You may have begun your business with modest ideas about how far it’ll go, but sometimes that’s just something we tell ourselves to take the pressure off. If it were to fail, then fine, it was only a small side-project anyway. However, if this isn’t what happens, and it takes off, then we’ll want to look at how we can push forward and expand. There’s value in making sure that you have a viable business before looking to the future, but once you’re sure, why not look at expanding? Below, we take a look at a few ways you can do this, as well as some tips to make it a success.

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Into New Territories

If things are going swimmingly in your original location, then what’s to say your business won’t be equally successful in a new location? Everything is possible. Take a look at neighboring towns and cities, and see if there’s a market for what you’re offering there. You’ll need first to check that there aren’t existing companies already doing the same thing — this won’t necessarily mean you can’t also operate there, but you’ll want to know who’s there before you commit too much time and energy. 

Finding the Cash

There are plenty of smaller companies that want to expand, but there’s normally a common issue: they don’t have enough money. While you’ll be expanding in order to eventually bring in more money, it’s just a fact of business that you’ll need to spend money on the expansion if you’re going to one day reap the benefits of the growth. Instead of putting your company’s cash-flow at risk, look at micro loans. They’ll ensure that you can get the money you need, without putting the overall financial health of your business at risk. 

Bring on More Staff

However you’re looking at expanding your business, it’ll involve bringing on board more staff. Indeed, adding more staff is, in itself, a way to expand. If you’ve got more people working at your company, then you’ll be more productive and eventually more profitable. That’s one way, anyway. If you’re expanding in any other way, then you’ll want to look at adding more staff so that your company can seamlessly handle the growth and greater output. Keep in mind that you’ll want to bring on employees in advance of the expansion, so that they’re fully trained and comfortable in their role before they need to perform “for real.” 

Attend Trade Shows

If you’re not attending trade shows related to your industry, then, well, why not? These can be incredibly useful for all areas of your business, including expansion. A popular, low-budget, shared-risk way to grow your venture is to partner with existing companies. You’ll meet with all kinds of companies at industry-events, some of whom may go on to become your business partners.

Buy Another Business

Finally, there’s the quick and reliable way to expand — buy an existing business, usually a competitor of yours. They’ve already got the customers; you have the experience. It’s a win-win scenario that bodes well.