your starting state, you are probably reaching only an infinitesimal amount. Yes, there are other markets for you to expand to. Take a look at your best customers now and figure out markets that are connected to them for ideas. For instance, if you are extremely popular with parents, an immediate offshoot would be young adults and teenagers. Basically, their children. As a direct offshoot of the parents, they will be continually exposed to your brand already, so why not hook them now to keep them as they approach adulthood?

Develop the Online Store

If you’re mostly an offline company, it’s time to reevaluate your place in the business community. While simple businesses are still managing to hang on, it’s detrimental to not at least consider how the generational technology gap is going to completely alter the face of shopping. As the pre-internet adults reach old age, their children and grandchildren, raised on online commerce, will continually shun more and more past methods in favor of those businesses with at least a website. In fact, search engine statistics are showing that the majority of businesses today are getting no less than 80% of their traffic from the internet. While the look and feel might be nice additions, the most important first step is the content. Through engagement, you draw in visitors, quickly turning them into devoted customers.

Franchise

If nothing else seems like a great avenue, perhaps franchising is what you’re into. In this scenario, you want to expand to different locations but don’t want the pressure of having to manage both. Instead, others take on the responsibility, and so long as they adhere to your contractual obligations, they take part of the income their store makes. It’s a brilliant tactic to allow for both a sense of personality with each location while still building a devoted following of incredible employees. Even better, this means the locations aren’t limited to nearby outlets you can drive to in one day. When you go the way of the franchise, the locations can be anywhere in the nation.

Growing your business truly depends on the product you are selling. This means certain avenues will appear much more appealing than others. Even still, don’t discount everything just because it doesn’t fit the typical mold of what people in your industry do. So long as you are fearless and willing to push the bounds of what is expected, you can expect to learn far more than if you simply sit in your one office never testing your potential.

Amy Klimek is an experienced HR recruiter and VP of Human Resources for ZipRecruiter, a company that simplifies the hiring process for small to medium size businesses. Prior to that Amy has held similar roles at Rent.com, eBay and US Interactive.

For Amy, corporate culture isn’t about dogs and free lunches, it’s about empowering employees and creating an enriching environment for people to excel.

Do you have any comments on these ways of growing a business? Let us know in the comments!