In addition to cutting costs, you might want to help your business grow. Of course, there are many ways to do this. Here are 10 from the Small Business Administration:
- Open another location.
- Offer your business as a franchise or similar opportunity.It can result in growth without requiring you to manage a new location.
- License your product.This can be an effective, low-cost growth medium, particularly if you have a service product or branded product.
- Form an alliance.One powerful way to expand is to align yourself with a similar type of business.
- Look for multiple streams of income to fill seasonal voids, increase sales and boost profit margins. Ideas: Sell complementary products or services, become a paid speaker or teach a class.
- Target other markets.
- Win a government contract.
- Merge with, or acquire, another business.
- Expand globally.Look for a foreign distributor that can carry your product and resell it in its markets. You can locate foreign distributors by scouring your city or state for a foreign company with a U.S. representative.
- Increase your Internet presence. Make sure prospective customers can find you through an online search engine.
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