Growing a Business

Once you have started your own small business, you may decide to stretch your creativity and grow your business and profits.

The size of your small business is directly proportional to the number of customers you have, and the number of goods or services you can provide. Essentially, the only ways to grow your business are to get more customers, get your customers to buy more, or get your customers to buy more frequently.

However, your business must have the capacity to supply those additional customers, or have the customers to buy the extra goods or services you can source or provide.

Growing your business will require planning and preparation. Before expanding through a growth plan, make sure that the fundamentals of your business are sound. Expansion will involve additional risk and will add pressure on your existing business. Plan carefully to ensure that you don't grow into new markets to the detriment of your existing loyal customer base.

Your growth strategy may include any activity along a continuum including:

  • relocating your home based business to a business incubator;
  • exploring new markets interstate;
  • exporting to international markets;
  • innovation to develop products to satisfy the needs of a new market segment; and
  • franchising your business in order to open new retail outlet.

By implementing a carefully planned strategy that will increase your customers while maintaining supply, it may be possible to grow the size of your small business. Your business will not only survive, but thrive!