Have you survived the pitfalls and experienced the joys of a business start-up? Starting a business and seeing it through its initial phase into becoming a sustainable, profitable venture is an incredibly rewarding experience. However, once you have created your first going concern, it is time to press the ion and continue your firm’s growth into the years ahead.
Growing a business can present the same challenges as starting one. You will need to rely on the expertise of others and delegate certain parts of your strategy to people that are qualified, competent, and fantastic at what they do.
- Boost your Online Efforts
Leveraging your online presence is a cost-effective way to lead your business into new growth, Today’s interconnected world of social media allows you to form communities and engage with your target market in a way that has never been possible before. Se your social accounts to reach out to industry influencers in your niche. Arrange a sponsorship deal with them and get them to endorse or recommend your products in their posts. This strategy is an inexpensive way to get millions of new eyeballs watching your brand and thinking about your company.
SEO strategies can be used to push your website out of obscurity and into the view of search bots that calculate search results. If al; your site does is act as an information page, then you are missing out on the power of this platform, and your budget should be spent here first.
- Open the Second Store
Do your own a physical business? Identify other locations around your city where you could open a second store. Remember to do your research properly and ensure that you have the right people in management, administration, and finance to ensure the same success that you have experienced with your first business.
- Product Licensing Agreements
Licensing agreements suit information products and tech innovations. If you have created an app or program that has commercial value, then you can offer to license it to clients that are willing to resell the technology o information for you. Most companies will offer a licensing fee plus added royalties for any sales of the product or technology. This strategy is an excellent way to add to your revenue stream without hiring any direct sales staff.
- Search for International Opportunities
Have you received feedback about your product or brand from foreign markets? Tasking your product to a global audience will increase your reach and your market demographic. If you are uncertain how to move your product across borders, hire an international business consultant that can walk you through the process needed to establish your business in a foreign country.
- Acquisitions, Partnerships, and Mergers
The final stage of your business growth strategy should include identifying industry partners and competitors that you can buy out. Eliminate your competition and strengthen your business by taking over your competitor with an LBO (Leveraged Buyout) and absorbing all of their best departments and staff. If you want to know more about mergers and acquisitions read through this WallStreet Prep M&A guide.
The first thing you can do when selecting your new growth strategy is to review your previous version of your business plan. Reflect on your projections and take note of how they have changed over the course of your start-up phase. Create a complete overhaul of your business plan and incorporate the new growth strategy that you intend to execute. Make the necessary adjustments to your forecasts and projections and then continually update your plan as you roll out your growth strategy.
Financing Your New Growth Strategy
Finding finance for your new growth strategy may be a challenge if you have no credit history. Major financial institutions view small businesses as a credit risk, and they will not loan any funds to you without collateral or surety over the loan agreement. In this case, it is better to find a microlender that specializes into start-ups that are looking to expand their business.
The Final Word
Using any one of these strategies will help your business grow into maturity as a stable, sustainable business model that attracts further investment and the chance of becoming a globally recognized brand that produces massive profits.
Founder Dinis Guarda
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