Science & Enterprise subscription

Follow us on Twitter

  • Vietnam War Memorial #flickr https://t.co/VwB3z4ZQrF ... photo from #MemorialDay 2010 ... @jaketapper
    about 4 hours ago
  • A therapy program for depression designed to reduce spirals of repeated negative thinking is licensed to a digital… https://t.co/Op6EDZgwpS
    about 11 hours ago
  • New post on Science and Enterprise: Depression Therapy Licensed for Online Distribution https://t.co/pKWAsbbhAu #Science #Business
    about 11 hours ago
  • The Federal Reserve, the U.S. central bank, released statistics showing in April 2020, manufacturing output dropped… https://t.co/q390P26pNf
    about 3 days ago
  • New post on Science and Enterprise: Infographic – Largest Ever U.S. Manufacturing Decline https://t.co/WkZSpIfnoj #Science #Business
    about 3 days ago

Please share Science & Enterprise

What Expanding a Business Looks Like

– Contributed content –

Business growth graphic

(MaxPixel.net)

10 Dec. 2019. One of the main goals of business is to grow it, and as long as this is happening – at whatever rate it might be happening – you can be sure that things are moving in the right direction. But the truth is that a lot of business owners are not really clued up on what expanding a business looks like, and without that knowledge to hand it is just going to be much more difficult to know when it’s happening or what to do about it when it does start happening. In this article, we are going to look at some of the major ways that you might expand a business, and what you can expect to happen when you do.

Opening another location

Probably one of the simplest ways to expand a business is to open up a second location, or a third, or whatever it might be for you at this time. This is both a very simple method and also one fraught with danger and difficulty, as it is a lot of pressure being put on to one very small part of a business. If anything goes wrong, it could mean that the whole business struggles, and that is obviously not what you are going to want to happen here. However, it can be hugely successful, and if you want to expand your business, then opening up another location is going to be one of the best ways to go about doing just that. Just make sure that your business really is ready for it first.

Buy another business

If you are doing particularly well, then you might be in a position to buy another business, and make that a part of your own. This is something that happens mostly with the very largest corporations, but it is also something that can occur on a smaller scale, and with fewer funds, with smaller businesses. If you do want to think about buying another business, then you might want to make sure that you are choosing well, as it is going to affect your own business in a number of ways.

First of all, you are going to have to make sure that you can afford it. Some businesses buy others with cash, and sometimes it is done using stock instead. You can find more information on that, but generally you need to make sure that you are going to be in a good position to be able to purchase that other business. You also need to make sure that they have a good reputation, as you will become immediately tarred with the same brush if there is anything dark in their history.

As long as you have considered all that, this can be a great way to really give your business a lot more size, and to help it expand considerably quicker than in many other ways.

Overseas expansion

A particularly exciting way of expanding a business is to look into trying to expand it overseas. That might be because you feel you have mastered the market in your country and you want to do the same elsewhere, or because you have a sense of wanting to try your hand somewhere because things are not as good at home. In either case, however, you are going to need a strong base, so make sure that you are thinking about that from the start. If something goes wrong abroad, you need to make sure that you can focus on reeling it all back in to your home base in the original country, so if you can’t do that easily it might not be time to think about overseas expansion at all.

Offering more products

Sometimes, on the other end of the scale, expanding can be as simple as offering more products to your customers. Branching out in this way is often enough to ensure that your business is going to grow quickly, and especially if you have put a lot of effort into ensuring that you put out the right products in the first place. That means researching what is likely to be popular among your customers, and making sure that you offer them exactly a solution to that problem. If you can do that well enough, and do a good job on the marketing, it could mean great things for your business in no time.

As you can see, there are many ways to expand your business, so make sure that you are focusing on these when you feel the time is right.

*     *     *

Please share Science & Enterprise ...

1 comment to What Expanding a Business Looks Like