Advice

3 Vital Things to Chew Over When Expanding Your Business

We all know that growing a business isn’t easy.

Just to get to where you are now has involved innumerable sacrifices, an unwavering belief in your ideas and enough hard work to put some of the more industrious business leaders to shame.

But that’s only the beginning.

Once your firm’s product or service is out there, it should be in your entrepreneurial DNA to take things to the next level and increase your share of the market.

Every business owner will have their own ideas about expansion – whether it’s building an international empire, hiring new staff or opening new premises – and the best way to go about it.

However, before you sprint off to grow your company from a small acorn into a mighty oak, first take a look at three vital things to chew over when expanding your business …

Considering Your Cash

You’re probably familiar with the maxim “cash is king” – which means it’s royally inevitable your business will require some kind of financial assistance to get to the next level. However, it’s vital you’re aware of the type of financing that would best suit your company.

Important things to consider are whether you would be willing to offer equity in return for a cash injection, if you would like an investor who could bring reams of business experience (an angel investor, perhaps), or whether you may be able to persuade your bank manager to give you a loan.

Opening New Premises

Very little beats the rush of opening your new premises for the first time – but there are important things to consider before pulling up the shutters. Put most work into finding a great location, as customers are unlikely to stream through the door if you’re too hard to find.

Secondly, there are humdrum things to consider such as new gas connections to fuel the building, high-speed internet connections and even if there are enough parking spaces for staff and customers. These should all form part of your checklist before signing on the dotted line.

Marketing Your New Venture

It sounds obvious, but regardless of how amazing your product or service is, if your target market don’t know it’s out there, increasing your market share is nigh on impossible. Luckily for you, my entrepreneurial friend, there are numerous marketing avenues you can head down.

While we have time-honoured marketing methods such as TV advertising, radio ads and PR, the internet has made it much easier for firms to peddle their wares. So ensure your website is up to scratch and consider employing a digital marketing firm to further reinforce your message.

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